News | Compliance Week – Page 8
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News Brief
DOJ pilot floats NPAs for whistleblowers involved in corporate misconduct
The Department of Justice launched a new pilot program that encourages voluntary self-disclosure by corporate executives who are themselves involved in financial misconduct, with the incentive of a nonprosecution agreement for those who help an agency investigation.
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News Brief
U.S. senator calls for Temu ban over forced labor, privacy concerns
Sen. Tom Cotton (R-Ark.) is calling on the Biden administration to investigate and ban Chinese e-commerce company Temu over forced labor and data privacy violation concerns.
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News Brief
Proterial Cable America earns DOJ declination in apparent fraud case
Proterial Cable America received a declination notice from the Department of Justice related to its voluntary self-disclosure and remediation of apparent fraud committed by its employees.
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News Brief
FinCEN warns of fake U.S. passport cards used to commit fraud
The Financial Crimes Enforcement Network is warning financial institutions of counterfeit U.S. passport cards used to commit fraud and identity theft.
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News Brief
FINRA orders Barclays unit to pay $700K over conflicts of interest
A Barclays unit agreed to pay $700,000 to settle allegations levied by the Financial Industry Regulatory Authority that its research analysts violated conflict-of-interest rules and the firm failed to sufficiently supervise their trades.
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News Brief
U.S., U.K. ban new Russian metal imports
The U.S. Treasury Department, in coordination with the United Kingdom, is clamping down harder on Russia’s ability to wage war against Ukraine by banning the import of Russian-origin aluminum, copper, and nickel.
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News Brief
SEC fines five investment advisers in marketing rule sweep
Five registered investment advisers agreed to pay a total of $200,000 in penalties for allegedly violating the Securities and Exchange Commission’s amended marketing rule.
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News Brief
DOJ lawsuit charges Regeneron with inflating Medicare costs
New York-based Regeneron Pharmaceuticals is being sued by the Department of Justice for allegedly flouting Medicare’s price reporting requirements.
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News Brief
Treasury proposal seeks to expand CFIUS enforcement authority
A proposal by the Treasury Department would allow the Committee on Foreign Investment in the United States to seek more information as part of its review activities and enable “substantially” larger penalties in instances of noncompliance with relevant regulations.
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News Brief
KPMG Netherlands fined record $25M by PCAOB for exam cheating
KPMG Netherlands agreed to pay a record $25 million penalty levied by the U.S. Public Company Accounting Oversight Board for allegedly allowing widespread cheating by employees on internal training exams and misinforming regulators about the misconduct.
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News Brief
Grant Thornton UK dinged $51K for pension fund audit lapses
Grant Thornton UK was assessed a penalty of £40,000 (U.S. $51,000) by the Financial Reporting Council for alleged procedure failures affecting the firm’s audit of a local authority’s pension fund.
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News Brief
Key lawmakers put forward bipartisan American Privacy Rights Act
A bipartisan consumer privacy bill released by Sen. Maria Cantwell (D-Wash.) and Rep. Cathy McMorris Rodgers (R-Wash.) would provide the broad, comprehensive protections businesses and Americans have called for, according to the lawmakers.
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News Brief
New DHS strategy sets textiles up for added UFLPA scrutiny
The Department of Homeland Security announced a new strategy set to help close a loophole that allows certain textile-related shipments from China to enter the United States without scrutiny under the Uyghur Forced Labor Prevention Act.
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News Brief
SEC concludes VW emissions case with $48.8M judgment
Volkswagen Group of America Finance was ordered to pay $48.75 million as part of a final judgment obtained by the Securities and Exchange Commission to resolve historical violations related to the automaker’s emissions scandal.
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News Brief
CPPA warns of collecting too much data in first enforcement advisory
The California Privacy Protection Agency warned businesses to stop asking for excessive information from consumers who have requested to opt out of having their data collected or who are otherwise exercising their privacy rights under the California Consumer Privacy Act.
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News Brief
Legal pushback prompts SEC to stay climate-related disclosure rule
The Securities and Exchange Commission delayed implementation of its climate-related disclosure rule until the courts can rule on appeals filed in response to the controversial policy.
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News Brief
N.Y. compliance officer charged for embezzling $200K from employer
A New York-based chief counsel and compliance officer was charged for embezzling more than $200,000 from the consulting firm he worked for, the Manhattan District Attorney’s Office announced.
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News Brief
Ex-OneCoin compliance head jailed 4 years for fraud role
The former head of legal and compliance at OneCoin was sentenced to four years in prison after pleading guilty to fraud charges regarding her role in a cryptocurrency marketing scheme.
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News Brief
Senvest latest rapped by SEC over off-channel comms
Registered investment adviser Senvest Management agreed to pay $6.5 million as part of a settlement with the Securities and Exchange Commission addressing admitted off-channel communications violations and separate code of ethics failures.
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News Brief
CFTC lauds Australian swap dealer’s cooperation in $500K enforcement
The Commodity Futures Trading Commission ordered an Australian swap dealer to pay $500,000 over admitted supervision failures related to a deficient spoofing surveillance tool.