All Regulatory Enforcement articles – Page 12
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News BriefSupreme Court rules CFPB funding structure constitutional
The Supreme Court rejected a claim that the Consumer Financial Protection Bureau’s funding mechanism is unconstitutional, removing a legal challenge that had the potential to overturn all the agency’s regulations and enforcement actions.
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News BriefDOJ orders Evoqua to pay $8.5M over admitted securities fraud
Evoqua Water Technologies agreed to pay $8.5 million as part of a nonprosecution agreement with the Department of Justice to settle admitted criminal charges related to fraudulent revenue recognition.
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News BriefUFLPA Entity List nearly doubles with textile industry sweep
The Department of Homeland Security announced its largest batch of additions to the list of companies blocked under the Uyghur Forced Labor Prevention Act in the form of a sweep of the Chinese textile industry.
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News BriefTreasury details oligarch-tied Russia sanctions evasion scheme
Three Russia-based companies and an individual were designated by the U.S. Treasury Department for trying to recapture more than $1.5 billion in frozen shares owned by a previously sanctioned Russian oligarch using a complex evasion scheme.
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OpinionBinance CEO got 4 months in prison. FTX’s got 25 years. Was compliance the difference?
Why the wild disparity in the sentences of Binance’s Changpeng Zhao and FTX’s Sam Bankman-Fried? Aaron Nicodemus argues the performance of the compliance teams at the two cryptocurrency exchanges was as big a contrast as the penalties earned by their respective founders.
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News BriefDOJ notifies Boeing of DPA breach related to 737 MAX safety
The Department of Justice notified aerospace giant Boeing it breached its 2021 deferred prosecution agreement that required compliance commitments following high-profile crashes of its 737 MAX airplane.
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News BriefCanadian parliament adds to TD Bank AML scrutiny
Canadian lawmakers will come together to discuss TD Bank’s reported failure to prevent drug traffickers from laundering proceeds of fentanyl sales on its platform.
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News BriefCrowe U.K. dinged $181K by FRC for Aseana Properties audit failures
Crowe U.K. was assessed a penalty of £144,000 (U.S. $181,000) by the U.K. Financial Reporting Council for failures in its audit of Aseana Properties Limited’s financial statements for the year ended Dec. 31, 2019.
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News BriefFAT Brands on defense over DOJ, SEC accounting misconduct allegations
Restaurant operator FAT Brands said it would contest charges announced by the Department of Justice regarding violations of the Sarbanes-Oxley Act related to personal loans made to executive officers.
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News BriefFINTRAC fines Binance $4.4M over AML/CFT violations
The Financial Transactions and Reports Analysis Centre of Canada imposed a penalty of approximately CAD$6 million (U.S. $4.4 million) against crypto platform Binance over alleged noncompliance with the country’s anti-money laundering/countering the financing of terrorism law.
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News BriefDOJ launches task force on anticompetitive practices in healthcare
The Department of Justice’s Antitrust Division created a new task force to examine collusion and monopolies in the healthcare industry.
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News BriefFINRA fines Merrill Lynch $825K over order execution supervision lapses
Merrill Lynch was assessed an $825,000 penalty by the Financial Industry Regulatory Authority for alleged supervision failures regarding the execution of marketable equity orders entered into its electronic order systems.
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News BriefLululemon facing probe in Canada over greenwashing complaints
Athletic apparel company Lululemon is under investigation by the Canadian Competition Bureau regarding whether it made misleading claims about environmental aspects of its business.
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News BriefFINRA enforcement roundup: Three firms fined for trade compliance lapses
The Financial Industry Regulatory Authority fined three firms—M1 Finance, Mizuho Securities, and Oppenheimer—between $250,000 and $500,000 across separate actions for failing to properly implement, monitor, and supervise internal systems that led to compliance failures.
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OpinionFive reasons I’m excited for CW’s Financial Crimes Summit
Compliance Week’s Financial Crimes and Regulatory Compliance Summit will feature more than 50 prominent speakers representing government agencies, regulators, banks, investment advisers, and more tackling the top-of-mind risk areas facing the financial services industry.
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News BriefSEC faults former IA Gainvest for nontailored compliance manual
A Securities and Exchange Commission action against former registered investment adviser Gainvest Legal Corp. yielded a notable takeaway for others in the industry engaging consultants for compliance program support.
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News BriefFRC fines PwC, EY for London Capital & Finance audit failings
Big Four firms PwC and EY were each penalized by the Financial Reporting Council for alleged shortcomings during their respective audits at collapsed investment firm London Capital & Finance.
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News BriefCFPB fines Chime $3.25M over account refund delays
The Consumer Financial Protection Bureau ordered Chime Financial to pay $3.25 million in penalties for allegedly delaying consumer refunds past its promised 14-day timeframe.
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PremiumForecasting the DOJ’s AI enforcement priorities
Prudent chief compliance officers should ensure artificial intelligence-related risks are being properly addressed at their businesses considering growing scrutiny being paid to the technology by the Department of Justice.
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News BriefDOJ orders Baptist Health to pay $1.5M over discount policy false claims
Florida-based Baptist Health System agreed to pay $1.5 million to settle self-disclosed violations of the False Claims Act for allegedly offering discounts to patients to induce purchases or refer services reimbursed by Medicare.