All United States articles – Page 163
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Mass. pharma company will pay $20.75M to settle FCA lawsuit
A Massachusetts-based pharmaceutical company will pay $20.75 million settle a whistleblower’s allegations that the company knowingly promoted misleading instructions for a skin lesion drug that caused doctors to submit false claims to Medicare.
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PCAOB study: Improved quality control needed in broker-dealer audits
Modest improvements in the audits of broker-dealers do little to absolve the need for firms to evaluate how they can enhance their systems of quality control, according to the latest figures from the PCAOB.
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Banking regs reemphasize rules for monitoring accounts of foreign officials
Five federal regulatory agencies issued a reminder to banks and financial institutions that they should continually monitor risks associated with the accounts of foreign officials.
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Curtiss-Wright reports possible Russia sanctions violation
A North Carolina manufacturer that traces its origins back to the Wright brothers may have violated sanctions by doing business with two longtime customers purchased by a blacklisted Russian company.
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SEC wants to curb sensitive data contained in CAT submissions, EDGAR filings
Rule changes proposed by the SEC seek to limit the amount of personally identifiable information required in data submitted to the Consolidated Audit Trail and for public company filings.
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Survey: Coronavirus revealed weaknesses in companies’ GRC, data processes
A recent survey from Compliance Week and Riskonnect of 261 compliance and audit professionals found that half of the respondents were not prepared for the coronavirus pandemic with an updated crisis management plan.
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New DOJ office to monitor, evaluate compliance with antitrust judgments
A new office within the Antitrust Division will be tasked with monitoring corporate compliance initiatives connected with DOJ antitrust judgments, as well as evaluating whistleblower complaints regarding those judgments.
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NPB Financial Group to pay $1M for disclosure failures
NPB Financial Group has reached a $1 million settlement with the Securities and Exchange Commission to settle charges for breaches of fiduciary duty arising out of its mutual fund share-class selection practices.
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Uber’s former security chief charged in data breach cover-up
Uber’s former security chief has been charged in connection with an alleged cover-up of a 2016 data breach that compromised millions of people’s personally identifiable information.
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John Carreyrou at TPRM: How to spot a wolf in Steve Jobs’ clothing
John Carreyrou, the Wall Street Journal reporter who exposed Theranos and its founder Elizabeth Holmes as frauds, will be the keynote speaker on Day 2 of Compliance Week’s TPRM virtual conference Sept. 18.
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SEC names Berger deputy director of Enforcement
The Securities and Exchange Commission named Marc Berger deputy director of the Division of Enforcement, also promoting Richard Best to take over for Berger as director of the New York Regional Office.
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Scotiabank to pay $127.4M for commodities scheme, compliance failures
The Bank of Nova Scotia will pay $127.4 million in total penalties in resolutions with the Justice Department and the CFTC for its role in a massive price-manipulation scheme in the precious metals futures contracts markets.
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Trump’s TikTok crusade a hollow win for privacy
There’s no questioning the need to protect the data of U.S. citizens from China, but it’s naïve to think pressuring TikTok to take up a U.S. owner is anything more than a hollow victory given our lack of federal oversight in the area of privacy.
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Carnival discloses ransomware attack
Carnival Corp., already hit with a complete halt of business since April due to the coronavirus pandemic, is the latest major company to reveal the discovery of a ransomware attack.
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Analysis: What to make of the DOJ’s rare FCPA opinion
The Department of Justice last week issued its first FCPA opinion procedure in six years. Experts weigh in on the ruling, the gap between opinions, and more.
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Daimler projects over $2B to resolve U.S. emission cheating allegations
Daimler AG, the parent company of car maker Mercedes-Benz, predicts it will spend over $2 billion to settle emission tampering allegations by U.S. regulators and a related class-action lawsuit.
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Crenshaw, Peirce sworn in as SEC commissioners
The Securities and Exchange Commission has a female majority board with the swearing in of Commissioners Caroline Crenshaw and Hester Peirce.
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Wells Fargo must do more than pay to redeem fake account scandal
Wells Fargo is now operating under a different regime, but what have the billions of dollars the bank has spent in attending to the compliance failures that arose out of its fake account scandal delivered? Not enough, posits Martin Woods.
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SEC investigating iQIYI over accounting scandal
iQIYI announced it’s under investigation by the Securities and Exchange Commission over allegations the China-based video-streaming company overstated its revenues and subscriber numbers.
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Federal banking regs clarify BSA/AML compliance violation response
Two strikes and you’re out, say four federal agencies to repeat violators of Bank Secrecy Act/anti-money laundering compliance requirements.