- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2024-01-16T18:24:00
Virtual currency brokerage firm Genesis Global Trading agreed to pay an $8 million penalty levied by the New York State Department of Financial Services (NYDFS) for alleged compliance failures that left it vulnerable to illicit activity and cybersecurity threats.
Genesis Global Trading is in the process of winding down operations, said the NYDFS in its press release Friday, a year after other Genesis businesses filed for bankruptcy as part of a restructuring plan.
The settlement requires Genesis Global Trading to surrender its BitLicense allowing it to conduct virtual currency business activity in New York.
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Finland-based Nordea Bank will pay $35 million to resolve an investigation by the New York Department of Financial Services into “significant compliance failures” in its anti-money laundering and Bank Secrecy Act program.
Crypto firm Genesis Global Capital agreed to pay a $21 million civil penalty to the Securities and Exchange Commission to settle charges that the Gemini Earn investment program was an unregistered security offering.
The New York State Department of Financial Services fined cryptocurrency exchange Gemini Trust Company $37 million over alleged compliance failures related to lapses in safety and soundness.
USAA Federal Savings Bank has been hit with its third cease and desist order from the Treasury Department’s Office of the Comptroller of the Currency in the past five years for failing to correct unsafe and unsound banking practices.
Becton Dickinson medical device company will pay $175 million for “repeatedly” misleading investors about its Alaris infusion pump, a product the company knew was flawed and was sold without the required patient-safety approvals, the Securities and Exchange Commission said.
The Securities and Exchange Commission charged bankrupt fashion retailer Express with failing to disclose nearly $1 million in perks to a former chief executive, but did not levy a financial penalty thanks to its cooperation, the SEC said.
