All Regulatory Enforcement articles – Page 118
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Blog
UBS faces civil complaint for fraud in the sale of residential mortgage-backed securities
The Department of Justice announced that a civil complaint has been filed against UBS and several of its U.S. affiliates, alleging that UBS defrauded investors throughout the United States and the world in connection with its sale of residential mortgage-backed securities from 2006 through 2007.
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Blog
Commissioner Peirce: the meaningless of enforcement numbers and penalty amounts
The SEC’s Enforcement Division issued its annual report this month, highlighting the Division’s activities in fiscal year 2018 from both a qualitative and quantitative perspective. Focusing on enforcement numbers and penalty amounts alone is meaningless, SEC Commissioner Hester Peirce said in recent remarks.
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Blog
Goldman Sachs offers details of 1MDB probe
Goldman Sachs disclosed has received subpoenas and requests for documents and information from various governmental and regulatory bodies and self-regulatory organizations as part of investigations and reviews relating to financing transactions and other matters involving 1MDB, Malaysian government’s sovereign wealth fund.
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Blog
MoneyGram to forfeit $125M for AML compliance lapses; DPA extended
MoneyGram on Nov. 8 entered into agreements with the U.S. Department of Justice and the Federal Trade Commission concerning previously disclosed compliance failures that resulted in a widespread money-laundering fraud scheme.
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Blog
Citibank to pay $38.7M for improper handling of ADRs
Citibank has agreed to pay $38.7 million to settle charges of improper handling of “pre-released” American Depositary Receipts, the Securities and Exchange Commission announced on Nov. 7.
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Blog
FinCEN advisor charged with leaking SARs to media
A senior advisor at the Financial Crimes Enforcement Network has been arrested and charged with leaking agency data to a reporter.
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Blog
Capital One pays $100M for AML compliance deficiencies
The Office of the Comptroller of the Currency has assessed a $100 million civil money penalty against Capital One and Capital One Bank for deficiencies in the financial concern’s Bank Secrecy Act/Anti-Money Laundering program.
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Blog
Mashreq responds to NYDFS consent order
Mashreqbank has issued a statement in response to its consent order reached with the New York State Department of Financial Services on Oct 18 for violations of U.S. Bank Secrecy Act and Anti-Money Laundering laws in the New York branch’s U.S. dollar clearing operations.
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BlogOFAC takes action against ‘vast network’ of ‘Specially Designated Global Terrorists’
The U.S. Department of Treasury’s Office of Foreign Assets Control on Oct. 16 took action against a vast network of Iranian entities for providing financial support to the Basij Resistance Force, a paramilitary force that recruits, trains, and deploys child soldiers.
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Blog
OFAC sanctions Iraq-based money services business
The U.S. Department of the Treasury’s Office of Foreign Assets Control imposed sanctions on Afaq Dubai, an Iraq-based money services business that has been moving money for the Islamic State of Iraq and Syria (ISIS).
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ArticleCFPB pitches choose-your-own disclosure
The CFPB has proposed the creation of a regulatory “sandbox” for testing and approving new approaches to financial product disclosures.
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Blog
Criminal Division does an about-face on hiring a compliance counsel
The Department of Justice has scrapped its decision to hire another compliance counsel and instead announced a new, agency-wide approach to compliance oversight.
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A look at the new corporate monitorship policy
The Department of Justice on Oct. 11 issued revised guidance to establish standards, policies, and procedures for the selection of monitors in matters being handled by Criminal Division attorneys. The new guidance further refines the factors that go into the determination of whether a monitor is needed and clarifies and ...
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Article
Google’s hidden breach could be regulatory tipping point
A March data breach, kept under wraps until now, could spell regulatory trouble for Google and its tech brethren.
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Blog
U.S. judge extends term of ZTE monitor: Here’s why
A U.S. district court judge has extended for two more years the term of ZTE’s court-appointed compliance monitor after the telecommunications company violated a condition of its probation resulting from U.S. sanctions violations.
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BlogMusk mocks SEC on Twitter
Within days of reaching a settlement with the Securities and Exchange Commission over what it says was “false and misleading” information delivered to investors via Twitter, Tesla founder Elon Musk is back online and taunting the regulator.
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Blog
FTC: Four companies falsely claimed certification under EU-U.S. Privacy Shield
Four companies have agreed to settle allegations by the Federal Trade Commission that they falsely claimed certification under the EU-U.S. Privacy Shield framework and that two of these companies failed to abide by a key provision of the framework.
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Blog
AmerisourceBergen to pay $625M over illegally repackaged drugs
AmerisourceBergen and its subsidiaries have agreed to pay $625 million to resolve its civil liability to the United States under the False Claims Act for causing false claims for the drugs it repackaged to be submitted to federal health care programs.
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Article
Three compliance lessons from Elon Musk’s SEC deal
Elon Musk, Tesla, and the SEC have agreed upon a settlement to resolve potential securities fraud perpetrated by an August tweet. Important lessons and reminders for compliance officers rise to the surface of that document.
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Blog
Credit Suisse to pay SEC $10M for mishandling retail customer orders
Credit Suisse will pay $10 million to settle charges brought by the SEC and the Office of the New York Attorney General regarding material misrepresentations and omissions made in connection with its now-closed Retail Execution Services business’ handling of certain customer orders.