The Financial Industry Regulatory Authority announced that it has fined UBS Financial Securities $850,000 for the brokerage’s failure to monitor the transfer of customer funds to third parties and respond appropriately to any red flags indicating potential private securities transactions. The penalty stems from UBS’s failure to detect that one Read More
GUEST BLOG POST Lately, I’ve been reflecting on my experience presenting compliance updates to boards, both during my industry days and now as a consultant. One thing that consistently frustrates me is seeing compliance officers deliver presentations that are completely reactive. The focus is always on the number of investigations Read More
The U.S Department of Justice announced that Boeing has agreed to plead guilty to single charge of conspiracy to defraud the FAA about its 737 Max 8’s development. This agreement resulted from two crashes of the aerospace’s 737 Max jetliners that occurred in 2018 and 2019 and resulted in the Read More
The Federal Trade Commission announced that it is holding online used car dealer Vroom responsible for misrepresenting that it thoroughly examined all vehicles before listing them for sale and failing to obtain consumers’ consent to shipment delays or provide prompt refunds when cars weren’t delivered in the time Vroom promised. Read More
In a landmark case, the Supreme Court has struck down the Securities and Exchange Commission’s authority to use in house-tribunals when seeking civil penalties against those accused of securities fraud. The Court, in the case of SEC v. Jarksey, ruled that when the SEC seeks civil penalties from defendants for Read More
The Securities and Exchange Commission charged Silvergate Capital, its former CEO Alan Lane, and former Chief Risk Officer Kathleen Fraher with misleading investors about the strength of the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance program and the monitoring of crypto customers, including FTX. The SEC also charged Silvergate and its Read More
In a major judicial ruling, the Supreme Court overruled a long-standing doctrine that permitted courts to defer to federal agencies on the interpretations of ambiguous laws. In the case of Loper Bright Enterprises v. Raimondo, the Court invalidated the “Chevron Deference” doctrine which effectively shifts the power to interpret complex Read More
According to a 2024 Cybersecurity Benchmarking Survey, 45 percent of surveyed compliance personnel from asset management, investment adviser and private market firms have expressed concerns about how the Securities and Exchange Commission (SEC) will enforce its newly developed cybersecurity rules. The ACA Group and National Society of Compliance Professionals released Read More
In recent times it seems that a corporate scandal is now an everyday occurrence and something which is far too frequent. The causes of a corporate scandal are also far too predictable: failures in corporate governance, poor risk management, compliance failures, unreliable intelligence, inadequate security, insufficient resilience, ineffective controls, and Read More
The European Parliament approved the Artificial Intelligence Act (AIA), a regulation aimed at ensuring safety and compliance with fundamental rights, while boosting innovation within the artificial intelligence (AI) context. AIA, which is set take effect in increments over the next few years, ultimately establishes obligations for AI based on its Read More
