All Regulatory Enforcement articles – Page 47
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News BriefBloomberg to pay $5M for misleading disclosures about rate calculations
Bloomberg Finance agreed to pay $5 million to settle Securities and Exchange Commission charges alleging misleading disclosures it made about how it calculated the valuations it provided on fixed-income securities to the financial services industry.
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News BriefBanks fooled in DOJ Russian yacht sanctions evasion case
The Department of Justice’s charges against a U.K. businessman and his Russian partner for evading U.S. sanctions against a Russian oligarch provide insight into how the use of shell companies, third parties, and other methods can thwart the compliance efforts of financial institutions.
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News Brief
Moors & Cabot to pay $1.9M for conflict of interest disclosure lapses
Investment adviser Moors & Cabot reached a $1.9 million settlement with the Securities and Exchange Commission over allegations the firm didn’t fairly disclose conflicts of interest associated with incentive payments it received from two unaffiliated clearing brokers.
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News BriefNexo Capital to pay $45M for selling unregistered crypto lending product
Nexo Capital agreed to pay a total of $45 million in penalties to settle state and federal charges it failed to register its crypto asset lending product as a security.
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News BriefFCC probing T-Mobile after latest cyber incident affects 37M
The Federal Communications Commission launched an investigation into T-Mobile after the telecommunications giant disclosed it suffered yet another significant cybersecurity lapse exposing customer information.
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News BriefWhatsApp fined $5.9M for lawful processing GDPR violations
The Irish Data Protection Commission announced a fine of €5.5 million (U.S. $5.9 million) against WhatsApp under the General Data Protection Regulation for forcing users to consent to updated terms and conditions or lose access to the service.
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News BriefFRC probing EY audit of Veolia unit
The U.K. Financial Reporting Council launched an investigation into Big Four audit firm EY’s work at Scotland-based Stirling Water Seafield Finance.
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News BriefCovington to contest SEC court request for breached client data
The Securities and Exchange Commission asked a federal court to force Covington & Burling to comply with a subpoena seeking the law firm turn over names of about 300 clients impacted by a 2020 cyberattack.
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News BriefCrypto exchange Bitzlato shut down, labeled ‘money laundering concern’
The Financial Crimes Enforcement Network designated Bitzlato, a Hong Kong-registered cryptocurrency exchange, as a “primary money laundering concern” in the first use of a law that targets entities that facilitate illicit Russian financial transactions.
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News BriefDOJ urges voluntary self-disclosure in corporate enforcement policy updates
The Department of Justice unveiled new incentives to encourage companies to voluntarily report violations of the Foreign Corrupt Practices Act, including steep discounts in monetary fines against businesses that self-disclose misconduct.
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News BriefFormer GigaTrust CFO pleads guilty to impersonating auditors
The former chief financial officer of bankrupt email security business GigaTrust faces up to five years in prison after pleading guilty to defrauding investors and lenders of $50 million by impersonating auditors and fabricating reports.
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News BriefSEC charges Genesis, Gemini for failing to register crypto lending product
The Securities and Exchange Commission accused two cryptocurrency firms, Genesis Global Capital and Gemini Trust Company, with selling a crypto lending product to investors as an unregistered security.
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News BriefFCA orders GT Bank to pay $9.4M for ‘reckless’ AML weaknesses
The U.K. Financial Conduct Authority fined Guaranty Trust Bank approximately £7.67 million (U.S. $9.4 million) for weaknesses in its anti-money laundering systems and controls that spanned a five-year period.
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News BriefFCA fines Al Rayan Bank nearly $5M for AML failings
The U.K. Financial Conduct Authority fined Al Rayan Bank more than £4 million (U.S. $4.9 million) for its lack of adequate anti-money laundering controls.
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News Brief
Drizly data security to be monitored for 20 years under FTC order
Online alcohol retailer Drizly and its chief executive officer agreed to data security requirements and to be assessed by an independent monitor for up to 20 years as part of a final settlement with the Federal Trade Commission over a data breach that impacted 2.5 million consumers.
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News BriefCoinbase-linked defendant sentenced to prison in first crypto insider trading case
The brother of a former Coinbase employee has been sentenced to 10 months in prison for his role in a groundbreaking insider trading scheme involving cryptocurrency.
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News BriefMeta, DOJ agree on compliance targets related to fairness in housing ads
Meta and the Department of Justice agreed on the targets the technology giant must reach when delivering housing ads to customers in order to comply with federal housing antidiscrimination rules.
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News BriefMcDonald’s avoids SEC fine for misleading statements related to fired CEO
The Securities and Exchange Commission found McDonald’s violated federal securities law when it failed to fully disclose material factors regarding the firing of former Chief Executive Stephen Easterbrook in 2019.
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News BriefUBS unit fined $3.75M for options trading reporting violations
UBS Securities agreed to pay $3.75 million to settle allegations brought by the Financial Industry Regulatory Authority that its failure to adequately supervise compliance staff led to millions of violations of options trading reporting requirements.
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News BriefCoinbase to pay $100M after NYDFS probe into compliance lapses
Cryptocurrency exchange Coinbase agreed to pay $100 million as part of a settlement with the New York State Department of Financial Services for compliance failures that opened the door for criminals to carry out illegal activity through the platform.