All United States articles – Page 190
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CCO for investment firm altered docs to cover compliance failures, SEC says
A New York investment advisor and broker-dealer firm and its former chief compliance officer have been fined and censured for not fixing compliance failures identified by two federal agencies, then altering documents in an attempt to convince investigators the failures had been addressed.
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ArticleFinCEN seeking comment on AML program overhaul
The Financial Crimes Enforcement Network has proposed a plan to issue AML guidance every two years to encourage financial institutions to align their Bank Secrecy Act compliance programs with the agency’s enforcement priorities.
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ArticleBrockmeyer at TPRM: Regulator expectations for monitoring third parties
Former chief of the SEC’s FCPA Unit Kara Brockmeyer shared what regulators are looking for when they assess a company’s relationship with its third parties at Compliance Week’s TPRM Virtual Summit on Thursday.
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ArticleAssessing the fallout from coronavirus relief loan frauds
In both the U.S. and U.K., millions (perhaps billions) of dollars of coronavirus relief loans intended for small businesses is believed to have been misused. Legitimate businesses have been hurt as a result, writes Martin Woods.
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ArticleA step toward managing climate risk in U.S. financial system
A nearly 200-page report on managing climate risk in the U.S. financial system is comprehensively assembled by a group spearheaded by CFTC Commissioner Rostin Behnam, but the real work comes in its implementation.
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ArticleDaimler, U.S. authorities reach $1.5B proposed emissions settlement
Daimler AG and subsidiary Mercedes-Benz USA have reached a proposed settlement with U.S. authorities totaling $1.5 billion in fines and other costs to resolve emissions-cheating allegations.
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ArticleElizabeth Holmes might seek ‘mental disease’ defense at Theranos trial
Elizabeth Holmes, founder and CEO of now-defunct blood testing company Theranos, is exploring the idea of using “mental disease or defect” as part of her defense during her criminal fraud trial, which is set to begin in March.
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ArticleSEC continues torrid whistleblower pace with $10M award
More than a quarter of the SEC’s 94 whistleblower payouts since 2012 have come this fiscal year, the latest a more than $10 million award announced Monday.
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ArticleSEC charges chief compliance officer in stock fraud scheme
A New Jersey-based asset management firm and its president and chief compliance officer are facing SEC charges for “cherry-picking” profitable stocks for new and favored accounts that diminished returns for other clients.
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ArticleOFAC-Delaware sanctions pact more than meets the eye
As the state home to nearly 70 percent of Fortune 500 companies, the Delaware Department of Justice’s Memorandum of Understanding with OFAC represents a significant milestone for U.S. sanctions enforcement.
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ArticleCFTC issues own guidance on evaluating compliance programs
Like the Department of Justice before it, the Commodity Futures Trading Commission has issued guidance to companies on how it will evaluate compliance programs in connection with enforcement matters.
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ArticleDeutsche Bank Trust to pay $583K in Ukraine sanctions settlements
Deutsche Bank Trust Company Americas has reached a pair of settlements with the Office of Foreign Assets Control totaling $583,100 for apparent violations of Ukraine-related sanctions.
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Article
DOJ: 50 individuals criminally charged for PPP fraud, with ‘more to come’
The DOJ, together with a coalition of law enforcement partners, announced criminal charges against 50 individuals who allegedly committed fraud in obtaining money from the Paycheck Protection Program.
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Article
Ireland’s order to Facebook to halt data transfers could have ‘profound’ impact
The Irish DPC’s order to Facebook to halt the transfer of European citizens’ personal data to the United States could pose operational and legal challenges that set a precedent for not only other tech giants, but companies generally.
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ArticlePactiv Evergreen discloses FCPA probe ahead of IPO
In its IPO filing, foodservice packaging company Pactiv Evergreen (currently Reynolds Group Holdings Limited) announced it might have potentially violated the Foreign Corrupt Practices Act regarding gift cards given in China.
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ArticleEx-GPB Capital CCO pleads guilty to stealing SEC information
A former SEC official facing federal felony charges for allegedly using confidential agency information to help him land the top compliance post at GPB Capital Holdings has pled guilty to a misdemeanor in federal court.
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ArticleMore Privacy Shield fallout: Swiss-U.S. pact ruled inadequate
The Swiss Federal Data Protection and Information Commissioner believes the Swiss-U.S. Privacy Shield “does not provide an adequate level of protection for data transfer from Switzerland to the US.”
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ArticlePCAOB adds independence, evidence projects to agenda
The Public Company Accounting Oversight Board has added projects regarding auditor independence and audit evidence to its research and standard-setting agendas.
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ArticleFINRA sanctions Wells Fargo $2M over variable annuity switches
Two Wells Fargo subsidiaries were ordered to pay more than $2 million due to supervisory failures regarding the switching of customers’ variable annuities, the Financial Industry Regulatory Authority announced.
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ArticleReport: 2019 restatements at 19-year low; revenue still top issue
According to Audit Analytics’ latest annual restatement study, the total number of restatements dropped for the fifth consecutive year to a 19-year low of 484, with revenue recognition still the biggest driver.