UBS and several of its U.S.-based affiliates have reached a $1.4 billion settlement to resolve all civil claims brought against it by the Department of Justice (DoJ) relating to UBS’s legacy residential mortgage-backed securities (RMBS) business in the United States. “With this resolution, UBS will pay for its conduct related Read More
Colombian conglomerate Grupo Aval and its bank subsidiary, Corporación Financiera Colombiana (Corficolombiana), will pay $80.8 million in a resolution with U.S. and Colombian authorities for the company’s role in a widespread bribery scheme with Columbian government officials in violation of the Foreign Corrupt Practices Act. It is a landmark FCPA Read More
The Securities and Exchange Commission and the Commodity Futures Trading Commission (CFTC) announced combined penalties of $555 million in the latest enforcement sweep to hit the financial services industry for widespread recordkeeping failures. On Aug. 8, the SEC announced combined penalties of $289 million against 10 broker-dealers, including one dually Read More
A new proposal issued by the Financial Accounting Standards Board (FASB) will explore ways for companies to provide investors with more “decision-useful” information about corporate expenses. FASB is encouraging stakeholders to review and provide comment on the proposal by Oct. 30. In a statement, FASB Chairman Rich Jones said investors Read More
A London employment tribunal has awarded a former senior risk and compliance professional at National Westminster Bank (NatWest) approximately 88,000 pounds (US$112,000) for being “unfairly dismissed and discriminated against” while she was undergoing cancer treatment. The employment tribunal’s latest decision, published Aug. 2, focused on what remedies Adeline Willis should Read More
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
