All Regulatory Enforcement articles – Page 28
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News BriefCardiac Imaging, CEO to pay $85M in DOJ false claims case
Cardiac Imaging and its chief executive agreed to pay a total of more than $85 million to settle charges levied by the Department of Justice addressing alleged violations of the False Claims Act regarding unlawful kickbacks.
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News BriefFCA censures London Capital & Finance over misleading promos
Insolvent credit broker London Capital & Finance dodged a “substantial financial penalty” from the U.K. Financial Conduct Authority regarding promotions it used to market minibonds to investors.
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News BriefWilmington Trust to pay $1.3M over fiduciary duty lapses
Wilmington Trust Investment Management agreed to pay more than $1.3 million to settle charges by the Securities and Exchange Commission it failed to disclose conflicts of interest and breached its fiduciary duty to clients.
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News BriefHSBC unit fined $2M by FINRA over long-running disclosure lapses
HSBC Securities (USA) agreed to pay $2 million as part of a settlement with the Financial Industry Regulatory Authority addressing alleged inaccurate disclosures related to conflicts of interest.
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PremiumShinhan Bank enforcements a lesson in not prioritizing compliance
The recent $25 million in combined penalties levied against South Korean-based Shinhan Bank by three U.S. regulators was the culmination of the bank’s failure over an eight-year period to timely correct deficiencies with its anti-money laundering and Bank Secrecy Act processes.
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PremiumDOJ floats declinations as incentive under M&A self-disclosure safe harbor
The Department of Justice’s push to incentivize companies to voluntarily self-disclose potential misconduct reached its next stage in the form of a safe harbor policy regarding mergers and acquisitions.
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PremiumLessons from Danske Bank CCO: Four pillars to successful remediation
Outgoing Danske Bank CCO Satnam Lehal shares with Compliance Week lessons learned from addressing deficiencies in the bank’s compliance program while managing the expectations of regulators, the board, employees, customers, analysts, investors, and the public.
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News BriefFINRA orders Santander unit to pay $100K over supervision failures
Santander U.S. Capital Markets agreed to pay $100,000 to settle allegations by the Financial Industry Regulatory Authority regarding supervision failures related to misuse of material nonpublic information.
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News BriefFidelity unit fined $900K by FINRA for due diligence lapses
Fidelity Brokerage Services agreed to pay a $900,000 penalty levied by the Financial Industry Regulatory Authority regarding alleged due diligence failures caused by errors in the firm’s automated screening system.
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News BriefSEC calls out Advisor Resource Council compliance structure in lawsuit
The Securities and Exchange Commission criticized the structure of the compliance program in place at Texas-based investment adviser Advisor Resource Council as part of a lawsuit against the firm and one of its former representatives.
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News BriefU.K.-based ADM unit fined $7.9M for historic AML shortcomings
ADM Investor Services International was ordered to pay nearly £6.5 million (U.S. $7.9 million) by the U.K. Financial Conduct Authority for not timely addressing anti-money laundering systems and controls deficiencies first alleged by the regulator in 2014.
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News BriefDiscover dodges fine in FDIC order over consumer compliance shortcomings
Discover Financial Services disclosed it avoided a monetary penalty in agreeing to a consent order with the Federal Deposit Insurance Corporation over alleged compliance shortcomings at its subsidiary bank.
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PremiumDeutsche Bank unit ESG fine less about greenwashing, more about disclosures
The $19 million fine against DWS Investment Management Americas levied by the SEC wasn’t to punish greenwashing, experts said, but rather a penalty imposed for the firm not doing what it claimed related to its environmental, social, and governance investment strategy.
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PremiumAuditor independence on regulators’ radars
The Public Company Accounting Oversight Board and Securities and Exchange Commission have emphasized in public statements auditor independence is a critical enforcement area, prompting the need for firms to reacquaint themselves with each agency’s requirements.
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News BriefMaxim Group fined $800K by SEC over SARs filing lapses
New York-based broker-dealer Maxim Group agreed to pay an $800,000 fine in settling with the Securities and Exchange Commission regarding the firm’s alleged failures to file required suspicious activity reports and properly execute certain short sales.
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News Brief
FTC, Latin American countries partner on fighting cross-border fraud
The Federal Trade Commission is partnering with Chile, Colombia, Mexico, and Peru to fight cross-border fraud, with other consumer protection authorities invited to join in the future.
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News BriefGoldman, JPMorgan, Bank of America caught in CFTC swap reporting sweep
Goldman Sachs, JPMorgan Chase, and Bank of America agreed to pay penalties totaling $53 million across settlements with the Commodity Futures Trading Commission addressing alleged swap reporting failures among their respective affiliates.
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News BriefDOJ orders Cigna to pay $172M over false claims to Medicare
Multinational health insurance company Cigna agreed to pay more than $172 million as part of a settlement with the Department of Justice addressing allegations it submitted and failed to withdraw false claims to Medicare.
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News BriefSEC accuses Prager Metis of hundreds of auditor independence violations
Accounting firm Prager Metis violated auditor independence rules through use of indemnification provisions in its engagement letters hundreds of times during a period of nearly three years, the Securities and Exchange Commission charged in a lawsuit.
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News BriefShinhan Bank America fined $25M for repeat AML compliance failures
The American branch of South Korea-based Shinhan Bank agreed to pay $25 million across settlements with three separate regulators for admitted violations of the Bank Secrecy Act and anti-money laundering requirements.