All articles by Aaron Nicodemus – Page 55
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ArticleChoose your ending: What to do when your systems are hacked and ransom is demanded
What should you do if your firm is hit by ransomware? Choose your own ending to this tale about a clinic, a criminal, and coronavirus to learn the risks and rewards of each choice.
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ArticleBSA update proposal seeks more data on international transactions
FinCEN and the Federal Reserve Board have proposed lowering the threshold at which financial institutions must collect, retain, and transmit information on overseas transfers under the Bank Secrecy Act.
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ArticleSEC doubles previous record with $114M whistleblower award
A $114 million whistleblower payout announced Thursday is the highest ever awarded by the Securities and Exchange Commission, more than doubling the previous $50 million record set in June.
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Article‘FinCEN Files’ reaction poll: Corporate culture blocks AML compliance
In the aftermath of the “FinCEN Files” leak, financial industry practitioners polled by Fenergo say changing the system needs to start within their own institutions.
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ArticleBerkshire Hathaway fined $4.1M for Iran sanctions violations
The U.S. Department of the Treasury’s Office of Foreign Assets Control assessed a $4.1 million fine against Berkshire Hathaway for “egregious” violations of sanctions against Iran committed by a subsidiary in Turkey.
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ArticleStudy: Financial crime compliance costs top $42B in U.S./Canada
A new study of financial crime compliance costs found spending by American and Canadian financial institutions is up sharply in 2020, driven in part by the coronavirus pandemic.
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ArticleWhat would a Democratic regulatory agenda look like under Biden?
Democratic presidential nominee Joe Biden is no lock to win the presidency on Nov. 3. But it’s worth examining what compliance-related regulatory policies he’d support if he wins.
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Split SEC loosens conflict-of-interest rules for independent auditors
The Securities and Exchange Commission has moved forward with relaxing its conflict-of-interest rules for independent auditors by a 3-2 vote.
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ArticleMerit Medical fined $18M after ignoring CCO’s kickback warnings
The former chief compliance officer for Merit Medical Systems will be paid $2.65 million for his role in uncovering a six-year kickback scheme that paid hospitals and doctors to purchase company products.
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ArticleSEC ‘pay-to-play’ enforcement surge projected in 2021
More donations in a high-stakes election year means more chances that the Securities and Exchange Commission will pursue investigations related to its often overlooked “pay-to-play” rule.
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ArticleDeutsche Bank fined $15.9M for lag in reporting suspicious transactions
A German public prosecutor levied a €13.5 million (U.S. $15.9 million) fine against Deutsche Bank for failing to report over 600 suspicious transactions in a timely manner but dropped a wider investigation related to the Danske Bank money laundering scandal.
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ArticleSAExploration accused of $100M accounting fraud
SAExploration Holdings has been accused by the SEC of perpetrating a $100 million accounting fraud that involved routing payments through shell companies so it appeared to be legitimate revenue.
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ArticleOCC fines Morgan Stanley $60M for data inventory risk failures
Morgan Stanley has agreed to pay $60 million as part of a settlement with the OCC for failing to adequately protect customer data when the bank decommissioned two U.S.-based wealth management data centers.
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ArticleCitigroup fined $400M for compliance, risk management failures
Federal banking regulators fined Citigroup $400 million for failing to address “significant” risk and compliance failures.
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ArticleCFTC announces record enforcement year—and departure of enforcement head
On the same day the CFTC celebrated a record-breaking 113 enforcement actions in fiscal year 2020, the agency also announced the impending departure of Enforcement Director James McDonald.
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ArticleIncreased award volume breathes new life into SEC whistleblower program
The record amount of whistleblower payouts by the SEC in fiscal year 2020 ($175M) happened because the agency made quickening the pace of awards a priority, whistleblower advocates say.
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ArticleMandate COVID-19 vaccines for all employees? Like everything, it’s complicated
So you want to mandate that all of your company’s employees get the coronavirus vaccine, once it’s available? Such a requirement is legal, but there are a host of considerations that might make it impractical, employment experts say.
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Former hedge fund CCO fined, suspended for impeding investigation
The former CCO of a New York City investment firm who impeded a Securities and Exchange Commission investigation into her employer has been fined $25,000 and suspended from practicing before the SEC for a year.
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ArticleBanner year for whistleblowers: SEC issued $175M in awards in FY2020
It’s no wonder the SEC recently issued new rules asserting its right to limit large whistleblower awards, because the agency handed them out in fiscal year 2020 at an unprecedented pace.
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Compliance failures at JPMorgan highlighted in record $920M spoofing fine
JPMorgan Chase agreed to pay more than $920 million as part of an agreement with three federal agencies to settle allegations that the firm’s traders manipulated the precious metals markets with false trades.