News | Compliance Week – Page 2
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News Brief
SEC orders R.R. Donnelley to pay $2.1M over cyber-related control violations
A business communications and marketing services company agreed to pay more than $2 million to settle charges levied by the Securities and Exchange Commission over cybersecurity-related control violations.
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News Brief
DOJ orders consultants to pay $11.3M total for cyber rule violations
Guidehouse and Nan McKay and Associates will pay a total of $11.3 million to the Department of Justice (DOJ) to settle allegations that cybersecurity failures led to the theft of client personal information during the height of the COVID-19 pandemic.
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News Brief
Credit Suisse unit inks deal with OCC over BSA/AML obligations
The New York branch of Swiss bank Credit Suisse reached a deal with the Treasury Department’s Office of the Comptroller of the Currency (OCC) over compliance with its Bank Secrecy Act and anti-money laundering obligations.
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News Brief
FTC sues Adobe alleging hidden subscription cancellation fees
The Federal Trade Commission took aim at Adobe and two executives Monday for making it too difficult for consumers to cancel their subscriptions and often charging a fee to do so.
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News Brief
CFTC orders Trafigura to pay $55M over fraud, impeding whistleblowers
Singapore-based commodity trading company Trafigura will pay $55 million to the Commodity Futures Trading Commission to settle charges related to fraud, manipulation, and impeding whistleblower communications with the agency.
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News Brief
Vermont governor vetoes privacy bill, legislature plans override vote
Vermont Republican Gov. Phil Scott vetoed a data privacy bill approved by the state’s Democrat-led legislature, which plans an override vote this week.
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News Brief
Washington state importer ordered to hire CCO in response to Lacey Act violations
A Washington state importer has been ordered by the Department of Justice to pay a $360,000 fine and hire a chief compliance officer after imported wood items the company claimed to be from Malaysia were found to be from China.
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News Brief
Ex-Synchronoss CFO fined, banned over SOX violations
The former chief financial officer at Synchronoss Technologies was fined a ban from the industry for widespread Sarbanes-Oxley Act violations.
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News Brief
Former SEC Chair William Donaldson dead at 93
William Donaldson, a former chairman of the Securities and Exchange Commission, died Tuesday. He was 93.
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News Brief
Evolve Bank ordered by Fed to address AML, sanctions lapses
The Federal Reserve Board ordered an Arkansas bank that partnered with numerous financial technology companies to correct deficiencies in its anti-money laundering, sanctions, risk management, and consumer compliance programs.
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News Brief
Biden nominates CFTC’s Goldsmith Romero to head FDIC
President Joe Biden selected a commissioner at the Commodity Futures Trading Commission as his preferred choice to lead the Federal Deposit Insurance Corporation in the aftermath of its toxic workplace culture scandal.
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News Brief
Anson Funds, affiliate to pay $2.25M for fund disclosure violations
Registered investment adviser Anson Funds Management and exempt reporting adviser Anson Advisers will combine to pay more than $2 million for allegedly misleading investors about their short fund strategy and related recordkeeping violations.
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News Brief
Former CEO of AI recruiter Joonko charged with $27M fraud
The former chief executive officer of closed AI recruitment startup Joonko faces up to 40 years in prison and the potential of penalties levied by the Securities and Exchange Commission for allegedly defrauding investors of more than $27 million.
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News Brief
Additions to UFLPA Entity List signal seafood supply chain risks
The U.S. Department of Homeland Security added three China-based entities across the seafood, aluminum, and footwear industries to the Uyghur Forced Labor Prevention Act Entity List.
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News Brief
Cerebral set to pay $7M over alleged patient data sharing
The Department of Justice and Federal Trade Commission proposed telehealth company Cerebral pay a total of $7 million for its alleged sharing of patient data and deceptive business practices in violation of the FTC Act.
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News Brief
PCAOB Chair Williams appointed to second term
Erica Williams was reappointed to a second term as chair of the Public Company Accounting Oversight Board after an ambitious first three years in the role that have seen the agency work to update many of its standards deemed outdated.
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News Brief
CityMD to pay $12M over Covid-19 false claims
CityMD, the largest provider of urgent care practices across New York and New Jersey, agreed to pay approximately $12 million as part of a settlement with the Department of Justice addressing the alleged submission of false claims for payment for Covid-19 testing.
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News Brief
FinCEN BSA data: Fraud, money laundering top suspicious activities
The Financial Crimes Enforcement Network published its latest collection of Bank Secrecy Act data, including number and type of suspicious activity reports.
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News Brief
HF Foods to pay $3.9M to settle execs’ alleged fraud
Food service distributor HF Foods Group agreed to pay a $3.9 million penalty as part of a settlement with the Securities and Exchange Commission regarding alleged fraudulent conduct carried out by its former chief executive officer and former chief financial officer.
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News Brief
Texas touts team ‘among the largest in the country’ to enforce privacy laws
The state of Texas forecasted “aggressive enforcement” of its upcoming data privacy law with the announcement of a dedicated team to oversee its implementation.