Welcome to Carver's USA Regulatory Updates.
The Office of the Comptroller of the Currency, or OCC, has issued a cease-and-desist order and assessed a $350 million civil money penalty against American Express National Bank. The penalty addresses systemic deficiencies in the bank’s Bank Secrecy Act and Anti-Money Laundering compliance program. The OCC cited inadequate resources, ineffective risk assessments, and failures in suspicious activity monitoring and reporting. The bank is required to establish and maintain a reasonably designed BSA/AML compliance program tailored to its business activities, develop an effective institution-wide risk assessment process, and address deficiencies in customer due diligence.
In another significant enforcement action, the Securities and Exchange Commission, or SEC, filed charges against Himanshu Jindal, also known as Manish Jindal, for securities fraud involving false CPA credentials and fake audit reports that impacted a public company’s financial disclosures. The SEC seeks a permanent injunction preventing Jindal from violating securities laws, a prohibition on acting in accounting or financial reporting roles for public companies, and disgorgement of ill-gotten gains with prejudgment interest.
The Department of Justice announced that Jose Miguel Castro-Duenas was charged with attempted transportation of illegal aliens and illegal reentry through Newport Beach Harbor in Southern California. Castro-Duenas is a previously deported illegal alien.
In New York, Sarah Blood was sentenced to probation and eight months of home detention for a $200,000 fraud involving the theft of funds from SARL, a federally funded nonprofit. She was ordered to make restitution totaling $203,941.54.
The Department of Justice and the Federal Bureau of Investigation, or FBI, have seized seven internet domains used by the China-based Integrity Technology Group to operate vulnerability scanning and spear phishing tools. A joint cybersecurity advisory was published by the Cybersecurity and Infrastructure Security Agency, FBI, National Security Agency, and international partners. The advisory details tactics, techniques, and mitigation guidance, including disabling unused services and ports, sanitizing web application inputs, enforcing multifactor authentication, and timely patching. Network defenders are urged to hunt for potential compromises related to Integrity Technology Group activity.
In pharmaceutical industry news, a $400 million settlement with Sandoz Inc. and Fougera Pharmaceuticals Inc. has been filed seeking court approval. The settlement addresses allegations of price manipulation and anti-competitive conduct affecting generic drug pricing.
That wraps up today's regulatory updates. Visit carveragents.ai for more information.
The Office of the Comptroller of the Currency, or OCC, has issued a cease-and-desist order and assessed a $350 million civil money penalty against American Express National Bank. The penalty addresses systemic deficiencies in the bank’s Bank Secrecy Act and Anti-Money Laundering compliance program. The OCC cited inadequate resources, ineffective risk assessments, and failures in suspicious activity monitoring and reporting. The bank is required to establish and maintain a reasonably designed BSA/AML compliance program tailored to its business activities, develop an effective institution-wide risk assessment process, and address deficiencies in customer due diligence.
In another significant enforcement action, the Securities and Exchange Commission, or SEC, filed charges against Himanshu Jindal, also known as Manish Jindal, for securities fraud involving false CPA credentials and fake audit reports that impacted a public company’s financial disclosures. The SEC seeks a permanent injunction preventing Jindal from violating securities laws, a prohibition on acting in accounting or financial reporting roles for public companies, and disgorgement of ill-gotten gains with prejudgment interest.
The Department of Justice announced that Jose Miguel Castro-Duenas was charged with attempted transportation of illegal aliens and illegal reentry through Newport Beach Harbor in Southern California. Castro-Duenas is a previously deported illegal alien.
In New York, Sarah Blood was sentenced to probation and eight months of home detention for a $200,000 fraud involving the theft of funds from SARL, a federally funded nonprofit. She was ordered to make restitution totaling $203,941.54.
The Department of Justice and the Federal Bureau of Investigation, or FBI, have seized seven internet domains used by the China-based Integrity Technology Group to operate vulnerability scanning and spear phishing tools. A joint cybersecurity advisory was published by the Cybersecurity and Infrastructure Security Agency, FBI, National Security Agency, and international partners. The advisory details tactics, techniques, and mitigation guidance, including disabling unused services and ports, sanitizing web application inputs, enforcing multifactor authentication, and timely patching. Network defenders are urged to hunt for potential compromises related to Integrity Technology Group activity.
In pharmaceutical industry news, a $400 million settlement with Sandoz Inc. and Fougera Pharmaceuticals Inc. has been filed seeking court approval. The settlement addresses allegations of price manipulation and anti-competitive conduct affecting generic drug pricing.
That wraps up today's regulatory updates. Visit carveragents.ai for more information.
