All United States articles – Page 132
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Updated PhRMA Code addresses company-sponsored speaker programs
New voluntary standards issued by the Pharmaceutical Research and Manufacturers of America will soon take effect offering guidance related to company-sponsored speaker programs.
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Pandora Papers: Takeaways for compliance
The “Pandora Papers” could open Pandora’s box for all businesses and organizations found to be entangled in its worldwide web of shell companies, offshore tax havens, and secret trusts.
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Neiman Marcus data breach exposes personal info of 4.6M customers
Luxury retailer Neiman Marcus discovered last month a May 2020 data breach that exposed personal and financial information contained in the online accounts of approximately 4.6 million customers.
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WaFd Bank to pay $2.5M for AML/BSA deficiencies
Washington Federal Bank has agreed to pay $2.5 million in accordance with a consent order reached with the Office of the Comptroller of the Currency in February 2018.
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LPL Financial to pay $4.8M to settle claims of poor KYC procedures
The nation’s presumed top independent broker-dealer will pay more than $4.8 million to settle AML charges stemming from its alleged failure to reconcile inconsistencies of a new customer who would scam a Puerto Rican city out of millions of dollars.
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PCAOB fines Deloitte Canada $350K for quality control failures
The Public Company Accounting Oversight Board imposed a $350,000 civil penalty on Deloitte Canada for reasonable assurance quality control failures regarding an electronic work paper system update.
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Rohit Chopra confirmed as CFPB director; more dominoes to follow?
The Senate confirmed Rohit Chopra to be the next director of the Consumer Financial Protection Bureau with a party-line vote. Lawmakers will soon shift their attention to his replacement at the Federal Trade Commission.
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SEC charges ex-Goldman compliance analyst with insider trading
The Securities and Exchange Commission charged a former senior compliance analyst at Goldman Sachs who abused his position of authority unbeknownst to the investment bank with insider trading.
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SEC seeks to implement Dodd-Frank provision on executive compensation votes
The SEC has proposed rulemaking that would enact a provision of the Dodd-Frank Act requiring mutual fund managers to disclose how they voted on proxy proposals, including on compensation agreements with company executives.
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Top DOJ Criminal Division official Daniel Kahn to rejoin Davis Polk
Daniel Kahn, who most recently served as acting deputy assistant attorney general of the Department of Justice’s Criminal Division, will rejoin Davis Polk as a partner.
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Activision Blizzard EEOC deal: All form, no substance
Activision Blizzard’s $18 million settlement with the Equal Employment Opportunity Commission mirrors in many ways the terms ride-sharing company Uber reached in a deal with the EEOC in 2019—except the agreement is void of any accountability.
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Robinhood touts crypto wallet offering, hires new CCO
Fintech firm Robinhood has hired a new chief compliance officer at its cryptocurrency arm ahead of the first round of testing for its cryptocurrency wallet offering.
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Schlumberger subsidiary to pay $1.4M for Russian sanctions violations
A Houston-based subsidiary of oilfield services company Schlumberger has been fined approximately $1.4 million by the Office of Foreign Assets Control for selling goods to a Russian-based energy firm that was under U.S. sanctions.
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Wells Fargo to pay $72.6M for foreign currency exchange fraud
Wells Fargo Bank agreed to pay a total of approximately $72.6 million to resolve allegations it fraudulently overcharged hundreds of commercial customers who used the bank’s foreign exchange services.
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New SEC marketing rule offers opportunities, compliance challenges
The SEC’s new marketing rule allows certain types of advertising, endorsements, and testimonials that were previously prohibited. Investment advisers are “excited” about the new possibilities—but compliance officers must warn them of the risks.
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Departing CFTC commissioner to join SEC as general counsel
Dan Berkovitz has signed on to become general counsel at the SEC less than three weeks since announcing his intention to step down as a commissioner at the CFTC.
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CFTC fines Citi $1M for swap data reporting failures
Citibank will pay a $1 million penalty to resolve allegations of not properly reporting swap data to the Commodity Futures Trading Commission and for violating the provisions of a 2017 order regarding those practices.
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KPIs and collaboration: How Vivint, Agilent handle data collection
Compliance leaders from Vivint and Agilent Technologies shared how they are successfully integrating data intelligence into their organization’s operations at a recent Diligent virtual summit.
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SEC offers guidance on climate change disclosure shortcomings
A sample letter released by the Securities and Exchange Commission this week lays out common mistakes firms make with their climate change disclosures.
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Biden’s pick to head OCC favors tighter regulation of FinTech
President Joe Biden’s nominee for Comptroller of the Currency, Cornell law professor Saule Omarova, continues a Democratic pattern of choosing potential regulators who believe in stricter control of the markets.