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
Bank of America will pay total penalties of $150 million for systematically and illegally double dipping on fees imposed on customers, withholding reward bonuses promised to credit card customers, and opening fake accounts without customer knowledge or authorization. Under the terms of two separate administrative proceedings, issued July 11 by Read More
View, a California-based maker of “smart” windows for office buildings, has settled charges with the Securities and Exchange Commission for failing to disclose $28 million in projected warranty-related liabilities to address a particular defect in its windows, the SEC announced. The regulatory agency said it decided not to impose any Read More
Companies subject to the California Privacy Rights Act (CPRA) now have more time to come into compliance with the regulations, following a California state court’s ruling that enforcement of the CPRA cannot begin until March 2024. By way of background, in November 2020, California voters approved the CPRA (Proposition 24), Read More
