All Compliance Week articles in Web Issue – Page 172
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Mishcon de Reya fined $316K for AML failings
The Solicitors Regulation Authority, the regulatory body for solicitors in England and Wales, announced British law firm Mishcon de Reya has agreed to pay a financial penalty of £232,500 (U.S. $316,000) for AML compliance violations.
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Report: Cryptocurrency-related crime reaches record $14B in 2021
The amount of illicit cryptocurrency transactions reached an all-time high in 2021 at $14 billion, according to a Chainalysis study due out next month. The rise coincides with significant increases in the overall volume of crypto transactions.
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France’s CNIL fines Google, Facebook $237M combined over cookies consent
French data privacy watchdog CNIL again sidestepped the GDPR in fining Google and Facebook a combined €210 million (U.S. $237 million) for making it too difficult for users to refuse cookies when accessing their websites.
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Supply chains brace for Uyghur Forced Labor Prevention Act
President Joe Biden signed into law a measure that introduces a U.S. import ban on goods mined, produced, or manufactured wholly or in part from the Xinjiang Uyghur Autonomous Region of China through forced labor.
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Wells Fargo chief risk officer to retire
Amanda Norton, Wells Fargo’s chief risk officer since 2018, will retire at the end of June, according to a memo from CEO Charlie Scharf distributed internally.
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How to identify ultimate beneficial owners
As financial institutions continue to face enhanced public scrutiny and potential regulatory attention, it is important they allocate competent resources to their AML programs regarding beneficial ownership.
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Former Swedbank CEO Birgitte Bonnesen charged with fraud
The Swedish Economic Crime Authority announced charges against Birgitte Bonnesen, Swedbank’s former chief executive officer, for fraud and market manipulation regarding the bank’s money laundering scandal.
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Morgan Stanley agrees to $60M settlement over compromised personal data
Morgan Stanley has agreed to establish a $60 million fund to settle a class-action lawsuit filed by nearly a dozen customers regarding personal data that was compromised when the bank decommissioned two wealth management centers.
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Airbnb subsidiary to remit $91K for Cuba sanctions violations
Airbnb Payments, a registered money services business and wholly owned subsidiary of Airbnb, will remit $91,172.29 for apparent violations of sanctions against Cuba, OFAC announced.
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FDIC Chair Jelena McWilliams to resign after partisan feud
Jelena McWilliams will resign as chair of the Federal Deposit Insurance Corp. on Feb. 4, following a public clash with Democratic members of the board regarding bank mergers.
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Deutsche Bank fined $9.8M for Euribor control weaknesses
Germany’s market regulator BaFin imposed an administrative fine of 8.66 million euros (U.S. $9.8 million) on Deutsche Bank for breaches of the European Union’s Benchmarks Regulation.
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DoorDash appoints general counsel
Online food ordering and food delivery platform DoorDash announced the promotion of Tia Sherringham to general counsel. Sherringham has served as vice president, legal at the company since 2018.
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Orange Bank & Trust hires chief accounting officer
Orange County Bancorp, parent company of Orange Bank & Trust Co., announced Michael Lesler has joined the company and the bank as senior vice president, controller and chief accounting officer.
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VEON names group general counsel
Netherlands-based telecommunications company VEON announced Victor Biryukov has been appointed group general counsel.
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Matterport adds chief accounting officer
Matterport, a 3D data platform provider, announced the appointment of Peter Presunka as chief accounting officer.
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ICA: Three major compliance talking points from 2021
With 2021 nearing its end, Jon Prentice of the International Compliance Association recaps three major compliance topics and talking points that have stood out this year.
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Riot Games to pay $100M in gender discrimination lawsuit settlement
Video game developer Riot Games has agreed to pay more than $100 million as part of a settlement in California resolving allegations of sex discrimination against female workers and harassment.
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Financial crime risk management: Old crimes, new methods
Times and technologies change, but the fundamental means by which criminals attempt to launder money and carry out their nefarious acts are still rooted in the same criminal process.
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DiMauro: Seven compliance areas to watch in 2022
If 2021 was about transition under the Biden administration, 2022 is looking as if it will be a year of action. CW Director of Compliance Programs & Training Julie DiMauro shares her list of key areas she expects to receive enhanced scrutiny in the year ahead.
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SEC charges Medallion Financial with fraud, illegal touting
The SEC charged New York City taxi medallion loan company Medallion Financial with participating in two illegal schemes to pump up the declining value of its stock. Also charged was California-based media strategy company Ichabod’s Cranium.