Enforcement Archive

May 16, 2017
US dollars
The Securities Industry and Financial Markets Association (Sifma) has raised concerns about what it says is an inconsistent approach by regulators when imposing penalties against broker-dealers found to have violated industry rules. The Financial Industry Regulatory Authority (Finra) in March asked for feedback on enhancing its programs for engagement with its members and other stakeholders, with part...
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Mar 06, 2017
A Carson, California-based bank has agreed to pay a $7 million fine to settle what regulators called ‘willful’ violations of anti-money laundering (AML) rules – and allegations that the bank’s board failed to implement an effective AML program. According to a Financial Crimes Enforcement Network (FinCEN) ...
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Feb 22, 2017
New leadership at the Federal Trade Commission (FTC) may lead to changes in the way it tackles social media-related enforcement, according to an agency official. Jarad Brown, attorney with the FTC’s division of privacy and identity protection, told attendees at a recent Practising Law Institute event in New York that the commission’s new head has indicated in comments some forthcoming tweaks to its enforcement program. Maureen Ohlhausen was last month des...
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Feb 02, 2017
HSBC Securities (USA) has agreed to pay a $575,000 fine and revise certain written supervisory procedures (WSPs) to settle allegations of inaccurate trade volume advertising and related supervisory weaknesses – but has secured credit for co-operating with regulators.  The Financial Industry Regulatory Authority (Finra) has accepted a letter of acceptance, waiver and consent from the firm, which does not admit or deny wrongdoing. An HSBC spokesperson did not have ...
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Jan 24, 2017
Employees at derivatives-trading firms and related organizations have been given formal insight into how they can help things go more easily for them in regulatory investigations – while their employers have gained updated advice. The Commodity Futures Trading Commission’s (CFTC) division of enforcement on January 19 issued two advisories outlining the factors it will consider in evaluating co-operation in the agency’s investigations and enforcement actions....
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Jan 05, 2017
Highland Heights, Kentucky-based General Cable Corporation has agreed to pay a total of more than $75 million to settle SEC and US Department of Justice (DoJ) allegations that it violated the FCPA. ‘General Cable operated globally without the effective compliance programs and internal controls necessary to proactively address corruption risks and accounting errors,’ says Stephanie Avakian, acti...
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Dec 29, 2016
Morgan Stanley has agreed to pay a $2.75 million penalty to settle allegations that it had compliance lapses that led to it violating the customer protection rule. The Financial Industry Regulatory Authority (Finra) has accepted a letter of acceptance, waiver and consent from the firm, which did not admit or deny wrongdoing. A request for comment from Morgan Stanley’s press office was not returned immediately. According to the self-regulatory organization (...
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Dec 14, 2016
Credit Suisse Securities (USA) (CSSU) has been fined $16.5 million and will have to undertake a compliance review to settle Financial Industry Regulatory Authority allegations that it had serious weaknesses in its anti-money laundering efforts.  AML has been a long-standing concern for regulators and an area of considerable investment by financial institutions, but has gained even greater prominence over the past few years following major enforcement settlements an...
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