All Regulatory Enforcement articles – Page 2
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News Brief
Credit Suisse unit inks deal with OCC over BSA/AML obligations
The New York branch of Swiss bank Credit Suisse reached a deal with the Treasury Department’s Office of the Comptroller of the Currency (OCC) over compliance with its Bank Secrecy Act and anti-money laundering obligations.
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News Brief
FTC sues Adobe alleging hidden subscription cancellation fees
The Federal Trade Commission took aim at Adobe and two executives Monday for making it too difficult for consumers to cancel their subscriptions and often charging a fee to do so.
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News Brief
CFTC orders Trafigura to pay $55M over fraud, impeding whistleblowers
Singapore-based commodity trading company Trafigura will pay $55 million to the Commodity Futures Trading Commission to settle charges related to fraud, manipulation, and impeding whistleblower communications with the agency.
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News Brief
Vermont governor vetoes privacy bill, legislature plans override vote
Vermont Republican Gov. Phil Scott vetoed a data privacy bill approved by the state’s Democrat-led legislature, which plans an override vote this week.
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News Brief
Washington state importer ordered to hire CCO in response to Lacey Act violations
A Washington state importer has been ordered by the Department of Justice to pay a $360,000 fine and hire a chief compliance officer after imported wood items the company claimed to be from Malaysia were found to be from China.
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News Brief
Ex-Synchronoss CFO fined, banned over SOX violations
The former chief financial officer at Synchronoss Technologies was fined a ban from the industry for widespread Sarbanes-Oxley Act violations.
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News Brief
Evolve Bank ordered by Fed to address AML, sanctions lapses
The Federal Reserve Board ordered an Arkansas bank that partnered with numerous financial technology companies to correct deficiencies in its anti-money laundering, sanctions, risk management, and consumer compliance programs.
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News Brief
Anson Funds, affiliate to pay $2.25M for fund disclosure violations
Registered investment adviser Anson Funds Management and exempt reporting adviser Anson Advisers will combine to pay more than $2 million for allegedly misleading investors about their short fund strategy and related recordkeeping violations.
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News Brief
Former CEO of AI recruiter Joonko charged with $27M fraud
The former chief executive officer of closed AI recruitment startup Joonko faces up to 40 years in prison and the potential of penalties levied by the Securities and Exchange Commission for allegedly defrauding investors of more than $27 million.
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BIS’s Axelrod makes plea to financial services: ‘We want to work with you’
Matthew Axelrod, assistant secretary for export enforcement at the Bureau of Industry and Security, addressed efforts to reach financial services firms, working with the Financial Crimes Enforcement Network, and more during his fireside chat at CW’s Financial Crimes Summit.
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CFTC’s Pham critical of agency stances on CCO liability, self-disclosure credit
Caroline Pham, a commissioner at the Commodity Futures Trading Commission, said compliance officers have a lot to worry about if they or their firms are subject to CFTC enforcement during her fireside chat at CW’s Financial Crimes Summit.
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News Brief
Additions to UFLPA Entity List signal seafood supply chain risks
The U.S. Department of Homeland Security added three China-based entities across the seafood, aluminum, and footwear industries to the Uyghur Forced Labor Prevention Act Entity List.
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News Brief
Cerebral set to pay $7M over alleged patient data sharing
The Department of Justice and Federal Trade Commission proposed telehealth company Cerebral pay a total of $7 million for its alleged sharing of patient data and deceptive business practices in violation of the FTC Act.
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News Brief
CityMD to pay $12M over Covid-19 false claims
CityMD, the largest provider of urgent care practices across New York and New Jersey, agreed to pay approximately $12 million as part of a settlement with the Department of Justice addressing the alleged submission of false claims for payment for Covid-19 testing.
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News Brief
HF Foods to pay $3.9M to settle execs’ alleged fraud
Food service distributor HF Foods Group agreed to pay a $3.9 million penalty as part of a settlement with the Securities and Exchange Commission regarding alleged fraudulent conduct carried out by its former chief executive officer and former chief financial officer.
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News Brief
Texas touts team ‘among the largest in the country’ to enforce privacy laws
The state of Texas forecasted “aggressive enforcement” of its upcoming data privacy law with the announcement of a dedicated team to oversee its implementation.
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News Brief
Bluestone Physician Services to pay $14.9M in false claims case
Bluestone Physician Services agreed to pay approximately $14.9 million and abide by a corporate integrity agreement to settle allegations that it filed false claims to federal and state health programs for chronic pain care to people in assisted living facilities.
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Reignited calls to tighten up AML in London, crown dependencies
Despite repeated interventions, fines, and negative publicity, money laundering is rife in U.K. financial services firms, according to Deputy Foreign Secretary Andrew Mitchell.
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What to watch for as DOJ whistleblower program sprint ends
The Department of Justice’s 90-day sprint to developing and implementing a pilot whistleblower rewards program ended Wednesday, and many questions remain about what the program will entail.
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News Brief
Epoch Times CFO charged in $67M money laundering scheme
The chief financial officer of the Epoch Times was charged with laundering at least $67 million in illegally obtained funds to bolster the fortunes of the newspaper and himself.