The Financial Transactions and Reports Analysis Centre of Canada imposed a penalty of approximately CAD$6 million (U.S. $4.4 million) against crypto platform Binance over alleged noncompliance with the country’s anti-money laundering/countering the financing of terrorism law.
Jeff Dale
Posted inRisk Management
FinCEN warns financial institutions on Iran-backed terrorist organizations
The Financial Crimes Enforcement Network advised financial institutions in detecting illicit transactions related to Iran-backed terrorist organizations.
Posted inRisk Management
CW2024 panel: TPRM board buy-in earned through impact, activity
Identifying critical measures for third-party risk management has become vitally important as risk professionals face an uphill battle in fighting for resources, experts discussed at Compliance Week’s 2024 National Conference.
Posted inRegulatory Enforcement
CFPB fines Chime $3.25M over account refund delays
The Consumer Financial Protection Bureau ordered Chime Financial to pay $3.25 million in penalties for allegedly delaying consumer refunds past its promised 14-day timeframe.
Posted inRegulatory Enforcement
DOJ orders Baptist Health to pay $1.5M over discount policy false claims
Florida-based Baptist Health System agreed to pay $1.5 million to settle self-disclosed violations of the False Claims Act for allegedly offering discounts to patients to induce purchases or refer services reimbursed by Medicare.
Posted inEurope
DOJ orders Hahn Air to pay $27M over travel fee false claims
Hahn Air Lines and its U.S. subsidiary agreed to pay $26.8 million to settle alleged violations of the False Claims Act over knowingly failing to provide remittance for travel fees it collected from commercial airline passengers flying into or within the United States.
Posted inData Privacy
Insight Global to pay $2.7M over lax security on contact tracing data
Atlanta-based staffing agency Insight Global agreed to pay $2.7 million to settle alleged False Claims Act violations for failing to provide adequate cybersecurity on Covid-19 contract tracing data.
Posted inRegulatory Enforcement
Williams-Sonoma fined record $3.2M over admitted ‘Made in USA’ order violations
Kitchen and home retail company Williams-Sonoma agreed to pay nearly $3.2 million for failing to comply with a 2020 administrative order by the Federal Trade Commission prohibiting its marketing of imported goods as made in the United States.
Posted inEurope
TikTok scrutiny mounts across globe amid EU, U.S. crackdowns
TikTok is suspending new features amid an inquiry by the European Commission into its compliance with the Digital Services Act, all while responding to a U.S. ban just signed into law.
Posted inEurope
Czech DPA fines Avast $15M over GDPR violations
The Czech Republic’s data protection authority issued a fine of 351 million Czech koruna (U.S. $15 million) against antivirus software vendor Avast for alleged violations of the General Data Protection Regulation.