All Regulatory Enforcement articles – Page 66
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ArticleUBS to pay $25M over ‘inadequate’ training, oversight in SEC fraud case
UBS Financial Services agreed to pay approximately $25 million to settle fraud charges brought by the SEC that cited “inadequate” training and supervisory oversight of the firm’s financial advisers regarding a complex options trading strategy.
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Resourcee-Book: Avoiding pitfalls of working in high-risk regions
The issues of working in high-risk regions have always been there, but recent dynamic events and circumstances have added unique challenges.
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ArticleHistoric EY fine latest by-product of KPMG cheating scandal
It is impossible to ignore the SEC’s $100 million fine against EY for employee exam cheating is double the amount the regulator penalized KPMG for its separate cheating scandal. Especially since the latter resolution appears to have served as a starting point for the SEC’s ruling on the former.
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ArticleEY fined record $100M for employee cheating scandal
Ernst & Young will pay $100 million after admitting to SEC charges addressing systematic cheating among its accounting professionals on CPA license exams over four years. The fine is the largest the agency has ever imposed against an audit firm.
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ArticleNYDFS penalizes Carnival $5M for cybersecurity failures
The New York State Department of Financial Services announced a $5 million penalty against Carnival Corp. for “significant” cybersecurity failures, including not implementing basic protocols to prevent four separate data breaches from 2019-21.
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ArticleCCO skepticism toward DOJ compliance certifications justified
Chief compliance officer concerns regarding the Department of Justice’s new certification policy have not been alleviated by the agency’s inconsistent communication regarding the requirement.
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Article
Carnival reaches $1.25M settlement over 2019 data breach
Carnival Cruise Line reached a $1.25 million settlement with 46 attorneys general stemming from its 2019 data breach that involved the personal information of 180,000 Carnival employees and customers nationwide.
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ArticleGDPR blame game: Who’s at fault for spotty enforcement record?
Regulators and privacy experts speaking at the European Data Protection Supervisor’s conference homed in on the flaws of the General Data Protection Regulation and what improvements need to be made to ensure more consistent enforcement of the law.
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ArticleFCA fines Ghana International Bank $7.1M for AML failings
The U.K. Financial Conduct Authority fined Ghana International Bank £5.8 million (U.S. $7.1 million) for deficiencies in its anti-money laundering controls over its correspondent banking activities.
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ArticleFCA fines JLT Specialty $9.7M for financial crime control lapses
The U.K. Financial Conduct Authority fined a unit of insurance broker Jardine Lloyd Thompson Group 7.9 million pounds (U.S. $9.7 million) for failing to control financial crime within its South and Central American subsidiaries.
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ArticleBrinks fined $400K over restrictive whistleblower language in contracts
The Brink’s Company, a provider of security-related services, has agreed to pay $400,000 and add wording in U.S. confidentiality agreements to comply with an SEC rule regarding corporate whistleblowers.
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ArticleFormer Rite Aid compliance exec fined $305K over insider trading case
A former Rite Aid compliance executive agreed to pay a civil penalty of $305,129 to resolve SEC insider trading charges regarding sale of company stock.
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ArticleLaw Commission proposals put heat on U.K. execs
The United Kingdom might make it easier for executives and senior managers to be held directly accountable for corporate crimes under reform proposals put forward by the body that reviews U.K. law.
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ArticleDAG Monaco: Sanctions should be ‘at the forefront’ of compliance approach
Businesses with a multinational footprint or international suppliers should be prioritizing abiding by U.S. sanctions in their compliance efforts, Deputy Attorney General Lisa Monaco said at an industry event.
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ArticleCompliance deficiencies faulted in Western International Securities Reg BI case
Western International Securities and five of its brokers have been charged by the Securities and Exchange Commission with violating Regulation Best Interest when they sold high-risk debt securities to investors who weren’t aware of the risks.
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ArticleWeiss Asset Management lauded for cooperation in $6.9M settlement
Weiss Asset Management reached a $6.9 million settlement with the Securities and Exchange Commission after it self-reported alleged short selling violations.
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ArticleGoogle fine in Spain prompts revisit of GDPR effect on tech
Google’s latest fine for violations of the General Data Protection Regulation reignites the discussion around why Big Tech firms have not been more frequently penalized under the EU’s stringent privacy law.
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ArticleSEC to Schwab: Return $187M for robo-adviser misstatements
Three Charles Schwab subsidiaries have agreed to pay $187 million to settle SEC charges the units were allocating investors’ cash holdings in a way that was less profitable under most market conditions and misled investors about the strategies involved.
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ArticleSEC charges investment adviser, CCO with selling fraudulent securities
A.G. Morgan Financial Advisors, its owner, and its former chief compliance officer were charged by the SEC with securities laws violations for unlawfully offering and selling more than $500,000 worth of unregistered, fraudulent securities.
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ArticleSEC probing Ericsson over Iraq corruption scandal
The Securities and Exchange Commission opened an investigation into Ericsson following the Swedish telecommunications company’s acknowledgement of evidence of “corruption-related misconduct” that occurred in its Iraq operations.