All United States articles – Page 139
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ArticleWells Fargo in resolution negotiations regarding potential OFAC violations
Wells Fargo disclosed in a regulatory filing it has entered resolution discussions with a U.S. authority or authorities regarding potential sanctions violations it voluntarily self-disclosed to the Treasury Department’s Office of Foreign Assets Control.
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ArticleCFPB fines Bank of America $10M over deficient garnishment protocols
The Consumer Financial Protection Bureau fined Bank of America $10 million for processing “unlawful” garnishments of customer accounts dating back to 2011.
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ArticleWhy beneficial ownership is crucial in supporting current sanctions
To ensure Russian money is controlled, and for sanctions to work, it is imperative the beneficial owners of sanctioned firms are identified. But determining beneficial owners is not always straightforward.
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ArticleSEC to increase staffing around crypto asset-related investigations
The Securities and Exchange Commission announced plans to nearly double the number of employees assigned to its Cyber Unit, which has had its name changed to emphasize the agency’s pursuit of crypto asset-related investigations.
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ArticleSEC risk alert flags deficiencies in handling nonpublic information
A risk alert issued by the Division of Examinations at the Securities and Exchange Commission highlighted “notable deficiencies” in the handling of material nonpublic information by investment advisers, investors, and other market participants.
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ArticleSEC accuses Vale of safety audit manipulation in 2019 dam collapse
Brazilian mining company Vale was accused by the Securities and Exchange Commission of making false and misleading safety audit and disclosure claims prior to the January 2019 collapse of its Brumadinho dam.
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ArticleDanske Bank, authorities in ‘initial discussions’ regarding AML scandal resolution
Danske Bank has entered “initial discussions” with U.S. and Danish authorities on resolution regarding one of the world’s largest money laundering scandals that took place at its Estonia branch.
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Article‘The new FCPA’: Monaco stresses sanctions as top DOJ commitment
As part of a discussion at an industry event, Deputy Attorney General Lisa Monaco reiterated the Justice Department will prioritize the enforcement of sanctions the United States has placed on Russia following its invasion of Ukraine.
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ArticleFASB reference rate proposal seeks to extend LIBOR transition relief
The Financial Accounting Standards Board announced a proposed standard update that would defer for two years the end date of relief provided by transition guidance for businesses shifting away from the London Interbank Offered Rate.
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ArticleArchegos founder Bill Hwang indicted for fraud; chief risk officer pleads guilty
Bill Hwang, the founder of Archegos Capital Management, was arrested and charged with racketeering conspiracy, securities fraud, and wire fraud for orchestrating a multibillion-dollar market manipulation scheme that resulted in the U.S. hedge fund’s collapse.
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ArticleToll Holdings to pay $6.1M for widespread sanctions violations
Toll Holdings, an international freight forwarding and logistics company, has agreed to remit more than $6.1 million as part of a settlement with the Office of Foreign Assets Control resolving nearly 3,000 apparent violations of Iran, North Korea, and Syria sanctions.
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ArticleCFPB targets fintechs with examination policy shift
The Consumer Financial Protection Bureau will begin conducting supervisory examinations on nonbank financial companies the agency believes “pose risks to consumers.”
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ArticleExperts assess risks to weigh as companies confront exit from Russia
As sanctions against Russia continue to come down from the United States, European Union, and other countries, companies must ensure they have the means to comply instantly—even if ceasing business dents their financials and puts them at legal risk for breaching contract.
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ArticleAnchorage Digital Bank gets OCC consent order for AML compliance failures
The Office of the Comptroller of the Currency announced a consent order against Anchorage Digital Bank, the first digital asset bank to be issued a charter by the regulator, for deficiencies in its Bank Secrecy Act/anti-money laundering compliance program.
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ArticleSEC hits ex-Domino’s accountant with nearly $2M insider trading penalty
A former Domino’s Pizza accountant was hit with a nearly $2 million penalty for using nonpublic earnings reports to gain an advantage in illegal trading activity, according to the Securities and Exchange Commission.
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ArticleCFPB, NYAG sue MoneyGram to halt ‘long pattern of misconduct’
The Consumer Financial Protection Bureau and New York Attorney General Letitia James filed a lawsuit against MoneyGram in federal court, alleging the money remittance company has failed to fulfill the compliance obligations placed upon it in previous enforcement actions.
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ArticleCFTC: Ex-portfolio manager found liable in commodity pool fraud case
The Commodity Futures Trading Commission announced Edward Walczak, former portfolio manager for Catalyst Capital Advisors, was found liable by a jury for violating the Commodity Exchange Act.
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ArticleStericycle to pay $84M to resolve FCPA violations
Medical waste disposal company Stericycle has agreed to pay $84 million in civil and criminal penalties to resolve allegations it paid bribes to win government contracts in Brazil, Mexico, and Argentina.
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ArticleAnatomy of an international, $194M ‘pump-and-dump’
The Securities and Exchange Commission and Department of Justice separately announced charges against individuals who reaped more than $194 million in illicit proceeds through an international stock manipulation scheme.
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ArticleSEC issues ‘highest penalty to date’ in data analytics case
The Securities and Exchange Commission credited its risk-based data analytics initiative for resulting in its “highest penalty to date” against a publicly traded company that engaged in improper accounting to boost its quarterly earnings per share.