Category: Compliance Regulation

The last time U.S. President Donald Trump attended a Group of Seven (G-7) leaders’ summit in Canada, in 2018, he treated it like a reality TV show. “Trump Blows Up G7 Agenda,” read the headline in Politico. Trump arrived late; called for Russia’s readmission to the group (a nonstarter with the other members); described the host, Canadian Prime Minister Justin Trudeau, as “very dishonest and weak”; and refused at the last minute to endorse the joint statement at the end…

Mr. Türk was responding to an announcement by Marco Rubio, the US Secretary of State, on Thursday, of measures targeting the judges, who are overseeing a 2020 case of alleged war crime committed in Afghanistan by US and Afghan military forces, and the 2024 ICC arrest warrants issued against Israeli Prime Minister Benjamin Netanyahu and Yoav Gallant, the former Defence Minister. “I am profoundly disturbed by the decision of the Government of the United States of America to sanction judges…

The Trump administration has proposed to shut down the US Chemical Safety and Hazard Investigation Board (CSB), an independent federal agency charged with investigating industrial chemical accidents and developing recommendations to prevent their recurrence. The government wants the agency’s $14 million (£10 million) budget should be withdrawn by 30 September, before the start of the next fiscal year. The CSB should only have access to funds needed to ‘carry out the closure of the Board,’ the White House said. The…

The United States Department of Justice is in talks to drop a criminal prosecution against Boeing (BOE, Washington National) stemming from two fatal B737 MAX crashes, according to a May 18 court filing. Instead, the DOJ says the matter is likely to be resolved through a settlement that will not result in a criminal conviction. Multiple outlets reported on a May 16 meeting between the DOJ and law firms representing some of the 346 people killed in the crashes in 2018 and 2019. Boeing faces…

China’s Ministry of Commence (MOFCOM) said on Wednesday that it has added 12 US entities to the export control list. In order to safeguard national security and interests and fulfill international obligations such as non-proliferation, in accordance with the relevant provisions of the Export Control Law of China and the regulations on export control of dual-use items, the MOFCOM issued an announcement to include 12 US entities in the export control list and prohibit the export of dual-use items to…

On Sunday, Mumbai Police arrested Dharmesh Paun, private developer from Kandivali, in connection with the New India Cooperative Bank scam (NICB). According to the police, Paun allegedly received illicit funds from the bank’s General Manager and Account Head, Hitesh Mehta, who was also arrested Saturday. The scam was uncovered during an audit at the bank’s headquarters in Prabhadevi last Wednesday, when RBI officials discovered funds missing from the vault. Mehta, who has been with the bank since 1988, reportedly confessed…

Video: House Democrats attempted to enter a Department of Education building on Friday in protest of proposed actions from President Trump but were blocked.

Amazon.com was sued on Wednesday by consumers who accused the retailing giant of secretly tracking their movements through their cellphones, and selling data it collects. According to a proposed class action in San Francisco federal court, Amazon obtained “backdoor access” to consumers’ phones by providing tens of thousands of app developers with code known as Amazon Ads SDK to be embedded in their apps. This allegedly enabled Amazon to collect an enormous amount of timestamped geolocation data about where consumers…

TD Bank’s (TD.TO), opens new tab chief compliance officer has left the bank, according to a memo sent internally, at a time the Canadian lender faces U.S. regulators and the Justice Department in a probe related to its anti-money laundering program. Monica Kowal, who joined the bank in 2017, left the company this week, and will be replaced by Deputy Chief Compliance Officer Erin Morrow who will report to Chief Risk Officer Ajai Bambawale, according the memo sent in late June, seen by…

Vanguard has bowed to regulatory pressure and agreed to new oversight of its investments in some US lenders, a decision that could have sweeping implications for money managers and banks. The deal, which the US Federal Deposit Insurance Corp disclosed on Friday, will allow Vanguard’s funds to continue to be huge shareholders in a wide swath of the country’s banks while also increasing the watchdog’s supervisory power over the $10tn money manager. Vanguard, BlackRock and State Street have amassed large…

Authorities in two Indian states that are driving its economic growth are drafting tighter workplace rules and inspections to protect white collar employees following the death of a young executive at global consultancy Ernst & Young (EY), which her family blamed on overwork. India’s decades-old labour laws are largely focused on blue-collar workers, leaving others vulnerable to workplace abuse such as punishing work schedules and summary dismissals, unions say. Labour authorities in the states of Maharashtra and Karnataka said they…

MEXICO CITY – Mexico’s Senate on Thursday passed a measure to abolish the autonomous bodies that regulate some economic sectors and ensure government transparency, a reform that has sparked outcry from the opposition and industry. Lawmakers in the upper chamber voted on the proposal’s general terms with 86 in favor and 42 against, with nearly the same tally coming in for the bill’s particular terms. It had passed in the lower house last week. The reform proposes scrapping autonomous agencies…

E. coli food poisoning linked to McDonald’s Quarter Pounder hamburgers has sickened at least 49 people in 10 states, including one person who died and 10 who were hospitalized, federal health officials said Tuesday. The death was reported in an older person in Colorado, and one child has been hospitalized with severe kidney complications, the U.S. Centers for Disease Control and Prevention reported. Infections were reported between Sept. 27 and Oct. 11, in Colorado, Iowa, Kansas, Missouri, Montana, Nebraska, Oregon,…

Raytheon Company (Raytheon) — a subsidiary of Arlington, Virginia-based defense contractor RTX (formerly known as Raytheon Technologies Corporation) — will pay over $950 million to resolve the Justice Department’s investigations into: (i) a major government fraud scheme involving defective pricing on certain government contracts and (ii) violations of the Foreign Corrupt Practices Act (FCPA) and the Arms Export Control Act (AECA) and its implementing regulations, the International Traffic in Arms Regulations (ITAR). Raytheon will enter into a three-year deferred prosecution agreement (DPA) in…

A federal grand jury in the District of Columbia returned an indictment yesterday charging a Maryland man with major fraud against the United States and making false statements to the U.S. Securities and Exchange Commission (SEC) for his alleged participation in a scheme to deceive the SEC into thinking his company’s data center was certified at the highest rating level for reliability, availability, and security, when it was not. According to the indictment, Deepak Jain, 49, of Potomac, was the…