All Compliance Week articles in Web Issue – Page 1222
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ArticleOECD report: Fear of enforcement drives fight against corruption
Fear of enforcement and the consequential reputational fallout of an enforcement action are the top drivers for developing an anti-corruption compliance program, states a new report by the Organization for Economic Co-operation and Development.
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ArticleBreach costs Premera Blue Cross $6.85M; second-largest HIPAA fine
Premera Blue Cross has agreed to pay $6.85 million in a settlement with the U.S. Department of Health and Human Services regarding a 2014 data breach that affected the personal and health plan information of over 10.4 million people.
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ResourceWhite paper: Improve Compliance Team Efficiency by Automating AML Workloads
Compliance teams are under increasing pressure to reduce risk and drive financial crime out of their institutions with limited resources.
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ArticleCitibank affiliates fined $4.5M for deleting subpoenaed audio files
Three Citibank affiliates have been collectively ordered to pay $4.5 million to settle CFTC charges regarding supervision failures that led to the deletion of subpoenaed audio files.
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ArticleFiat Chrysler fined $9.5M for ‘misleading disclosures’ on diesel emissions
Fiat Chrysler Automobiles has agreed to pay $9.5 million to settle allegations from the SEC that it made “misleading disclosures” regarding an internal audit of emission control systems for diesel vehicles it sold in the United States.
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ArticleWhistleblower awarded $1.7M in SEC’s 100th individual payout
The Securities and Exchange Commission issued its 100th individual whistleblower award Monday when a tipster received $1.8 million for providing the agency with information that alerted staff to ongoing securities violations.
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Article
Compliance failures at JPMorgan highlighted in record $920M spoofing fine
JPMorgan Chase agreed to pay more than $920 million as part of an agreement with three federal agencies to settle allegations that the firm’s traders manipulated the precious metals markets with false trades.
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ArticleSEC charges Manitex, three former execs with accounting fraud
The SEC has brought charges against Manitex International and three of its former senior executives for engaging in accounting fraud that resulted in the issuance of materially misstated financial statements.
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ArticleMorgan Stanley fined $5M for short sales violations
The SEC has hit Morgan Stanley with a cease-and-desist order imposing a censure and a $5 million penalty resulting from violations of Regulation SHO, the agency’s regulations governing short sales.
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ArticleBanner year for whistleblowers: SEC issued $175M in awards in FY2020
It’s no wonder the SEC recently issued new rules asserting its right to limit large whistleblower awards, because the agency handed them out in fiscal year 2020 at an unprecedented pace.
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ArticleWith ‘FinCEN Files,’ don’t shoot the messenger
It’s important we understand with the “FinCEN Files” that the enemy is not a journalist, a regulator, or a banker. The enemy is the money launderer, and this is where we need to focus our thinking and resources, writes Martin Woods.
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Article
ICA, Insurance Institute of East Africa partner on training
The International Compliance Association announced a partnership with the Insurance Institute of East Africa to provide ICA education in financial crime prevention in the East African region.
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Article
Former hedge fund CCO fined, suspended for impeding investigation
The former CCO of a New York City investment firm who impeded a Securities and Exchange Commission investigation into her employer has been fined $25,000 and suspended from practicing before the SEC for a year.
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ArticleH&M Germany fined $41.3M in one of largest GDPR penalties
In one of the largest GDPR fines imposed, a regional data protection authority in Germany fined H&M Germany €35.2 million (U.S. $41.3 million) for excessive monitoring of several hundred employees by one of the retailer’s subsidiaries.
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Article‘Audit in Action’: BDO partner shares data analytics journey
Brian Miller, national partner of audit transformation and innovation at BDO USA, talked with Compliance Week about how the pandemic has driven adoption of technologies by BDO’s auditors.
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ArticleHP fined $6M for disclosure violations and control failures
HP has agreed to pay $6 million in a settlement with the Securities and Exchange Commission to resolve allegations of disclosure violations and control failures regarding improper sales practices.
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ArticleThree tips on how to design financial crime training with impact
Simone Jones of the International Compliance Association offers three ways to get employees to both embrace financial crime training and use the knowledge learned in their daily roles.
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ArticleProgress on beneficial ownership key to AML fight
With the British Virgin Islands vowing its commitment to a beneficial ownership public register, financial crime expert Martin Woods turns his attention toward how the U.K. and U.S. are progressing in the space.
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ArticleEY allegedly flubbed Wirecard dealings worse than we thought
In this week’s “Nailed It or Failed It,” we take down EY and JPMorgan Chase for apparently ignoring whistleblowers and give the SEC a nod for rewarding them.
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Travel service company to pay $6M for violating Cuba sanctions
Generali Global Assistance has agreed to pay approximately $5.9 million for violating U.S. sanctions. The action comes a week after OFAC amended its Cuban Assets Control Regulations.