A former board member of a California financial technology company that marketed itself as being environmentally driven was sentenced to prison for 14 years for defrauding lenders and investors of more than $248 million, according to the DOJ.
Regulatory Enforcement
Posted inRegulatory Enforcement
Trump’s latest tariffs gambit puts spotlight on ‘inadequate’ forced labor laws
The risks associated with companies either conniving in or unwittingly profiting from modern slavery have garnered increased attention over recent years, but the United States’ latest attempt to hit dozens of countries with tariffs for failing to tackle the problem more seriously has pushed the issue of forced labor to the top of corporate agendas.
Posted inAML
New AML investigation into Wise adds pressure on compliance in rapid growth fintechs and challenger banks
Belgian authorities are investigating money-transfer fintech Wise for its controls around suspicious transactions worth over $577 million across 30 European countries. The current investigation only concerns the fintech’s EU operations, but the company has a history of fines for weak financial controls in several regions, including the U.S. and the Middle East.
Posted inRegulatory Enforcement
FCA sets sights on digital payment competition as it opens investigation into PayPal, Visa, and Mastercard
The U.K. financial regulator is investigating PayPal, Visa, and Mastercard for suspected anti-competitive practices in the “funding and usage” of PayPal’s digital wallet.
Posted inAccounting & Auditing
Control failures cost U.K. financial firms over $1.35B in five years – and the compliance risks are rising
The U.K.’s financial regulator has issued over £1 billion ($1.35 billion) of fines for regulated firms’ basic internal control failures in the past five years. This accounted for more than half of the total fines issued to financial services firms in the period.
Posted inRegulatory Enforcement
Federal Department of Labor employees pressured to report DEI practices by colleagues
The Trump administration is directing employees at the U.S. Department of Labor to report colleagues who engage in traditional diversity, equity, and inclusion practices at work.
Posted inInsurance
Former insurance CEO gets 12 years for $2B insurance fraud scheme
The former chief executive officer and founder of Eli Global and Global Bankers Insurance Group was sentenced Tuesday to 12 years in prison for a vast, $2 billion insurance fraud operation that bankrupted numerous insurance companies and cheated thousands of insurance policyholders.
Posted inWhistleblowers
Foot Locker agrees to pay SEC $148K for allegedly tying severance to future whistleblower silence
Foot Locker agreed to pay the SEC $148,000 after requiring departing employees to waive their right to seek the commission’s whistleblower awards as a condition of receiving severance.
Posted inRegulatory Enforcement
U.K. consults on changes to unhealthy food advertising and promotion rules
The U.K. government is calling on food manufacturers to respond to a consultation on the effects of applying its new nutrient profiling model to food advertising and promotions rules.
Posted inSanctions
Indian company pays OFAC $275M over alleged Iranian sanctions violations
An Indian company has agreed to pay $275 million to settle allegations that it purchased Iranian liquefied petroleum gas in violation of U.S. sanctions, the U.S. Department of the Treasury’s Office of Foreign Assets Control announced Monday.
