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4 weeks ago | 
complianceweek.com | Jeff Dale
The U.K. Financial Reporting Council (FRC) issued penalties against PwC and a former auditor over deficiencies on work related to the 2019 financial statements of now shuttered Wyelands Bank.
PwC and Jonathan Hinchliffe, a former statutory auditor at the firm, will pay 2.9 million pounds (U.S. $3.7 million) and £33,000 (U.S. $43,000), respectively, the FRC said in a press release Tuesday.
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1 month ago | 
complianceweek.com | Jeff Dale
The U.K. Financial Reporting Council (FRC) has launched an investigation into MacIntyre Hudson’s audit of collapsed construction company ISG Limited, which abruptly entered administration in September, laying off 2,200 workers.
The FRC said in a press release Tuesday the probe centers around the firm’s consolidated financial statements for the year ended December 31, 2022. In September, the U.K. Insolvency Service announced a group of eight ISG companies entered administration.
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1 month ago | 
complianceweek.com | Jeff Dale
Nine affiliates of KPMG agreed to pay a total of nearly $3.4 million for alleged violations of audit and quality control standards, while PwC Singapore will pay $1.5 million to settle separate allegation that the firm manipulated independence compliance reporting.
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1 month ago | 
complianceweek.com | Jeff Dale
The Trump administration isn’t slowing down its efforts to defang the Consumer Financial Protection Bureau (CFPB), with lawsuits dropped against a handful of big banks and financial services firms, most notably a case previously accusing payments app Zelle of failing to secure its network.
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1 month ago | 
complianceweek.com | Jeff Dale
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) notified businesses that fail to report or update their beneficial ownership information (BOI) before the agency’s March 21 deadline will not face fines or penalties.
FinCEN said no enforcement actions will be taken until a forthcoming interim final rule becomes effective and the new relevant due dates in the interim final rule have passed, according to a press release Thursday.
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1 month ago | 
complianceweek.com | Jeff Dale
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) notified businesses that fail to report or update their beneficial ownership information (BOI) before the agency’s March 21 deadline will not face fines or penalties.
FinCEN said no enforcement actions will be taken until a forthcoming interim final rule becomes effective and the new relevant due dates in the interim final rule have passed, according to a press release Thursday.
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1 month ago | 
complianceweek.com | Jeff Dale
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) announced two countries have been added to the Financial Action Task Force (FATF) watchlist, while another has been removed.
The FATF grey list identifies countries where increased financial monitoring is necessary to combat money laundering, terrorist financing, and nuclear weapons proliferation. FinCEN said Laos and Nepal have been added, while the Philippines have been removed, according to a press release Wednesday.
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1 month ago | 
complianceweek.com | Jeff Dale
The Israeli affiliate of Big Four audit firm PwC agreed to pay $2.75 million to settle allegations it allegedly failed to prevent widespread cheating on training examinations despite internal warnings to staff about an ongoing crackdown.
PwC Israel failed to implement required quality control standards related to integrity and personnel management by allowing its staff to “engage in improper answer sharing,” the Public Company Accounting Oversight Board (PCAOB) said in a press release Tuesday.
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1 month ago | 
complianceweek.com | Jeff Dale
One of world’s largest cryptocurrency exchanges agreed to pay more than $500 million in penalties and plead guilty to anti-money laundering (AML) and Know Your Customer (KYC) violations, along with failing to register as a money transmitting business with the U.S. Treasury, the Department of Justice (DOJ) said.
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2 months ago | 
complianceweek.com | Jeff Dale
The Commodity Futures Trading Commission (CFTC) announced the appointment of Brian Young as director of the agency’s Division of Enforcement.
Young has been serving as acting director of enforcement since Jan. 22 and previously led the CFTC’s whistleblower office as director.
“Brian exemplifies the best of what we stand for at the CFTC,” said Acting CFTC Chair Caroline Pham.
