- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2023-11-06T12:59:00
Royal Bank of Canada (RBC) will pay $6 million in total penalties to settle charges from the Securities and Exchange Commission (SEC) and two Canadian regulators that it failed to properly record software development costs for more than a decade.
The SEC said in a press release Thursday that RBC applied deficient internal accounting controls to the costs of internally developed software (IDS) from 2008-20. The deficiencies violated the books and records and internal accounting controls provisions of U.S. securities laws.
The Autorité des marchés financiers, which is the regulatory and oversight body for Québec’s financial sector, announced Thursday that RBC would pay 2 million Canadian dollars (U.S. $1.5 million) to settle its charges. The Ontario Securities Commission (OSC) also announced a settlement with RBC for CAD $2 million.
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RBC Capital Markets agreed to pay nearly $769,000 to settle allegations levied by the Financial Industry Regulatory Authority, in part, over sending inaccurate information in trade confirmations to customers over nearly a decade.
Food processing company ADM announced Chief Financial Officer Vikram Luthar was placed on administrative leave pending an investigation into accounting practices and procedures flagged by the Securities and Exchange Commission.
The Canadian Imperial Bank of Commerce received the second penalty for alleged deficiencies regarding suspicious transaction reporting announced this week by Canada’s financial intelligence agency.
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.
