All United States articles – Page 84
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PremiumCommon sanctions compliance trip points from 2023 enforcement cases
Penalties against companies including British American Tobacco, Wells Fargo, and Microsoft demonstrate the multiple ways in which businesses can run afoul of U.S. sanctions—an area receiving increased scrutiny by regulators.
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News BriefPCAOB fines five in audit committee communications sweep
The Public Company Accounting Oversight Board announced penalties ranging from $30,000-$50,000 against five firms for violations regarding communications with audit committees as part of its latest enforcement sweep.
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PremiumNeed to know: New York City AI bias law
Companies that use automated tools to screen candidates for jobs based in New York City must check those systems for bias or potentially run afoul of a first-in-the-nation law.
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News BriefBNP Paribas nearing settlements with SEC, CFTC over off-channel comms
BNP Paribas disclosed it reached proposed settlements with the Securities and Exchange Commission and Commodity Futures Trading Commission regarding alleged use of off-channel communications for business by employees.
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News BriefBanking regs seek enhanced resilience with large bank capital reforms
The Federal Deposit Insurance Corporation, Federal Reserve Board, and Office of the Comptroller of the Currency proposed rulemaking designed to increase capital requirements for large banks and large-scale traders.
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Blog
Provident Bank recruits CCO from HSBC
Provident Bank announced the appointment of Mary Brown as senior vice president, chief compliance officer and Community Reinvestment Act officer.
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News BriefGuidance sets self-disclosure expectations for sanctions, export control lapses
Companies seeking credit for voluntarily self-disclosing potential violations of sanctions or export control laws must be mindful of the regimes at play from agencies including the DOJ, BIS, and OFAC and their differing expectations.
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News BriefAmex banking unit fined $15M for poor third-party oversight
American Express National Bank agreed to pay a $15 million penalty levied by the Office of the Comptroller of the Currency for alleged oversight failings regarding a third-party affiliate and its efforts to retain small business customers.
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News BriefLPL Financial fined $3M by FINRA over supervision lapses
LPL Financial was fined $3 million as part of a settlement with the Financial Industry Regulatory Authority over alleged supervision failures related to transmittal of customer funds and forged signatures by employees.
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News Brief
SEC adopts rule requiring cyber incident disclosures within four days
The Securities and Exchange Commission finalized its controversial rule requiring public companies to disclose the nature, scope, timing, and impact of cybersecurity incidents deemed to be material within four business days.
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PremiumInvestor lawsuit targets Bank of America over off-channel comms fines
Stockholder lawsuits have emerged as the latest aftershock from the regulatory crackdown against banks and financial services firms for allowing off-channel business communications by their employees.
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News BriefPCAOB chair: Rising audit deficiency rates ‘completely unacceptable’
A steady increase in the rate of deficiencies observed by the Public Company Accounting Oversight Board during audit inspections the past three years has the head of the agency calling on firms to “make changes to turn things around.”
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News BriefSEC appoints interim acting co-directors of exams division
The Securities and Exchange Commission announced the appointments of Natasha Vij Greiner and Keith Cassidy as interim acting co-directors of the Division of Examinations while Director Richard Best is on medical leave.
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News BriefFed fines UBS $269M for Credit Suisse’s Archegos failures
The Federal Reserve Board fined UBS $268.5 million regarding recent acquisition Credit Suisse’s credit risk management failures at collapsed U.S. hedge fund Archegos Capital Management. UBS also settled matters with U.K. and Swiss authorities.
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News BriefBooz Allen to pay $377.5M in improper billing case
Booz Allen Hamilton agreed to pay approximately $377.5 million as part of a settlement with the Department of Justice regarding alleged False Claims Act violations stemming from improper billing of commercial and international costs in government contracts.
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Blog
Five Star Bank promotes tech services director to CISO
Financial Institutions, the parent company of Five Star Bank, announced the promotion of Senior Vice President and Technology Services Director Scott Bader to senior vice president and chief information security officer.
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Blog
Sallie Mae promotes chief credit risk officer to chief risk officer
Student lender Sallie Mae announced the promotion of Chief Credit Risk Officer Munish Pahwa to executive vice president and chief risk officer.
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ArticleThe importance of quality SARs
Good suspicious activity reports make it easier for financial intelligence units to prioritize and process investigations, enabling better results in the global fight against financial crime.
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PremiumTech capabilities key to finance support of ESG reporting
Finance and accounting is increasingly relied on to provide support regarding companies’ ESG disclosures without being granted additional resources. Technology that enables automation serves as a solution to reduce this burden.
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News BriefFTC, HHS warn hospitals over use of online tracking tech
The Federal Trade Commission and Department of Health and Human Services sent letters to approximately 130 hospital systems and telehealth providers regarding potential patient privacy violations and security risks stemming from online tracking technologies.