CFTC commissioner calls for AI framework in commodities markets
A commissioner at the Commodity Futures Trading Commission is calling for the agency to launch initiatives addressing the use—and misuse—of artificial intelligence tools in commodities markets.
CW2024 panelists explain why BYOD at center of off-channel comms debate
The Department of Justice’s renewed scrutiny toward a corporation’s approach to the use of personal devices strengthens the case for companies to get away from bring your own device, a panelist at Compliance Week’s 2024 National Conference argued.
Czech DPA fines Avast $15M over GDPR violations
The Czech Republic’s data protection authority issued a fine of 351 million Czech koruna (U.S. $15 million) against antivirus software vendor Avast for alleged violations of the General Data Protection Regulation.
Accountancy bodies urge ethical behavior amid exam cheating scandals
Trust in the integrity of corporate finance and auditing is vital, but repeated scandals over exam cheating at the largest multinational firms are denting faith in the system globally.
Consolidated Nuclear Security to pay $18.4M over timecard false claims
Consolidated Nuclear Security agreed to pay $18.4 million to settle alleged False Claims Act violations regarding the submission of timecards for unworked hours to the National Nuclear Security Administration.
BaFin fines Commerzbank $1.6M over supervision, AML lapses
Germany’s financial supervisory authority issued total fines of €1.45 million (U.S. $1.6 million) against Commerzbank AG to settle allegations of inadequate monitoring and anti-money laundering controls.
OFAC fines SCG Chemicals unit $20M over Iran sanctions violations
A subsidiary of Thailand-based SCG Chemicals Co. agreed to pay a $20 million fine to the Office of Foreign Assets Control over “egregious” violations of sanctions against Iran.
SFO outlines five-year strategy amid ‘increasing pace of change’
The U.K.’s Serious Fraud Office said in a five-year strategic plan it’s “struggled to keep pace with demand” as ballooning casework shows no signs of slowing down.
OCC cites three banks for risk management, BSA-related failures
The Office of the Comptroller of the Currency cited three banks for unsafe and unsound business practices that mirror issues similar to what spurred last year’s banking crisis.
Treasury kicks off new wave of Iran sanctions
The Treasury Department announced new sanctions against Iran, with Treasury Secretary Janet Yellen promising “further actions in the days and weeks ahead” following the Middle East nation’s attack on Israel.
CFPB rule streamlines nonbank supervision designation process
The Consumer Financial Protection Bureau continued its push to establish supervisory authority over more nonbank financial companies with the adoption of a procedural rule to streamline the process for such designations.
Proterial Cable America earns DOJ declination in apparent fraud case
Proterial Cable America received a declination notice from the Department of Justice related to its voluntary self-disclosure and remediation of apparent fraud committed by its employees.
SEC’s Grewal: General compliance principles for avoiding AI washing
Gurbir Grewal, director of the Securities and Exchange Commission’s Division of Enforcement, laid out general principles for “proactive compliance” to avoid making false or misleading claims about the capabilities of artificial intelligence products and services.
FINRA orders Barclays unit to pay $700K over conflicts of interest
A Barclays unit agreed to pay $700,000 to settle allegations levied by the Financial Industry Regulatory Authority that its research analysts violated conflict-of-interest rules and the firm failed to sufficiently supervise their trades.
SEC fines five investment advisers in marketing rule sweep
Five registered investment advisers agreed to pay a total of $200,000 in penalties for allegedly violating the Securities and Exchange Commission’s amended marketing rule.
JBS CECO on overcoming ‘fear, anxiety, and chaos’ of taking job post-FCPA settlements
Mike Koenig explained at Compliance Week’s 2024 National Conference how he helped rebuild JBS Foods’ compliance department following Foreign Corrupt Practices Act settlements with the Department of Justice and Securities and Exchange Commission.
DOJ lawsuit charges Regeneron with inflating Medicare costs
New York-based Regeneron Pharmaceuticals is being sued by the Department of Justice for allegedly flouting Medicare’s price reporting requirements.
CFTC enforcement head talks steep path to self-reporting credit
Earning self-reporting credit from the Commodity Futures Trading Commission is no simple task, Director of Enforcement Ian McGinley conceded.
Treasury proposal seeks to expand CFIUS enforcement authority
A proposal by the Treasury Department would allow the Committee on Foreign Investment in the United States to seek more information as part of its review activities and enable “substantially” larger penalties in instances of noncompliance with relevant regulations.
KPMG Netherlands fined record $25M by PCAOB for exam cheating
KPMG Netherlands agreed to pay a record $25 million penalty levied by the U.S. Public Company Accounting Oversight Board for allegedly allowing widespread cheating by employees on internal training exams and misinforming regulators about the misconduct.
What the DOJ’s whistleblower reward program needs to succeed
The Department of Justice is set to join a growing list of U.S. federal agencies to have a whistleblower reward program in place, but how impactful it will be at generating more white-collar investigations and prosecutions rides on its initial design, according to experts.
Grant Thornton UK dinged $51K for pension fund audit lapses
Grant Thornton UK was assessed a penalty of £40,000 (U.S. $51,000) by the Financial Reporting Council for alleged procedure failures affecting the firm’s audit of a local authority’s pension fund.
SEC official breaks down agency calculus for off-channel comms penalties
Sanjay Wadwha, deputy director of the SEC’s Enforcement Division, discussed the agency’s rationale for issuing widely disparate penalties for off-channel communications recordkeeping violations, as well as violations of its amended marketing rule.
SEC concludes VW emissions case with $48.8M judgment
Volkswagen Group of America Finance was ordered to pay $48.75 million as part of a final judgment obtained by the Securities and Exchange Commission to resolve historical violations related to the automaker’s emissions scandal.
New DHS strategy sets textiles up for added UFLPA scrutiny
The Department of Homeland Security announced a new strategy set to help close a loophole that allows certain textile-related shipments from China to enter the United States without scrutiny under the Uyghur Forced Labor Prevention Act.
CPPA warns of collecting too much data in first enforcement advisory
The California Privacy Protection Agency warned businesses to stop asking for excessive information from consumers who have requested to opt out of having their data collected or who are otherwise exercising their privacy rights under the California Consumer Privacy Act.
N.Y. compliance officer charged for embezzling $200K from employer
A New York-based chief counsel and compliance officer was charged for embezzling more than $200,000 from the consulting firm he worked for, the Manhattan District Attorney’s Office announced.
Ex-OneCoin compliance head jailed 4 years for fraud role
The former head of legal and compliance at OneCoin was sentenced to four years in prison after pleading guilty to fraud charges regarding her role in a cryptocurrency marketing scheme.
Senvest latest rapped by SEC over off-channel comms
Registered investment adviser Senvest Management agreed to pay $6.5 million as part of a settlement with the Securities and Exchange Commission addressing admitted off-channel communications violations and separate code of ethics failures.
CFTC lauds Australian swap dealer’s cooperation in $500K enforcement
The Commodity Futures Trading Commission ordered an Australian swap dealer to pay $500,000 over admitted supervision failures related to a deficient spoofing surveillance tool.
Ex-Albemarle CCO shares drivers behind data analytics success at CW2024
Former Albemarle CCO Andrew McBride explained at Compliance Week’s 2024 National Conference how he led the company’s compliance department to remediate the issues that led to apparent FCPA violations and how the team used data analytics to assess risks and implement compliance solutions.
Ebix: SEC probe into short seller claims closed
Ebix announced the Securities and Exchange Commission closed an investigation into allegations against the software company’s accounting practices raised in a short seller report.
DOJ commodities trader FCPA sweep offers lessons in cooperation
The value the Department of Justice places on cooperation can be measured by studying penalties and agreements resulting from the agency’s long-running investigation into bribery and corruption by oil traders operating in Latin America and Africa.
DOJ antitrust scrutiny pushes out 2 WBD board directors
Two directors on the board at media giant Warner Bros. Discovery resigned after the Department of Justice raised antitrust concerns regarding their similar positions on the board of Charter Communications.
CBP stats show persistent problem areas under UFLPA
It’s been nearly two years since the Uyghur Forced Labor Prevention Act took effect, and as enforcement statistics and recent reports demonstrate, many businesses are still not adequately vetting their supply chains.
Need to know: How AI Act sets tone for AI regulation
The European Union’s AI Act follows a risk-based approach: the higher the risk the artificial intelligence poses, the stricter the rules. Understanding each category is key to compliance.
Ericsson: Monitor certified anti-corruption program post-FCPA settlement
Swedish telecommunications company Ericsson announced its independent monitor appointed by the Department of Justice certified its compliance program satisfies the requirements ordered by the U.S. agency following its 2019 Foreign Corrupt Practices Act settlement.
PwC fined $2.75M by PCAOB for independence process breakdowns
Big Four audit firm PwC was assessed a $2.75 million penalty by the Public Company Accounting Oversight Board for failures in its auditor independence processes related to a 2018 engagement.
New leadership no easy fix for Irish DPC’s GDPR woes
The Irish Data Protection Commission has a new leadership structure, but it is uncertain whether the changes can get the key privacy regulator caught up on enforcement of the General Data Protection Regulation.
Gamma Healthcare, owners to pay $13.6M in DOJ false claims case
Missouri-based Gamma Healthcare and three of its owners agreed to pay approximately $13.6 million to settle charges levied by the Department of Justice of violating the False Claims Act by improperly billing Medicare for tests that were not ordered or medically necessary.
Trafigura pleads guilty, to pay $127M over FCPA violations in Brazil
Singapore-based commodity trading company Trafigura agreed to pay nearly $127 million as part of a resolution with the Department of Justice addressing violations of the Foreign Corrupt Practices Act in Brazil.
Chemours: DOJ, SEC probing exec accounting misconduct
Chemours disclosed it received requests for information from the Department of Justice and Securities and Exchange Commission regarding findings from an internal review into alleged accounting misconduct by several of its top executives.
CPE webcast: Rapid expansion of global forced labor regulations
Join us as we dive into the best practices for performing due diligence across your entire supply chain—from the sourcing of raw materials to the delivery of finished goods—to become (and stay) compliant with this ever-evolving landscape.
DOL orders Tuff Torq to pay $1.8M over child labor violations
The Department of Labor ordered Tennessee-based Tuff Torq Corp. to pay nearly $1.8 million over alleged child labor violations.
FINRA orders Stifel units to pay $2.3M for repeat compliance failures
Two subsidiaries of Stifel Financial Corp. agreed to pay a collective total of about $2.3 million over alleged violations of Financial Industry Regulatory Authority rules regarding nontraditional exchange-traded products.
Big Tech practices draw early scrutiny under DSA, DMA
TikTok and X are under investigation related to their respective compliance with the European Union’s Digital Services Act, while the first three companies probed under the Digital Markets Act include Apple, Alphabet, and Meta.
Advisor Resource Council to pay $300K over compliance lapses
Advisor Resource Council agreed to pay a $300,000 penalty to resolve charges levied by the Securities and Exchange Commission of compliance failures exacerbated by staffing woes.
ICO primed for enforcement increase behind new fining guidance?
The Information Commissioner’s Office updated its data protection fining guidance to provide companies with greater transparency and clarity about how and why it would issue penalties for a breach of the U.K. General Data Protection Regulation or Data Protection Act 2018.
SEC charges attorney over independence violations post-compliance engagement
The Securities and Exchange Commission charged a New York-based attorney for allegedly engaging in improper conduct by violating her obligations to remain independent after preparing an independent compliance report for a company.
Adani Group on defense over reports of FCPA probe
Indian conglomerate Adani Group said it is aware of an investigation by the U.S. Department of Justice into bribery allegations against a “third party” but denied a relationship with it.