All Regulatory Enforcement articles – Page 8
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News BriefFRC dings MacIntyre Hudson $156K over public interest entity violations
The U.K.’s Financial Reporting Council fined audit firm MacIntyre Hudson (MHA) and two employees for breaching the agency’s requirements.
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News BriefMarathon Oil inks $242M settlement with DOJ, EPA over N. Dakota air pollution
Marathon Oil Company agreed to pay $241.5 million and bring the company into compliance with federal emissions rules in the vicinity of North Dakota’s Fort Berthold Indian Reservation after years of violations, the Department of Justice said.
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News BriefDOJ latest agency to charge crypto platform BitMEX for BSA/AML failures
The parent company of crypto-trading platform BitMEX is again facing charges of violating the Bank Secrecy Act, the latest in a string of punishments against the company and its founders for failing to implement adequate know your customer and anti-money laundering programs.
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News BriefFINRA fines UBS unit $850K for failing to properly monitor customer transactions
UBS Financial Services, a subsidiary of the Swiss banking giant UBS, has been fined $850,000 for failing to properly monitor transactions between its broker-dealers and third parties.
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News BriefEx-Apple insider trading compliance head fined $1.1M for insider trading
A former Apple attorney who oversaw the company’s compliance with insider trading rules will pay a $1.1 million fine to settle insider trading charges levied by the Securities and Exchange Commission.
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News BriefOCC, Fed fine Citi $136M for repeated risk management, data governance failures
Citigroup will pay $135.6 million in fines levied by two banking regulators for repeated failures to remediate deficiencies in risk management, data governance, and internal controls.
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News BriefRite Aid reaches $410M settlement with DOJ in opioid false claims case
Rite Aid agreed to pay $7.5 million and allow the Department of Justice to access nearly $402 million from the company’s forthcoming bankruptcy case to settle allegations it helped fuel the nation’s opioid epidemic.
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News BriefFCC orders Sorenson unit to pay $34.6M over illegal data retention
Sorenson Communications agreed to pay $34.6 million and implement a comprehensive compliance program to settle allegations levied by the Federal Communications Commission that its subsidiary illegally retained call content of users who relied on captions to make and receive calls.
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News BriefFTC proposes $5M penalty for NGL Labs, founders over COPPA violations
The Federal Trade Commission ordered anonymous messaging app creator NGL Labs and its two founders to pay $5 million for unfairly marketed to children and falsely claiming artificial intelligence filtered out bullying messages and threats.
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News BriefCFPB orders Fifth Third Bank to pay $20M over fake accounts, forced auto coverage
Ohio-based Fifth Third Bank will pay $20 million in penalties to the Consumer Financial Protection Bureau for allegedly opening fake bank accounts and wrongfully repossessing customers’ vehicles.
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News BriefBoeing agrees to plead guilty, pay additional $244M for violating 2021 DPA
Boeing will plead guilty to a felony and pay an additional $243.6 million for violating the terms of a 2021 settlement it made with the Department of Justice related to safety lapses that contributed to the crash of two airplanes.
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News BriefFTC orders Vroom to pay $1M after it ‘sped right past compliance’
Vroom, the former online used car dealer, agreed to pay $1 million to settle allegations by the Federal Trade Commission that it didn’t abide by consumer protection laws, including providing prompt refunds.
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News BriefEx-Outcome Health execs sentenced for overbilled ad revenue, misleading auditor
Three former executives of Chicago-based Outcome Health, a healthcare technology company, were sentenced for misleading an auditor, clients, lenders, and investors about a scheme to sell $45 million in overbilled advertisements.
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PremiumDOJ orders Evolution Health to pay $4.5M over alleged kickbacks, false claims
A home health company operating in Indiana, Ohio, and Texas agreed to pay nearly $4.5 million to settle allegations it filed false claims by giving sports tickets and other kickbacks to assisted living facilities in exchange for referrals.
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News BriefSilvergate Bank to pay $63M to Fed, California over BSA/AML deficiencies
Crypto-friendly Silvergate Bank will pay a total of $63 million penalties to California and the Federal Reserve Board to settle charges that its anti-money laundering program failed to properly monitor more than $1 trillion worth of customer transactions.
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News BriefTareen Dermatology agrees to pay $1.6M over false claims to Medicare
A Minnesota dermatology practice, its owner, and chief executive agreed to pay $1.6 million to settle allegations, first brought by two whistleblowers, that the company violated the Anti-Kickback Statue by making false claims to Medicare.
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PremiumBanks must bolster awareness of fintech partner risks, experts advise at Fordham
During a panel at Compliance Week’s Financial Crimes and Regulatory Compliance Summit, held June 10-11 in New York, experts discussed nuances in bank-financial technology partnerships, offering best practices for how banks should protect themselves.
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PremiumSCOTUS decision upends in-house tribunals in SEC fraud cases
The Supreme Court of the United States ruled that the Securities and Exchange Commission’s practice of using in-house tribunals overseen by an administrative judge to adjudicate securities fraud cases is unconstitutional.
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News BriefMondo TV reaches $538K settlement with OFAC over N. Korea sanctions violations
Italy-based Mondo TV agreed to pay $538,000 to settle charges with the Treasury Department’s Office of Foreign Assets Control over 18 apparent violations of North Korea sanctions regulations.
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PremiumWomen in Compliance highlights: Mentorship driving DEI; fostering board buy-in
Keeping track of regulations and understanding how they affect your business can be a hot mess without proper organization and collaboration, experts said at Compliance Week’s Women in Compliance Summit, held June 3-4, in Atlanta.