All Regulatory Enforcement articles – Page 35
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News BriefFed fines UBS $269M for Credit Suisse’s Archegos failures
The Federal Reserve Board fined UBS $268.5 million regarding recent acquisition Credit Suisse’s credit risk management failures at collapsed U.S. hedge fund Archegos Capital Management. UBS also settled matters with U.K. and Swiss authorities.
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News BriefBooz Allen to pay $377.5M in improper billing case
Booz Allen Hamilton agreed to pay approximately $377.5 million as part of a settlement with the Department of Justice regarding alleged False Claims Act violations stemming from improper billing of commercial and international costs in government contracts.
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News BriefFTC, HHS warn hospitals over use of online tracking tech
The Federal Trade Commission and Department of Health and Human Services sent letters to approximately 130 hospital systems and telehealth providers regarding potential patient privacy violations and security risks stemming from online tracking technologies.
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News BriefTrump-linked SPAC settles SEC fraud charges for proposed $18M
Digital World Acquisition Corp. faces a penalty of $18 million as part of a settlement reached with the Securities and Exchange Commission regarding fraud allegations related to its dealings with Trump Media & Technology Group.
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News BriefSFO admits staffing challenges in annual report
Recruitment and retention are among the biggest issues facing the U.K. Serious Fraud Office as the agency gets set for a new director to take the reins.
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News BriefGerman regulator extends AML order at N26
Germany’s market regulator BaFin announced the extension of mandates it ordered at mobile bank N26 in 2021 to require the bank to address observed weaknesses in its anti-money laundering controls.
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News BriefFed fines Deutsche Bank $186M over historic sanctions, AML lapses
The Federal Reserve Board fined Deutsche Bank $186 million regarding violations of previous consent orders addressing alleged sanctions and anti-money laundering weaknesses and control failures relating to the bank’s relationship with Danske Estonia.
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PremiumExperts: XRP ruling offers little clarity on crypto regulation
A judge’s ruling the token XRP does not intrinsically possess the characteristics of a security that must be registered with the Securities and Exchange Commission has not cleared the uncertainty that remains around the regulation of digital assets, according to experts.
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News BriefCriminal Division head Kenneth Polite to leave DOJ
Assistant Attorney General Kenneth Polite Jr. is set to leave the Department of Justice after a tenure highlighted by multiple policy changes intended to empower corporate chief compliance officers.
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PremiumM&A lessons from EU’s maximum $476M fine against Illumina
The European Commission imposed maximum disciplinary measures in fining U.S.-based biotechnology company Illumina €432 million (U.S. $476 million) regarding its “gun-jumping” merger with cancer detection company Grail.
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News Brief
SEC fines Cantor Fitzgerald $1.4M over large trader filing lapses
Financial services firm Cantor Fitzgerald agreed to pay a $1.4 million penalty as part of a settlement with the Securities and Exchange Commission addressing alleged reporting failures.
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News BriefNorwegian DPA threatens Meta with fines over behavioral advertising
The Norwegian Data Protection Authority is set to impose a temporary ban on Meta carrying out behavioral advertising on Facebook and Instagram using the personal information of users in the country.
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News BriefLatest CCPA sweep targets employee, applicant info protections
The California Office of the Attorney General has turned its attention to the practices of large companies regarding the protection of the personal information of employees and job applicants as part of its latest investigative sweep under the California Consumer Privacy Act.
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News BriefNextGen Healthcare to pay $31M in false claims case
Electronic health record technology vendor NextGen Healthcare agreed to pay $31 million as part of a settlement announced by the Department of Justice for allegedly misrepresenting the capabilities of its software.
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PremiumPotential sanctions violations: To voluntarily self-disclose or not?
The Department of Justice scrutinizing sanctions on par with how it views bribery under the Foreign Corrupt Practices Act alters the calculus of whether a company should voluntarily self-disclose potential violations, experts discussed at CW’s TPRM Summit.
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News BriefFTC questions OpenAI over ChatGPT data security practices
The Federal Trade Commission sent to ChatGPT developer OpenAI a list of questions seeking clarity on how the company monitors, collects, and retains user personal information and ensures control over its popular artificial intelligence chatbot.
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News BriefPCAOB penalizes CohnReznick for late disclosure of SEC fine
Audit firm CohnReznick agreed to pay a $20,000 fine levied by the Public Company Accounting Oversight Board for allegedly disclosing late a penalty it received from the Securities and Exchange Commission.
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PremiumTI director: U.S. must reckon with role as corruption facilitator
The United States is one of few leaders in the anti-corruption enforcement space but still must reckon with its role as a top facilitator of financial crime, according to the executive director at the U.S. office of Transparency International.
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News BriefBank of America to pay $230M over junk fees, fake accounts
Bank of America agreed to pay approximately $230 million to settle charges levied by the Consumer Financial Protection Bureau and Office of the Comptroller of the Currency over alleged junk fees, withheld credit card rewards, and the opening of fake accounts.
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News BriefMerrill Lynch fined $12M over SARs filing failures
Merrill Lynch was assessed penalties totaling $12 million by the Securities and Exchange Commission and Financial Industry Regulatory Authority for allegedly failing to file nearly 1,500 required suspicious activity reports over the course of a decade.