Search

The Consumer Financial Protection Bureau is considering taking action against Meta Platforms, the parent company of Facebook, over its use of third-party financial data in its advertising business. This potential enforcement action would mark the CFPB's first against a social media company, expanding its oversight beyond traditional financial institutions. Meta has stated its disagreement with the CFPB's claims, while Director Rohit Chopra has a history of advocating for stringent oversight of the company. The CFPB has recently increased enforcement activity after legal challenges, investigating major banks like JPMorgan Chase and Bank of America. [Extracted from the article]

The article discusses the challenges faced by banks in preventing financial crimes due to outdated anti-money laundering laws in the U.S. TD Bank's $3 billion settlement highlighted the consequences of failing to monitor and prevent money laundering activities. The U.S. Treasury Department proposed updates to the regulations, requiring banks to conduct periodic risk reviews and incorporate national priorities into their anti-money laundering programs. However, industry groups have criticized the proposal, arguing that it adds new regulatory requirements instead of improving existing ones. The debate continues on how to effectively allocate resources to combat financial crimes while complying with regulations. [Extracted from the article]

Gurbir Grewal, the former director of the U.S. Securities and Exchange Commission's enforcement division, is stepping down after overseeing a period of increased enforcement against Wall Street and the cryptocurrency industry. Grewal advocated for larger fines against securities law violators and took a tough stance on cryptocurrency, viewing it as a new form of regulated activity. During his tenure, the SEC brought over 2,400 enforcement actions, imposed over $20 billion in fines, and awarded over $1 billion to whistleblowers. Grewal's departure will be followed by Sanjay Wadhwa serving as acting director. [Extracted from the article]

The article focuses on the fines imposed on financial firms, including Truist and TD Bank, for failing to monitor and preserve electronic communications, including traders' use of messaging apps like WhatsApp and iMessage. Topics include the SEC's enforcement action against 26 firms, the CFTC's penalties against three firms, and the regulators' concerns about the lack of oversight and compliance failures in the use of off-channel communication platforms.

TD Bank is facing a Justice Department investigation into its internal controls, specifically regarding how Chinese crime groups and drug traffickers used the bank to launder money from U.S. fentanyl sales. The investigation was launched after an operation in New York and New Jersey uncovered the laundering of hundreds of millions of dollars through TD and other banks. Prosecutors allege that the criminals also bribed TD employees. TD Bank has been under scrutiny for its anti-money-laundering practices for years and is currently the subject of three other investigations. The bank has set aside $450 million to resolve one of the inquiries and expects additional penalties. The issues have already affected TD's expansion plans, as regulators' concerns over suspicious customer transactions scuttled a $13.4 billion deal last year. TD Bank is cooperating with law enforcement officials and regulators and is working to strengthen its anti-money-laundering program. The investigation into TD's practices is led by the U.S. Attorney's Office in New Jersey and is part of a broader effort to counter the threat posed by fentanyl and the networks of Chinese money-brokers used to launder proceeds from Mexican cartels. The U.S. government relies on banks to help detect and prevent money laundering, and the Bank Secrecy Act requires financial-services companies to report suspicious activity. [Extracted from the article]

The Supreme Court has ruled that investors cannot hold Macquarie Infrastructure liable for securities fraud for failing to disclose how a United Nations regulation would impact its commodities storage business. The unanimous decision reverses a previous ruling by the U.S. Court of Appeals for the Second Circuit and is part of a trend by the Supreme Court to limit civil liability for securities fraud. The ruling benefits public companies by preventing costly securities litigation and also benefits shareholders by avoiding overdisclosure of information. [Extracted from the article]

The U.S. Commerce Department has issued warnings to over 20 companies for selling restricted technology to Russia, including components used in drones and missiles. The Bureau of Industry and Security (BIS) has been tasked with addressing this issue and has provided the companies with a list of over 600 foreign parties that continue to sell restricted parts to Russia. The Justice Department has also indicted a Latvian citizen for conspiring to sell avionics equipment to Russian companies in violation of U.S. export controls laws. The Commerce Department has been working to enforce export rules and economic sanctions against Russia and China, but Russia has found ways to circumvent these measures. BIS has implemented a program to encourage companies to self-report possible infractions, resulting in an 80% increase in voluntary disclosures. While BIS can only impose administrative penalties, it has collaborated with federal prosecutors to investigate and prosecute criminal violations. The Commerce bureau has also partnered with the Treasury Department's Financial Crimes Enforcement Network to flag possible export control violations and Russia sanctions in suspicious transactions reports from banks. This collaboration has provided the Commerce Department with new evidence to enforce export controls. [Extracted from the article]

The 35-year-old plays Nelson, one of the most popular characters of "Trust Code", a series of Microsoft compliance training videos that has made him a celebrity among the company's 221,000 employees in 190 countries. Keywords: a-hed; Computers/Consumer Electronics; Software; Applications Software; Risk Management Services; Accounting/Consulting; Business/Consumer Services; Business Consultancy; Computing; Financial Services EN a-hed Computers/Consumer Electronics Software Applications Software Risk Management Services Accounting/Consulting Business/Consumer Services Business Consultancy Computing Financial Services N.PAG N.PAG 1 05/15/23 20230511 NES 230511 Instead of a finger-wagging snoozer about corporate misbehavior, "Trust Code" has flawed characters, dramatic cliffhangers and fans worldwide Like other aspiring actors, Devin Badoo makes ends meet working on TV commercials, including as dads hawking Loctite glue and Hot Wheels toys. [Extracted from the article]

Keywords: kwexclusive; Energy; Electricity/Gas Utilities; Electric Power Generation; Industrial Electrical Equipment; Electric Utilities; Industrial Electronics; Industrial Goods; Technology; Utilities EN kwexclusive Energy Electricity/Gas Utilities Electric Power Generation Industrial Electrical Equipment Electric Utilities Industrial Electronics Industrial Goods Technology Utilities N.PAG N.PAG 1 11/29/22 20221126 NES 221126 The $325 million pending settlement, expected to be finalized as soon as next week, tests a promise by U.S. authorities to get tough on corporate repeat offenders The $325 million pending settlement, expected to be finalized as soon as next week, tests a promise by U.S. authorities to get tough on corporate repeat offenders. The ABB deal would also mark the second time the Swiss company has settled FCPA offenses with a deferred-prosecution agreement. [Extracted from the article]