American Express National Bank has been slapped with a $15 million civil penalty for governance and oversight failures related to a third-party affiliate and for regulatory violations relating to certain efforts to retain small business customers, the OCC announced. According to the OCC’s consent order, between 2015 to 2017, “as Read More
The Department of Justice, Department of Commerce’s Bureau of Industry and Security (BIS), and the Department of the Treasury’s Office of Foreign Assets Control (OFAC) have issued a new joint compliance note, this one describing self-disclosure policies that apply to U.S. sanctions, export controls, and other national security laws. The Read More
UBS Group has been ordered to pay approximately $387 million in total penalties in a global resolution stemming from significant risk management failures by Credit Suisse related to its relationship with hedge fund Archegos Capital Management, the Federal Reserve Board announced. On July 24, the Federal Reserve Board announced a Read More
Booz Allen Hamilton has entered into a settlement agreement with the United States in which it agreed to pay $377.4 million to resolve allegations that it submitted false claims and made false statements to the United States in violation of the False Claims Act (FCA). Under government contracting rules, a Read More
The Public Company Accounting Oversight Board (PCAOB) announced new enhancements to its website that allow audit committee members and others to better access and understand data from PCAOB inspection reports. Previously, visitors to the PCAOB website could only search inspection reports by four filters: firm name, country/geography, year when a Read More
Cantor Fitzgerald has agreed to pay a $1.4 million civil penalty to the Securities and Exchange Commission for “repeated failure to identify and report customers as large traders,” and for failing “to make required filings on its own behalf,” the SEC announced in an administrative proceeding. Rule 13h-1(a)(7) defines large Read More
Norway’s Data Protection Authority (DPA) announced measures to temporarily ban Meta from engaging in surveillance-based behavioral advertising on Facebook and Instagram users based in Norway. By way of background, Meta tracks user activity on Facebook and Instagram platforms and profiles users “based on where they are, what type of content Read More
The Securities and Exchange Commission and the Financial Industry Regulatory Authority (FINRA) fined Merrill Lynch a combined $12 million in civil penalties for allegedly failing to file nearly 1,500 Suspicious Activity Reports (SARs) over a period of a decade. To settle the SEC charges, Merrill Lynch agreed to pay a Read More
The Public Company Accounting Oversight Board (PCAOB) has hit audit firm CohnReznick with a censure and a $20,000 civil penalty for alleged failures to timely disclose disciplinary proceedings brought against the firm by the Securities and Exchange Commission, the PCAOB announced. According to the PCAOB’s disciplinary order, CohnReznick failed to Read More
GUEST BLOG POST Leaders in any industry must anticipate the challenges–and opportunities–their companies face. As compliance practitioners responsible for trade surveillance, are we keeping pace with current and future challenges? Some evidence to consider: A top-tier bank was found to have no surveillance on its voice-brokered swaps desk, resulting in Read More
