All Regulatory Enforcement articles – Page 77
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ArticleResource demand to enforce GDPR weighing heavy on EU authorities
A new report from the European Data Protection Board has found an overwhelming majority of data protection authorities believe they are under-resourced to deal with the demands of the General Data Protection Regulation.
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ArticleWestpac warned over continued AML failings
The Reserve Bank of New Zealand issued a formal warning to Westpac’s New Zealand branch for failing to report certain transactions as required under local anti-money laundering regulations.
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ArticleCrypto platform BitMEX to pay $100M for registration, AML violations
Cryptocurrency platform BitMEX has agreed to pay $100 million as part of a settlement with the CFTC and FinCEN for multiple violations of the Bank Secrecy Act and other anti-money laundering laws.
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Article
Pactiv Evergreen nearing clearance from SEC in FCPA probe
Pactiv Evergreen said it has received indication from the SEC it will not face enforcement following an internal investigation launched last year into potential violations of the Foreign Corrupt Practices Act.
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ArticleEx-Domino’s accountant settles insider trading charges
A former accountant at pizza chain Domino’s has agreed to pay $68,360 to settle charges of insider trading brought by the Securities and Exchange Commission.
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ArticleKPMG fined $18M for ‘integrity and objectivity’ breaches in Silentnight sale
The Financial Reporting Council ordered KPMG to pay a £13 million (U.S. $18 million) fine for “breaches of the principles of integrity and objectivity” in its advisory role regarding the 2011 sale of mattress company Silentnight to U.S. private equity firm HIG Capital.
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Article
Hong Kong regulator fines UBS $1.5M for compliance failings
Hong Kong’s securities regulator fined Swiss bank UBS and a subsidiary a total of HK$11.55 million (U.S. $1.5 million) for various compliance failures.
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ArticleItalian DPA fines Deliveroo $3M for worker privacy violations
Italy’s data protection authority Garante fined U.K.-based food delivery company Deliveroo €2.5 million (U.S. $3 million) under the GDPR for violating the privacy rights of its Italian drivers.
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ArticleThe importance of transaction monitoring, and the cost of getting it wrong
Transaction monitoring has evolved to the point where the emphasis is now on the requirement firms carry out ongoing monitoring of client relationships. Recent enforcement actions provide lessons on pitfalls to avoid.
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ArticleEY fined $10M for independence violations in Sealed Air engagement
EY has agreed to pay $10 million as part of a settlement with the SEC related to charges of auditor independence misconduct perpetrated by several partners of the Big Four firm to secure Sealed Air as a client.
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ArticleAllianz bracing for financial hit amid DOJ scrutiny
Insurance giant Allianz disclosed it could face enforcement resulting from Department of Justice and Securities and Exchange Commission probes into its Structured Alpha Funds business.
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ArticleAmazon discloses record-shattering $887M GDPR fine
Amazon disclosed it has received notice of a €746 million (U.S. $887 million) GDPR fine in Luxembourg for unlawful processing of personal data. The company intends to appeal the penalty, which would be more than 15 times the current record under the law.
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ArticleEx-KPMG partners barred by SEC over cheating scandal roles
David Britt and Thomas Whittle have been indefinitely barred from practicing as accountants before the Securities and Exchange Commission for their roles in the KPMG cheating scandal.
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ArticleNikola founder Trevor Milton charged with fraud over misleading statements
Trevor Milton, the founder and former CEO of electric truck startup Nikola, was indicted and charged with fraud regarding inaccurate information he shared about the company in media appearances and on social media.
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ArticleCompliance ramifications of proposed $26B opioid deal for pharma industry
Three major drug distributors and drugmaker Johnson & Johnson reached a proposed $26 billion multistate agreement for their alleged roles in fueling the nationwide opioid epidemic. The settlement imparts compliance lessons on the pharmaceutical industry at large.
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ArticleEx-Glencore oil trader pleads guilty for role in bribery scheme
A former oil trader for a subsidiary of Glencore entered a guilty plea for his role in bribing government officials in Nigeria in exchange for the award of oil cargoes and more favorable delivery terms.
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Article
SEC charges 27 financial firms for Form CRS delivery lapses
The Securities and Exchange Commission levied penalties totaling $910,092 across settlements with 21 investment advisers and six broker-dealers for failing to timely file and deliver Form CRS to retail investors.
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ArticleOFAC fines Payoneer $1.4M for sanctions violations
Money transfer services company Payoneer will pay $1.4 million to resolve 2,260 apparent violations of U.S. sanctions in a settlement with the Department of the Treasury’s Office of Foreign Assets Control.
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ArticleTikTok fined $883K under GDPR for children’s privacy violations
The Dutch Data Protection Authority imposed a €750,000 (U.S. $883,000) fine on TikTok for violating the privacy of young children following a wide-scale investigation launched last year.
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ArticleFirstEnergy to pay $230M in Ohio corruption settlement
FirstEnergy Corp. agreed to pay a $230 million criminal penalty as part of a settlement with the U.S. Attorney’s Office for the Southern District of Ohio surrounding the state’s nuclear bailout federal corruption scandal.