News | Compliance Week – Page 34
-
News Brief
PIMCO to pay $9M in SEC disclosure, policy failure settlements
Pacific Investment Management Company agreed to pay a combined $9 million to resolve two separate actions brought by the Securities and Exchange Commission regarding alleged violations of the Advisers Act.
-
News Brief
S.C.-based St. Francis to pay $36.5M in false claims settlement
South Carolina-based healthcare system St. Francis agreed to pay $36.5 million as part of a settlement with the Department of Justice addressing alleged violations of the False Claims Act, Stark Law, and Anti-Kickback Statute.
-
News Brief
FCC forms consumer data privacy task force
The Federal Communications Commission announced the launch of a new task force to coordinate privacy and data protection efforts at the agency, which oversees a telecommunications industry often targeted by cybercriminals.
-
News Brief
OCC: Union Bank fined $15M for ‘deceptive’ account disclosure practices
The Office of the Comptroller of the Currency announced a $15 million civil penalty against MUFG Union Bank for “deceptive practices” caused by alleged weaknesses in execution of internal controls and procedures.
-
News Brief
OCC to banks: Don’t get complacent on risk monitoring
Banks should still be on guard despite relative calm in the industry compared to where things were three months ago following the collapse of Silicon Valley Bank, the Office of the Comptroller of the Currency warned.
-
News Brief
SEC spring 2023 regulatory agenda: 37 rules in final stage
The rest of the year is shaping up to be busy at the Securities and Exchange Commission, where final rules regarding climate-related disclosures, enhanced cybersecurity risk governance, and more are all on the near-term agenda.
-
News Brief
Swedish DPA fines Spotify $5.4M for ‘low level’ GDPR lapses
Sweden’s data protection authority levied a fine of 58 million Swedish krona (U.S. $5.4 million) against music streaming service Spotify following an audit on how the company handles customers’ rights to access their personal data.
-
News Brief
SEC charges Sabby Management over short sales
New Jersey-based investment adviser Sabby Management and its managing partner were charged by the Securities and Exchange Commission with engaging in a fraudulent short selling scheme involving the stocks of nearly a dozen public companies.
-
News Brief
OCC soliciting input on proposed trust in banking survey
The Office of the Comptroller of the Currency announced a request for information to implement an annual survey aimed at tracking public trust in banking and bank supervision.
-
News Brief
JPMorgan to pay $290M to settle Jeffrey Epstein class action
JPMorgan Chase announced it reached an agreement in principle to settle claims made in a class-action lawsuit regarding the bank’s ties to convicted sex offender Jeffrey Epstein.
-
News Brief
Pharmacy holding company CCO convicted in $50M Medicare fraud
Steven King, the chief compliance officer of a defunct pharmacy holding company, was found guilty of conspiracy to commit healthcare fraud and wire fraud for unnecessarily billing Medicare for more than $50 million in medical supplies.
-
News Brief
Treasury to review its compliance, enforcement efforts
The Treasury Department announced steps it is taking to improve its own compliance efforts, including a reassessment of the way it pursues enforcement actions.
-
News Brief
SEC risk alert expands marketing rule exam focus areas
The Securities and Exchange Commission is expanding its examination focus regarding investment advisers’ compliance with its new marketing rule.
-
News Brief
Banking regs seek consistency via new TPRM guidance
U.S. banking regulators combined to issue final guidance on managing the risks of third-party relationships that replaces the previous documentation each agency released individually.
-
News Brief
CFPB: ‘Poorly deployed’ AI chatbots harming banking customer service
The Consumer Financial Protection Bureau flagged risks regarding expanded use of chatbots by financial institutions, specifically for customer service purposes.
-
News Brief
SEC rule prohibits manipulating CCOs at security-based swaps
The Securities and Exchange Commission adopted two rules aimed at curbing potential misconduct in the security-based swaps market.
-
News Brief
Florida marks 10 U.S. states with data privacy laws
Florida became the 10th U.S. state to pass a comprehensive consumer data privacy bill, though its law will only apply to larger businesses with more than $1 billion in annual revenue.
-
News Brief
PCAOB proposal puts pressure on auditors to find fraud
The Public Company Accounting Oversight Board proposed standard updates that would require auditors to enhance scrutiny toward potential instances of company noncompliance, including fraud, in their audit work.
-
News Brief
SEC continues crusade against crypto with Coinbase charges
The Securities and Exchange Commission continued its crackdown on the digital asset industry, charging cryptocurrency exchange Coinbase with violating federal securities laws.
-
News Brief
Cantaloupe fined $1.5M in SEC accounting fraud case
Electronic payments software company Cantaloupe agreed to pay a $1.5 million penalty to settle allegations of accounting fraud levied by the Securities and Exchange Commission arising from improper revenue recognition practices.