News | Compliance Week – Page 13
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News Brief
CFTC appoints new head of whistleblower office
The Commodity Futures Trading Commission appointed Brian Young as director of its whistleblower office.
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News Brief
Ex-Sterling Bank GC cited by OCC over BSA-related failures
The Office of the Comptroller of the Currency issued a cease-and-desist order against the former general counsel at Sterling Bank and Trust for not ensuring the institution’s Bank Secrecy Act compliance and failing to timely file suspicious activity reports.
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News Brief
FinCEN: BSA data shows spike in crypto-financed human trafficking
Bank Secrecy Act reporting data disclosed by the Financial Crimes Enforcement Network revealed a significant spike in the use of cryptocurrency to finance human trafficking.
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News Brief
Zoetis says no action from OFAC in Iran sanctions matter
Zoetis, a developer and manufacturer of vaccines and medicines for animals, disclosed it was informed by the Office of Foreign Assets Control that it won’t face enforcement for potential violations of Iran sanctions uncovered during an acquisition integration.
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News Brief
FCA fines, bans ex-London Capital & Finance compliance head over promos
The U.K. Financial Conduct Authority issued a fine of £31,800 (U.S. $40,000) against a former compliance director at London Capital & Finance for allegedly approving misleading promotions that led to investor deception.
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News Brief
Insurance broker Gallagher off hook in DOJ FCPA probe
Arthur J. Gallagher disclosed the Department of Justice ended an investigation into the insurance broker’s business in Ecuador for potential violations of the Foreign Corrupt Practices Act.
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News Brief
SCOTUS reaffirms whistleblower protections in ruling against UBS
The Supreme Court reaffirmed whistleblower protections guaranteed under the Sarbanes-Oxley Act in a unanimous decision expected to set a precedent that impacts all corporate internal reporting cases.
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News Brief
Latest SEC off-channel comms sweep nets $81M in fines against 16 firms
The ongoing off-channel communications sweep by the Securities and Exchange Commission netted 16 more broker-dealers and investment advisers, with the latest wave of fines totaling more than $81 million.
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News Brief
SEC, CFTC adopt rule for enhanced large hedge fund disclosures
Large hedge fund advisers will be required to disclose more information on their investment strategies, investment exposure, operations, and more as part of a rule change jointly adopted by the Securities and Exchange Commission and Commodity Futures Trading Commission.
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News Brief
Raytheon parent discloses indications of improper payments in Middle East
RTX Corp., parent company of aerospace and defense giant Raytheon, disclosed an internal investigation launched into potential improper payments in connection with contracts in the Middle East found indications of misconduct.
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News Brief
Penn State Health to pay $11.7M over self-disclosed Medicare violations
Multihospital healthcare system Penn State Health agreed to pay more than $11.7 million to resolve self-disclosed violations of Medicare rules related to improper billing.
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News Brief
Montefiore Medical Center to pay $4.8M over employee’s data theft
Montefiore Medical Center agreed to pay $4.75 million to settle allegations by the Department of Health and Human Services’ Office for Civil Rights that failures by the New York City nonprofit facility allowed an employee to steal and sell patient information for six months.
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News Brief
Goldman Sachs fined $513K by FINRA over faulty surveillance reports
The Financial Industry Regulatory Authority fined Goldman Sachs $512,500 for allegedly failing to properly surveil certain types of securities for potential manipulative trading activity for more than a decade.
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News Brief
Alphabet to pay shareholders $350M over Google+ privacy lapses
Alphabet, the parent company of technology giant Google, agreed to pay $350 million in a preliminary settlement with shareholders over alleged data privacy violations and materially false and misleading statements linked to now-defunct social media site Google+.
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News Brief
China-based Cloopen Group avoids fine in SEC accounting fraud case
China-based technology company Cloopen Group Holding won’t pay a fine in settling with the Securities and Exchange Commission over an alleged accounting fraud scheme perpetrated by two of its former senior managers.
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News Brief
Westpac ordered to pay $1.2M in insider trading case
Westpac Banking Corp. was assessed a maximum fine of AUS$1.8 million (U.S. $1.2 million) to address charges levied by the Australian Securities and Investments Commission of insider trading related to an interest rate swap transaction.
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News Brief
Clorox discloses $49M hit from cyberattack
Cleaning products company Clorox disclosed the major cybersecurity incident that led to a shutdown of its automated order processing late last year has cost it about $49 million.
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News Brief
Paytm denies money laundering claims amid regulatory scrutiny
The Reserve Bank of India ordered a halt to many banking activities of digital payments provider Paytm while the regulator investigates “persistent noncompliances and continued material supervisory concerns.”
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News Brief
Uber facing $11M fine over driver privacy rights violations
Ride-hailing company Uber Technologies was assessed a penalty of €10 million (U.S. $11 million) by the Dutch Data Protection Authority for alleged privacy rights violations regarding the handling of European drivers’ personal data.
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News Brief
Blackbaud avoids fine in FTC deal requiring data deletion
Software company Blackbaud will be required to delete unnecessary data and boost cybersecurity as part of a proposed settlement with the Federal Trade Commission stemming from a 2020 data breach.