All United States articles – Page 154
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FinTech darling Robinhood fined $65M for misleading customers
Mobile trading app provider Robinhood Financial, which has become a disruptive force in the stock market, has agreed to pay $65 million to the SEC to settle charges of misleading customers about how it makes money and for failing to secure best sale prices.
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Third time’s a charm? SEC adopts controversial extraction rules
After two failed iterations, the SEC has approved revamped rules laying out what commercial oil, natural gas, and mineral extraction companies must disclose about payments they make to U.S. and foreign governments.
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FTC data requests could pave way to federal privacy law, experts say
FTC requests issued to nine social media and video streaming services for information about how they collect and use personal information could be a step toward the U.S. government enacting federal privacy legislation.
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FASB Chair Jones projects pandemic challenges to persist in 2021
New FASB Chairman Richard Jones said in a recent speech that he believes accounting challenges from the coronavirus pandemic won’t go away soon, with his organization poised to address new issues as they arise.
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Survey: Remote compliance practitioners feel supported, but for how long?
A recent survey of 180 compliance, risk, and audit professionals asked the question: “What’s your back-to-office plan, and does it work for you?” The short answer was there is no plan, and the status quo is faring better for the company than the employee.
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SEC charges CCO over illegal security sales practices
A chief compliance officer is one of three individuals on the receiving end of SEC charges for illegally selling securities in unregistered transactions to retail investors while acting as an unregistered broker.
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Audit whistleblower receives $300K in rare SEC award
The Securities and Exchange Commission announced the award of $300,000 to a whistleblower with audit-related responsibilities, a rarity for the program.
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AG William Barr to depart Justice Department on Dec. 23
Attorney General William Barr will leave his post leading the Department of Justice on Dec. 23. Deputy Attorney General Jeffrey Rosen will take Barr’s place on an interim basis.
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PCAOB reviews a year like no other, previews what lies ahead in 2021
PCAOB board members remark on changes at the organization amid the coronavirus pandemic, recent audit inspection findings, priorities for 2021, and more.
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U.S. beneficial ownership efforts a welcome sight for global AML community
U.S. Congress’ defense spending bill requiring corporations to identify who owns and controls them is a significant milestone in the global effort to put an end to anonymous shell companies, writes Martin Woods.
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Regulators catching up on use of analytics; compliance better take notice
If your company isn’t making optimal use of data to enhance its compliance program, now is the time to start—before it’s too late.
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SEC charges Sequential Brands for goodwill impairment failures
The SEC has filed a civil complaint against brand-management company Sequential Brands Group for ignoring “clear, objective evidence of likely goodwill impairment.”
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Premium
Ask a CCO: How to meet data analytics expectations of both board and regulators
Six senior compliance practitioners share some big-picture thoughts on how their companies are using data within the context of regulators’ increased expectations in the area.
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Congress passes defense bill with big ramifications for AML, whistleblowers
Congress’ defense spending bill approved Friday includes amendments that could dramatically alter the fight against money laundering, in addition to a new BSA whistleblower program with some kinks to be worked out.
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New FinCEN guidance encourages information sharing among banks
FinCEN Director Kenneth Blanco announced updated guidance to encourage more financial institutions to share information among their peers regarding suspicious transactions.
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SEC enforcement head Avakian to step down by year’s end
Stephanie Avakian, who led the Division of Enforcement at the Securities and Exchange Commission for the past four years, announced she will leave at the end of the year.
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CFTC Chairman Tarbert to step down early next year
Heath Tarbert, chairman and chief executive of the Commodity Futures Trading Commission, will step down from his post early next year while remaining on as one of the agency’s commissioners.
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SEC accounting office acknowledges challenging year for auditors
Among other things, the SEC’s chief accountant discussed activities relating to public company financial reporting, accounting and auditing policy updates, and financial reporting considerations related to COVID-19 at a conference this week.
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GE settles SEC accounting probe for $200M
General Electric agreed to pay $200 million to settle charges brought by the Securities and Exchange Commission regarding a series of accounting violations at its power and insurance businesses.
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Record year of FCPA enforcement a sign of more to come in 2021
Major bribery scandals, record enforcement actions, unprecedented cross-border coordination and prosecutions—all this amid a global pandemic made 2020 an unforgettable year for FCPA enforcement.