Webull Financial failed to have reasonably designed programs for AML and identity theft protection and will pay a $4.2 million fine, FINRA alleged Thursday.
Regulatory Enforcement
Posted inRegulatory Enforcement
Toast misled subscribers about strength of customer service, FTC alleges
Toast, a company that provides payment-processing software to restaurants, charged hidden fees, made it difficult for restaurants to cancel their subscriptions, and didn’t offer the customer support it promised, the FTC and eight states alleged in a complaint.
Posted inRegulatory Enforcement
Extreme Networks accepts DOJ “near-miss” non-prosecution agreement for alleged sanctions violations
An alleged lack of compliance due diligence at Extreme Networks led the company to commit multiple sanctions violations, the US Treasury’s Office of Foreign Assets Control and the DOJ said, imposing penalties of more than $2.5 million.
Posted inRegulatory Enforcement
Trump administration has dropped or reversed 205 corporate enforcement cases, Public Citizen finds
The Trump administration has terminated or reversed 205 corporate enforcement cases, to date, including federal criminal investigations, lawsuits, and previously resolved settlements reached under the Biden administration.
Posted inTop Stories
FTC and 20 states sue Dollar General for allegedly overcharging customers
Dollar General routinely and knowingly overcharged customers, the FTC and 20 states allege in a complaint.
Posted inRegulatory Enforcement
CVS’s $315M opioid settlement brings compliance lessons
CVS reached a $315 million settlement with the U.S. government for failing to implement safeguards against illegally dispensing controlled substances, offering lessons for compliance teams at U.S. retail pharmacy chains.
Posted inRetail
UK competition watchdog fines three companies $8 million for misleading sales claims and obscure pricing
The UK Competition and Markets Authority has fined three well-known businesses, including Wayfair and Appliances Direct, $8 million for using misleading sales tactics.
Posted inBanking
OCC report on ‘debanking’ at nine largest US banks claims reputation risk policies result in denial of services
A report by the Office of the Comptroller of the Currency (OCC) finds that the nine largest US banks it oversees have used reputation risk policies to deny services to businesses and individuals based on social, political, and religious views as well as lawful banking activities.
Posted inRegulatory Enforcement
BoA pays $1.21B for AML lapses and alleged sanctions violations
The US Treasury Department announced $1.21 billion in penalties against Bank of America for its lapses in anti-money laundering and alleged sanctions violations, and warned that enforcement of AML rules and federal Bank Secrecy Act compliance is a top priority.
Posted inBanking
CFPB targets debanking practices after OCC report
After an Office of the Comptroller of the Currency report found the nine largest national banks maintained debanking policies, the Consumer Financial Protection Bureau is taking action against them in one of its few moves under the current Trump administration.