All United States articles – Page 150
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ArticleCommunityBank of Texas fined $8M over AML failures
CommunityBank of Texas has agreed to pay $8 million as part of a consent order reached with the Financial Crimes Enforcement Network regarding deficiencies in its anti-money laundering program linked to understaffing.
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ArticleSEC rulemaking frenzy: New proposals for security-based swaps, mutual funds, share buybacks
The SEC and its Democratic majority ushered in a slew of rulemaking proposals Wednesday that include new disclosure requirements for the security-based swaps market, mutual funds, and share buyback arrangements.
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ArticleSenate approves Rostin Behnam as CFTC chair; Biden nominates 2 commissioners
The Senate on Wednesday confirmed Rostin Behnam to be chairman of the CFTC, the same day President Joe Biden announced his intention to nominate two to Republican commissioner openings at the agency.
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ArticleWedbush Securities to pay $1.2M for role in microcap fraud scheme
California-based broker-dealer Wedbush Securities agreed to pay $1.2 million as part of a settlement with the SEC for the unregistered sale of microcap securities and its failure to file suspicious activity reports associated with those transactions.
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ArticleTCFD recommendations more than building block for SEC climate disclosure rules?
SEC Chair Gary Gensler has hinted the agency’s highly anticipated climate-related disclosure rules will likely be pegged to an international framework, specifically mentioning the Task Force on Climate-Related Financial Disclosures. How can the TCFD help companies prepare for what’s ahead?
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ArticleEx-McKinsey partner pleads guilty to insider trading on Goldman Sachs deal
Former McKinsey & Co. Partner Puneet Dikshit pleaded guilty to using inside information to profit on the acquisition of a fintech company by client Goldman Sachs Group.
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ArticleFinCEN seeking feedback on AML/CFT regime ahead of report to Congress
The Financial Crimes Enforcement Network has issued a request for information on ways to modernize the Bank Secrecy Act ahead of a report Treasury Secretary Janet Yellen must provide Congress by Jan. 1, 2022.
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SEC fall rulemaking list draws Republican commissioner criticism over priorities
The SEC’s updated fall rulemaking list suggests the agency will push forward with an aggressive agenda in 2022 that will include mandated ESG disclosures and further attempts to walk back rule changes implemented under Republican control.
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ArticleBiden corruption strategy puts FCPA in spotlight overseas
President Joe Biden’s strategy on countering corruption shows tackling corporate abuses overseas is firmly back on the U.S. agenda. As such, European companies and executives should beware: The Foreign Corrupt Practices Act is likely to get a dusting off.
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ArticleCCO Q&A: How Prime Trust is managing compliance in evolving crypto space
Compliance Week discusses with Nirvana Patel, chief compliance officer and BSA officer at Prime Trust, the unique challenges of practicing compliance in the cryptocurrency industry and his thoughts on the regulatory landscape moving forward.
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ArticleReport: Restatements drop to record low in 2020
Financial statement restatements by public companies declined in 2020 to their lowest level in 20 years, according to the latest Audit Analytics study.
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ArticleRisk and compliance considerations for fintech startups and their bank relationships
Fintech startups are typically free to enjoy rapid growth without the burden of strict regulatory oversight. But as scrutiny over the industry grows, so does the urgency for fintechs to get their compliance house in order.
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ArticleWEX fined $350K over ICFR weaknesses
Financial technology service provider WEX agreed to pay $350,000 as part of a settlement with the SEC regarding violations of internal accounting control provisions in the federal securities laws at its former Brazilian subsidiary.
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ArticleSEC charges 3 EY employees with auditor independence violations
The Securities and Exchange Commission charged three Ernst & Young employees for violations of the agency’s auditor independence rules regarding services carried out at Cintas Corp. A former accountant at Cintas was also charged.
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ArticleFed reminds large banks of investment risks in Archegos postmortem
The Federal Reserve reminded large banks of its expectations regarding risk management practices in investment banking after the collapse of Archegos Capital Management earlier this year led to more than $10 billion in losses.
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ArticleCFTC’s Dawn DeBerry Stump to not seek second term
Dawn DeBerry Stump, one of only two active commissioners at the Commodity Futures Trading Commission, announced she will not seek another five-year appointment when her current term ends in April 2022.
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ArticleTen things I’d like to see happen in 2022 (2021 in review)
ESG and cryptocurrency figure to be key topics in 2022, but we’re also keeping an eye on President Biden’s anti-corruption efforts, details on Amazon’s record GDPR fine, the status of Facebook’s first CCO, and more.
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ArticleFINRA fines Wells Fargo subsidiaries $2.25M for recordkeeping violations
Two Wells Fargo broker-dealers agreed to jointly pay a $2.25 million fine to settle charges levied by FINRA regarding a failure to store approximately 13 million customer records in the proper format over a 17-year span.
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ArticleSEC 2022 rulemaking preview: Clarity to come on ESG, crypto?
In his first year leading the Securities and Exchange Commission, Gary Gensler has tipped his hand regarding stricter oversight of companies’ environmental disclosures and the cryptocurrency industry. Year 2 will likely see words turn to actions.
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ArticleNYDFS guidance addresses common MFA problems—and how to fix them
The New York State Department of Financial Services outlined common vulnerabilities in multi-factor authentication and how to address them from a cybersecurity risk management standpoint.