Compliancex - Page 13 of 30 - The Compliance Exchange

Goldman Pays $15 Million in Case Over Misleading Swap Prices

Jack J. Kelly CFTC, Swaps April 12, 2023

Goldman Sachs Group Inc. agreed to pay $15 million to settle a US regulator’s allegations that it failed to disclose pricing data on some swaps transactions. The Commodity Futures Trading Commission on Monday said a Goldman Sachs unit failed to fully disclose pricing when ...Read More

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Every Crypto Project Must Reckon With the SEC’s Howey Test

Jack J. Kelly Cryptocurrency, SEC, Securities and Exchange Commission April 12, 2023

Nearly five years ago, SEC official Bill Himan stood on stage at a Yahoo Finance crypto summit in San Francisco and delivered a prepared speech that concluded that Ethereum (ETH) is not a security. A footnote on the SEC’s website clarified that the speech “expresses the ...Read More

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Ex-Twitter CEO Reveals DOJ Probe in Pursuit of Legal Fees Repayment

Jack J. Kelly DOJ, Federal Trade Commission, Lawsuits, Probe, Securities and Exchange Commission April 12, 2023

Twitter Inc.’s former chief executive officer revealed the US Justice Department and the US Securities and Exchange Commission investigated the social-media platform in the past as part of his effort to force the company to cover legal fees related to lawsuits and government probes. ...Read More

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Coinbase wins $470K restitution in insider trading case

Jack J. Kelly Coinbase, Cryptocurrency, Insider Trading April 12, 2023

The brother of a former Coinbase employee has agreed to pay the cryptocurrency exchange nearly $470,000 for his role in an insider trading scheme. According to a New York District Court filing signed on April 6 and made public on April 10, Nikhil Wahi — brother ...Read More

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Wells Fargo fined $98M for facilitating sanctions violations in Iran, Syria, Sudan

Jack J. Kelly Federal Reserve, OFAC, Sanctions April 10, 2023

Wells Fargo will pay nearly $98 million to settle charges a subsidiary facilitated more than $532 million worth of prohibited transactions in violation of sanctions against Iran, Syria, and Sudan. The Federal Reserve Board announced Thursday it fined Wells Fargo $67.8 million for oversight failures, and ...Read More

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Binance Compliance Chief Calls His Job One of the ‘Most Challenging’

Jack J. Kelly Chief Compliance Officer, Cryptocurrency, Regulators April 10, 2023

Noah Perlman, the newly hired global chief compliance officer at Binance Holdings Ltd., said the regulatory environment for the cryptocurrency industry has made his job one of the “most challenging opportunities in compliance.” Mr. Perlman, speaking at a crypto industry conference on Tuesday, said ...Read More

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Auditors didn’t flag risks building up in banks

Jack J. Kelly Audit, Bank Failure, Risk Management April 10, 2023

While Silicon Valley Bank’s outside auditor KPMG LLP cited potential losses on loans as a critical matter two weeks before its collapse, the audit firm missed the inherent bond losses and unreliable deposits that took the financial institution down, the Wall Street Journal reported. A ...Read More

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Anti-Money Laundering Fines Surge 50%

Jack J. Kelly Anti-Money Laundering, KYC April 10, 2023

Penalties for failing to stop financial crimes jumped by more than 50% last year. That’s according to a report by the Financial Times (FT), which says the spike has led to warnings that these fines aren’t stopping the flaws in the system that have allowed ...Read More

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New York regulator could set world standard for crypto

Jack J. Kelly Cryptocurrency, Digital Assets, Regulators April 10, 2023

New York regulators are poised to set the benchmark for crypto firms in the U.S. and worldwide with its licensing regime that the crypto industry covets and loathes for its attainability. State of play: Superintendent Adrienne Harris took the helm of the state’s Department of Financial Services in January ...Read More

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U.K. Plans to Invest $495 Million in Economic Crime Crackdown

Jack J. Kelly Cryptocurrency, Financial Crimes, Money Laundering April 3, 2023

The U.K. government said it would hire 475 financial crime investigators and change laws around corporate crime as part of a new plan to crack down on economic crime. The three-year plan, unveiled Thursday, calls for new spending of £400 million, equivalent to $495 ...Read More

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