News | Compliance Week – Page 14
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News Brief
FinCEN alert flags Israeli extremists fomenting violence in West Bank
The Financial Crimes Enforcement Network issued an alert addressing the financing of Israeli extremist settler violence against Palestinians in the West Bank.
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News Brief
City National Bank ordered to pay $65M over deficient risk, internal controls
The Office of the Comptroller of the Currency levied a $65 million civil penalty against Los Angeles-based City National Bank over alleged risk management and internal control failures.
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News Brief
Calavo Growers discloses potential FCPA issues
Multinational produce and agriculture company Calavo Growers disclosed in an annual filing an investigation into its Mexico operations found potential issues under the Foreign Corrupt Practices Act.
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News Brief
Compliance officer BSA case a cautionary tale for small banks
A New York-based Bank Secrecy Act compliance officer facilitated more than $1 billion in high-risk international financial business through an “unsophisticated” institution, according to the Department of Justice and the Financial Crimes Enforcement Network.
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News Brief
PRA fines HSBC units $73M over deposit protection failures
The Bank of England’s Prudential Regulation Authority penalized two HSBC units £57.4 million (U.S. $73 million) over historic failures in deposit protection identification and notification.
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News Brief
N.Y. sues Citi for lax data security, failing to reimburse fraud victims
Citibank faces a lawsuit from New York Attorney General Letitia James for allegedly failing to protect and reimburse customers who lost thousands of dollars in fraudulent wire transfers.
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News Brief
Business groups sue to halt California climate disclosure laws
A coalition of business groups filed a lawsuit opposing two California laws that require large businesses to make climate-related disclosures, calling it a fight against illegal and excessive government overreach.
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News Brief
OCC proposes stricter review process for bank mergers
The Office of the Comptroller of the Currency proposed eliminating expedited or streamlined reviews of mergers for national banks and federal savings associations.
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News Brief
TD Bank reportedly facing fine for faulty AML controls
The Financial Transactions and Reports Analysis Centre of Canada is reportedly preparing to issue its largest fine to date against TD Bank for faulty anti-money laundering controls.
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News Brief
Treasury cites Iraqi bank, owner over terrorist financing concerns
Al-Huda Bank faces severance from the U.S. financial system for being a conduit of terrorist financing, according to the Financial Crimes Enforcement Network, while its owner, Hamad al-Moussawi, was sanctioned by the Office of Foreign Assets Control.
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News Brief
Calif. AG launches sweep into streaming apps’ compliance with CCPA
California Attorney General Rob Bonta announced the launch of an investigative sweep targeting popular streaming apps and devices, alleging noncompliance with the California Consumer Privacy Act.
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News Brief
MGM Grand, Cosmopolitan fined $7.5M total over BSA violations
Two Las Vegas casinos agreed to pay penalties of nearly $7.5 million as part of separate non-prosecution agreements with the Department of Justice addressing violations of the Bank Secrecy Act over alleged anti-money laundering compliance failings.
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News Brief
DOJ, FTC re-emphasize requirement to retain business communications
The Department of Justice and Federal Trade Commission updated language contained in standard preservation letters regarding the maintaining of business communications made via collaboration tools and ephemeral messaging apps.
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News Brief
Aon unit to pay $1.5M for misleading pension fund
Aon Investments USA and its former partner agreed to pay nearly $1.6 million in combined penalties to settle charges by the Securities and Exchange Commission that they misled a Pennsylvania school pension fund.
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News Brief
SPAC to avoid $1.5M SEC fine for failing to disclose pre-IPO merger talks
Northern Star Investment Corp. II faced a penalty of $1.5 million to settle charges laid by the Securities and Exchange Commission that it made misleading statements in its January 2021 initial public offering.
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News Brief
CFTC seeking comment on applications of AI in compliance
The Commodity Futures Trading Commission would like to learn more about how regulated entities might be using artificial intelligence in their compliance efforts, along with other applications.
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News Brief
ICO seeking input on generative AI to inform guidance
The U.K. Information Commissioner’s Office is seeking input from developers, users, and those interested in generative artificial intelligence to help inform policy and guidance regarding the technology.
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News Brief
Ex-DOJ Criminal Division head Polite to lead Tavistock Group compliance review
Private equity company Tavistock Group announced the retention of law firm Sidley Austin to conduct a compliance review, the same week that its billionaire founder pleaded guilty to U.S. insider trading charges.
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News Brief
FINRA report highlights crypto communication violations
The Financial Industry Regulatory Authority announced it uncovered potential violations of its disclosure rules in 70 percent of crypto asset communications reviewed during a targeted exam.
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News Brief
Amazon unit fined $35M under GDPR for employee productivity tracking
Amazon’s warehouse management arm in France was assessed a penalty of €32 million (U.S. $35 million) for violating the General Data Protection Regulation by excessively tracking the productivity of employees.