Compliance & Ethics

Recently, Mr. Chee Hong Tat, Singapore’s Minister for Transport, Second Minister for Finance, Deputy Chairman of the Monetary Authority of Singapore, and evident professional multitasker, spoke at the Equities Market Review Group Media Conference, laying out a vision for the country’s equities market. The plan relies on changes to both regulations and investments that will help foster an environment where businesses and investors can thrive together.

The Commodity Futures Trading Commission (CFTC) has released an advisory designed to clarify its approach toward self-reporting, cooperation, and remediation in its enforcement actions. This new framework aims to provide clear guidelines for companies and individuals seeking to mitigate potential penalties through voluntary disclosures, cooperation with the agency, and efforts to remediate violations.

The Public Company Accounting Oversight Board (PCAOB) has recently put its foot down on PwC Israel (Kesselman & Kesselman C.P.A.s) for a serious lapse in integrity that undermined professional standards. The firm, a member of the global PricewaterhouseCoopers network, has been slapped with a $2.75 million fine, a public censure, and a raft of corrective measures after it was found guilty of allowing improper answer sharing on internal training exams over a span of five years.

The Competition and Markets Authority (CMA) has reached a settlement with several major banks over the unlawful exchange of competitively sensitive information. The settlement centers on the secretive sharing of details related to UK government bonds—commonly known as gilts—which play a crucial role in financing public spending.

Spain’s Comisión Nacional del Mercado de Valores (CNMV) has released the results of its 2024 review on how entities under its supervision assess risks related to money laundering. The review, conducted as part of Spain’s broader push to meet new European regulations, uncovered several shortcomings in the way entities approach money laundering risk assessments, calling attention to critical areas that require improvement.

The Office of the Comptroller of the Currency (OCC) is keeping a close watch on both banks and their employees with its February enforcement actions. The agency has taken action against several banks and individuals for serious compliance failures and misconduct. It’s not just about issuing penalties, it’s about ensuring lasting change and reinforcing accountability across the banking industry.

YAPP USA Automotive Systems Inc. has agreed to pay $14.2 million after being accused of falsely certifying its eligibility for a Paycheck Protection Program (PPP) loan. The company, a subsidiary of State Development and Investment Corp. Ltd., a Chinese state-owned entity, applied for and received a $9.6 million loan under the PPP, which was later forgiven by the Small Business Administration (SBA). However, the U.S. government says the company did not meet the necessary criteria to qualify.