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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2023-11-06T12:59:00
Royal Bank of Canada (RBC) will pay $6 million in total penalties to settle charges from the Securities and Exchange Commission (SEC) and two Canadian regulators that it failed to properly record software development costs for more than a decade.
The SEC said in a press release Thursday that RBC applied deficient internal accounting controls to the costs of internally developed software (IDS) from 2008-20. The deficiencies violated the books and records and internal accounting controls provisions of U.S. securities laws.
The Autorité des marchés financiers, which is the regulatory and oversight body for Québec’s financial sector, announced Thursday that RBC would pay 2 million Canadian dollars (U.S. $1.5 million) to settle its charges. The Ontario Securities Commission (OSC) also announced a settlement with RBC for CAD $2 million.
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News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
2024-04-30T20:43:00Z By Aaron Nicodemus
RBC Capital Markets agreed to pay nearly $769,000 to settle allegations levied by the Financial Industry Regulatory Authority, in part, over sending inaccurate information in trade confirmations to customers over nearly a decade.
2024-01-23T18:03:00Z By Jeff Dale
Food processing company ADM announced Chief Financial Officer Vikram Luthar was placed on administrative leave pending an investigation into accounting practices and procedures flagged by the Securities and Exchange Commission.
2023-12-08T15:42:00Z By Kyle Brasseur
The Canadian Imperial Bank of Commerce received the second penalty for alleged deficiencies regarding suspicious transaction reporting announced this week by Canada’s financial intelligence agency.
2024-12-16T19:20:00Z By Adrianne Appel
A Minnesota transportation company agreed to pay nearly $258,000 to settle allegations that a subsidiaries violated sanctions against Cuba and Iran more than 80 times, the U.S. Treasury Department’s Office of Foreign Assets Control said.
2024-12-16T15:03:00Z By Aaron Nicodemus
McKinsey & Co. will pay $650 million in penalties to the U.S. Department of Justice (DOJ) to settle charges that it advised Purdue Pharma on how to “turbocharge” the sale of Oxycontin in the middle of the U.S. opioid crisis.
2024-12-16T14:45:00Z By Aaron Nicodemus
New York-based SeaCrest Wealth Management will pay a $375,000 fine for failing to properly prevent a cherry-picking scheme perpetrated by one of its investment advisers.
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