All articles by Jaclyn Jaeger – Page 27
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ArticleOFAC targets Mexican companies for helping Venezuelan President Maduro evade U.S. sanctions
The U.S. Department of the Treasury’s Office of Foreign Assets Control has blacklisted a network of Mexican individuals and companies said to be helping Venezuelan President Nicolas Maduro evade U.S. sanctions.
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ArticleSwiss AG latest investigating Glencore for corruption
Glencore is under criminal investigation by the Office of the Attorney General of Switzerland over corruption allegations, adding to the growing list of scrutiny the multinational commodity trading and mining company is facing.
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ArticleSupreme Court: SEC can recoup ill-gotten profits, with caveats
The U.S. Supreme Court reaffirmed the SEC’s authority to recoup profits obtained from fraudulent schemes but limited the scope of what can be sought through disgorgement.
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ArticleDeutsche to pay $10.3M for swap data reporting, spoofing practices
Deutsche Bank will pay a total of $10.3 million to resolve two separate CFTC settlements: one for alleged violations of various swap data reporting and other regulatory violations and the other for spoofing practices by two of its traders.
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ArticleFrom financial crisis to coronavirus: Shifting compliance trends in financial services
Keeping up with regulatory change; budget and resource allocation; and data protection issues were cited as the top three compliance challenges in the financial services industry, according to a recent study.
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ArticleFormer Bumble Bee CEO sentenced 40 months for price-fixing
The former CEO and president of Bumble Bee Foods was sentenced to serve 40 months in prison and pay a $100,000 criminal fine for playing a leading role in a three-year antitrust conspiracy to fix prices of canned tuna.
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ArticleFCA fines Commerzbank London $47.4M for AML failures
Commerzbank London will pay a £37.8 million (U.S. $47.4 million) penalty in a settlement with the U.K. Financial Conduct Authority for anti-money laundering systems and controls failures.
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ArticleU.S. regulators boast coordination in addressing coronavirus fraud
Testimony provided by several agencies before a U.S. Senate Judiciary Committee hearing offers valuable insights for chief compliance and risk officers regarding where coronavirus fraud threats may lurk, especially in the financial services and healthcare sectors.
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FRC sanctions KPMG for audit failings of Foresight 4 VCT
The U.K. Financial Reporting Council imposed non-financial sanctions on KPMG related to audit failures concerning the financial statements of investment firm Foresight 4 VCT for fiscal years ending 2013, 2014, and 2015.
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ArticleLRN survey: Values, not policies, drive ethical behavior
Establishing a culture based on values and transparency is more effective at preventing misconduct than a robust set of rules, according to an LRN survey.
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ArticleMerrill Lynch to pay $7.2M to customers overcharged for mutual funds
Merrill Lynch will pay more than $7.2 million in restitution and interest to customers who incurred unnecessary sales charges and paid excess fees in connection with mutual fund transactions, FINRA announced.
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ArticleDanske faces criminal complaint over market abuse violations
Denmark’s financial regulator has filed a criminal complaint against Danske Bank for violating market abuse regulations concerning inadequate market monitoring and opposite trades.
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ArticleFCC seeks record $225M fine for robocall scam
The Federal Communications Commission is seeking a $225 million fine—the largest proposed penalty in its 86-year history—against a health insurance telemarketer for allegedly making approximately one billion illegally spoofed robocalls.
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ArticleA country-by-country analysis of anti-corruption efforts in Latin America
CCOs looking to navigate the fluid corruption risk environment in Latin America will want to review a newly released report on how countries are uncovering, punishing, and deterring corruption—particularly now, amid a pandemic.
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Criminal Division head Benczkowski to depart DOJ
Assistant Attorney General Brian Benczkowski, head of the Justice Department’s Criminal Division, will leave the agency, effective July 3.
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ArticleCFTC awards more than $6M to whistleblower
The Commodity Futures Trading Commission announced a whistleblower award of more than $6 million to a tipster who voluntarily provided original information that led the CFTC to bring a successful enforcement action.
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ArticleKPMG cites internal control weaknesses in BT Group review
KPMG, in conducting an independent review of BT Group, has expressed the telecommunications company “did not maintain effective internal control over financial reporting” following its accounting fraud scandal.
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ArticleEuropol launches new financial and economic crime body
Europol has created the new European Financial and Economic Crime Center, with the aim of enhancing operational support to EU member states and EU bodies in the fields of financial and economic crime.
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HyperBeard to pay $150K for COPPA violations
App developer HyperBeard reached a watered-down $150,000 settlement with the FTC for illegally collecting children’s personal data without adequate disclosure and parental authorization.
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ArticleWhen manufacturing new product lines, be aware of new compliance risks
As companies around the world begin to manufacture products outside their comfort zone to address dire shortages in personal protective equipment amid the pandemic, compliance practitioners are negotiating new risks and challenges.