All Regulatory Enforcement articles – Page 120
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Blog
Treasury targets Russian shipping companies
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today announced that it has targeted Russian shipping firms for violating North Korea-related United Nations Security Council Resolutions.
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Citigroup will pay $10.5 million for internal controls failures
The SEC says Citigroup has agreed to pay $10.5 million in penalties to settle two enforcement actions involving its books and records, internal accounting controls,and trader supervision.
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Tweets and the SEC
A tweet last week by Tesla founder Elon Musk that he was considering taking the company private at $420 per share raises an abundance of questions for the SEC. How will the agency respond?
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Untargeted sanctions and compliance
The Trump Administration is following a pattern of trade sanctions that appear to have no targeted purpose, save that of sowing chaos.
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Former Columbia anti-corruption official nabbed for bribery
The former national director of anti-corruption in Colombia pleaded guilty this week in federal court for bribery and his participation in a conspiracy to launder money.
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RBS faces $4.9B settlement over mortgage-backed securities
The Justice Department announced a $4.9 billion settlement with The Royal Bank of Scotland Group, resolving federal accusations that it misled investors in the regarding residential mortgage-backed securities.
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Fed fines Citigroup $8.6M over improper mortgage documents
The Board of Governors of the Federal Reserve has fined Citigroup $8.6 million for the improper execution of residential mortgage-related documents.
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CFPB settles payday lending enforcement action
A federal district court in the Western District of Missouri has approved a settlement between the CFPB and the owners of 20 interrelated corporate entities in the payday lending industry. The owners, it is alleged, illicitly accessed consumer bank accounts.
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World Bank debars Chinese information-technology company
The World Bank on Aug. 1 announced the 15-month debarment of China-based Jiangsu Zhidehuatong Information Technology in connection with fraudulent practices as part of the Hubei Xiangyang Urban Transport Project in China.
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24 attorneys general push for shell company transparency
Washington Attorney General Bob Ferguson has led a bipartisan group of 24 attorneys general to urge leadership of the House Financial Services Committee to advance legislation improving transparency of shell corporations by requiring them to disclose who controls and profits from their activities.
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Wells Fargo hit with $2B penalty for misrepresenting quality of loans used in RMBS
The Department of Justice on Aug. 1 announced that Wells Fargo and several of its affiliates will pay a $2.09 billion civil penalty based on the bank’s alleged origination and sale of residential mortgage loans that it knew contained misstated income information and did not meet the quality that Wells ...
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Justice Department signs addendum to NPA with Bank Lombard Odier
The Department of Justice has signed an addendum to a non-prosecution agreement with Bank Lombard Odier of Zurich Switzerland. The original NPA was signed on Dec. 31, 2015.
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Article
Government clears way for FinTech firms to compete with banks
In separate developments announced July 31, the U.S. Department of Treasury and the Office of the Comptroller of the Currency paved the way for FinTech firms and other non-banks to more easily compete with traditional banks. Once again, opponents are threatening legal action.
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Resource
Regulatory Mapping Is Integral to Compliance Functions
New rules and regulations for conducting business are constantly being developed—sometimes daily, it seems—both domestically and globally. Organizations must keep up by implementing a robust regulatory mapping system to ward off fines and penalties and, at the same time, maintain brand equity.
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Resource
Management Reporting: Let’s Stop Reinventing the Wheel
Access to accurate data, and timely commentary and analytics is critical to making sound business decisions. And the pressure to provide that data and analysis to management is only becoming more intense.
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New appointments at the SEC
The SEC has announced new appointments to the Office of Compliance Inspections and Examinations, as well to the Division of Trading and Markets.
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Kristin Snyder named deputy director of OCIE
The Securities and Exchange Commission on July 25 announced that Kristin Snyder has been named deputy director of the agency’s Office of Compliance Inspections and Examinations.
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SEC charges Fyre Festival founder with investor fraud
The Securities and Exchange Commission announced on Tuesday that New York entrepreneur William McFarland, creator of 2017's disastrous Fyre Festival, has agreed to settle charges arising out of a multi-year offering fraud that raised at least $27.4 million from more than 100 investors.
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SEC data analysis tool uncovers insider trading by executive
A senior executive at Alliance Fiber Optic Products agreed to settle charges that he made nearly $200,000 in illicit profits by trading on inside information in advance of three disappointing earnings announcements by the company, the Securities and Exchange Commission announced on July 24.
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Blog
Julie Lutz to leave SEC
The Securities and Exchange Commission on July 23 announced that Julie Lutz, the Regional Director of the SEC’s Denver Regional Office, will leave the agency at the end of this month after more than 40 years of service.