All Regulatory Enforcement articles – Page 64
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ArticleDeutsche Bank confirms AML raid at German headquarters
Deutsche Bank confirmed its Frankfurt headquarters were raided by German prosecutors in relation to a money laundering probe regarding suspicious activity reports filed by the bank.
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ArticleSEC accuses Vale of safety audit manipulation in 2019 dam collapse
Brazilian mining company Vale was accused by the Securities and Exchange Commission of making false and misleading safety audit and disclosure claims prior to the January 2019 collapse of its Brumadinho dam.
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ArticleDanske Bank, authorities in ‘initial discussions’ regarding AML scandal resolution
Danske Bank has entered “initial discussions” with U.S. and Danish authorities on resolution regarding one of the world’s largest money laundering scandals that took place at its Estonia branch.
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Article‘The new FCPA’: Monaco stresses sanctions as top DOJ commitment
As part of a discussion at an industry event, Deputy Attorney General Lisa Monaco reiterated the Justice Department will prioritize the enforcement of sanctions the United States has placed on Russia following its invasion of Ukraine.
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ArticleArchegos founder Bill Hwang indicted for fraud; chief risk officer pleads guilty
Bill Hwang, the founder of Archegos Capital Management, was arrested and charged with racketeering conspiracy, securities fraud, and wire fraud for orchestrating a multibillion-dollar market manipulation scheme that resulted in the U.S. hedge fund’s collapse.
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ArticleFCA puts U.K. fintech firms on notice with QPay forfeiture
The U.K. Financial Conduct Authority used its powers under the Proceeds of Crime Act to force fintech firm QPay Europe to forfeit £2 million (U.S. $2.5 million) alleged to be linked to a U.S.-based wire fraud conspiracy.
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ArticleDeloitte to pay $1.8M for goodwill testing failures in Mitie Group audit
The U.K. Financial Reporting Council announced a reduced penalty of 1.45 million pounds (U.S. $1.8 million) against Deloitte regarding goodwill testing failures during its audit of facility management company Mitie Group for fiscal year 2016.
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ArticleToll Holdings to pay $6.1M for widespread sanctions violations
Toll Holdings, an international freight forwarding and logistics company, has agreed to remit more than $6.1 million as part of a settlement with the Office of Foreign Assets Control resolving nearly 3,000 apparent violations of Iran, North Korea, and Syria sanctions.
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ArticleExperts assess risks to weigh as companies confront exit from Russia
As sanctions against Russia continue to come down from the United States, European Union, and other countries, companies must ensure they have the means to comply instantly—even if ceasing business dents their financials and puts them at legal risk for breaching contract.
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ArticleAnchorage Digital Bank gets OCC consent order for AML compliance failures
The Office of the Comptroller of the Currency announced a consent order against Anchorage Digital Bank, the first digital asset bank to be issued a charter by the regulator, for deficiencies in its Bank Secrecy Act/anti-money laundering compliance program.
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ArticleSEC hits ex-Domino’s accountant with nearly $2M insider trading penalty
A former Domino’s Pizza accountant was hit with a nearly $2 million penalty for using nonpublic earnings reports to gain an advantage in illegal trading activity, according to the Securities and Exchange Commission.
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ArticleCFPB, NYAG sue MoneyGram to halt ‘long pattern of misconduct’
The Consumer Financial Protection Bureau and New York Attorney General Letitia James filed a lawsuit against MoneyGram in federal court, alleging the money remittance company has failed to fulfill the compliance obligations placed upon it in previous enforcement actions.
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ArticleCFTC: Ex-portfolio manager found liable in commodity pool fraud case
The Commodity Futures Trading Commission announced Edward Walczak, former portfolio manager for Catalyst Capital Advisors, was found liable by a jury for violating the Commodity Exchange Act.
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ArticlePCAOB issues two first-of-their-kind sanctions
The Public Company Accounting Oversight Board imposed monetary penalties and other sanctions in two unrelated actions for violations of the Sarbanes-Oxley Act and PCAOB rules and standards concerning the use of unregistered accounting firms in conducting issuer audits.
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ArticleStericycle to pay $84M to resolve FCPA violations
Medical waste disposal company Stericycle has agreed to pay $84 million in civil and criminal penalties to resolve allegations it paid bribes to win government contracts in Brazil, Mexico, and Argentina.
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ArticleAnatomy of an international, $194M ‘pump-and-dump’
The Securities and Exchange Commission and Department of Justice separately announced charges against individuals who reaped more than $194 million in illicit proceeds through an international stock manipulation scheme.
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ArticleSEC issues ‘highest penalty to date’ in data analytics case
The Securities and Exchange Commission credited its risk-based data analytics initiative for resulting in its “highest penalty to date” against a publicly traded company that engaged in improper accounting to boost its quarterly earnings per share.
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ArticleDOJ eyeing PetroNor board chairman in corruption probe
The Department of Justice has become involved in a corruption investigation focused on individuals at Oslo-listed oil and gas exploration and production company PetroNor that has grown to include Board Chairman Eyas Alhomouz, a U.S. citizen.
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ArticleCFPB sues ‘repeat offender’ TransUnion over consent order violations
The Consumer Financial Protection Bureau filed a lawsuit in federal court charging TransUnion, two of its subsidiaries, and one of its longtime executives with violating a 2017 consent order and other consumer financial protection laws.
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ArticleFormer tech exec to pay $97K for impeding SEC whistleblower
David Hansen, co-founder of Las Vegas-based software company NS8, agreed to pay $97,523 to settle charges from the Securities and Exchange Commission that he impeded a whistleblower’s attempt to communicate with the agency about a securities law violation.