Articles | Compliance Week – Page 128
-
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.
-
ArticleMorgan Stanley fined $5M for short sales violations
The SEC has hit Morgan Stanley with a cease-and-desist order imposing a censure and a $5 million penalty resulting from violations of Regulation SHO, the agency’s regulations governing short sales.
-
ArticleSEC charges Manitex, three former execs with accounting fraud
The SEC has brought charges against Manitex International and three of its former senior executives for engaging in accounting fraud that resulted in the issuance of materially misstated financial statements.
-
Article
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.
-
ArticleWhistleblower awarded $1.7M in SEC’s 100th individual payout
The Securities and Exchange Commission issued its 100th individual whistleblower award Monday when a tipster received $1.8 million for providing the agency with information that alerted staff to ongoing securities violations.
-
ArticleFiat Chrysler fined $9.5M for ‘misleading disclosures’ on diesel emissions
Fiat Chrysler Automobiles has agreed to pay $9.5 million to settle allegations from the SEC that it made “misleading disclosures” regarding an internal audit of emission control systems for diesel vehicles it sold in the United States.
-
ArticleCitibank affiliates fined $4.5M for deleting subpoenaed audio files
Three Citibank affiliates have been collectively ordered to pay $4.5 million to settle CFTC charges regarding supervision failures that led to the deletion of subpoenaed audio files.
-
ArticleBreach costs Premera Blue Cross $6.85M; second-largest HIPAA fine
Premera Blue Cross has agreed to pay $6.85 million in a settlement with the U.S. Department of Health and Human Services regarding a 2014 data breach that affected the personal and health plan information of over 10.4 million people.
-
ArticleOECD report: Fear of enforcement drives fight against corruption
Fear of enforcement and the consequential reputational fallout of an enforcement action are the top drivers for developing an anti-corruption compliance program, states a new report by the Organization for Economic Co-operation and Development.
-
ArticleTwo companies charged in landmark SEC data analytics cases
A new risk-based data analytics initiative at the SEC has been credited for forming the basis of charges against two publicly traded companies for improper reporting of quarterly earnings per share.
-
ArticleSurvey: Practitioners weigh in on IIA’s new Three Lines Model
A look at results from a joint survey from Compliance Week and Workiva reveals companies could benefit from a deep dive into the IIA’s new Three Lines Model, especially in light of the recent pandemic.
-
ArticleBoA a silver lining in damning ‘FinCEN Files’ report; Wells Fargo CEO puts foot in mouth
Bank of America gets a pat on the back for going beyond an “observe and report” approach to filing a SAR, and we learned this week that Wells Fargo’s CEO needs a little unconscious bias training.
-
ArticleInternal whistleblower exposes fraud at Illinois engine manufacturer
An internal whistleblower exposed a scheme by three executives of a Chicago-area engine manufacturer to improperly inflate revenue and cover their tracks by lying to company accountants and independent counsel.
-
Article‘FinCEN Files’ show Europe’s AML efforts maybe aren’t so world class
The damning revelations from the “FinCEN Files” leaks have once again put Europe and its supposed world-leading anti-money laundering rules under the spotlight.
-
ArticleLighting company, four executives fined for improperly booking revenue
A Connecticut industrial lighting company has been fined $1.25 million by the SEC for falsely booking $55 million worth of sales on its financial statements over four years. Four company executives have been fined as well.
-
Article
Keysight Technologies to pay $473K for sanctioned dealings in Iran
Keysight Technologies, a successor entity to Anite Finland, has reached a $473,157 settlement with the U.S. Department of the Treasury’s Office of Foreign Assets Control regarding subsidiary dealings in the sanctioned country of Iran.
-
ArticleWestpac set to pay record $912.6M civil penalty for AML failures
Westpac is bracing for a record AUD$1.3 billion (U.S. $912.6 million) civil penalty issued by Australia’s financial crime regulator related to a money-laundering scandal and the facilitation of child exploitation in the Philippines and Southeast Asia.
-
Article‘FinCEN Files’ fallout: Where do banks go from here?
The “FinCEN Files” report raises the question: What should banks be doing to address the trillions of dollars’ worth of banking transactions that are facilitating criminal activity every year?
-
ArticleCompanies face greater risk as GDPR class actions emerge
In the past month three of the world’s largest tech firms have been hit with legal actions that could lead to billion-dollar damages suits for alleged violations of the GDPR. Neil Hodge explores the trend and what to expect moving forward.
-
ArticleWhistleblower advocates up in arms over changes to SEC program
More than two years after proposing them, the Securities and Exchange Commission approved a series of controversial amendments to its whistleblower program designed to make the issuance of awards more streamlined and efficient.