Europe’s banking regulator warns that weak compliance at fintech, regtech, and crypto firms may let money laundering and terrorist financing risks slip through. The EBA also found EU regulators’ approaches are often inconsistent and unclear.
Regulatory Enforcement
Posted inRegulatory Enforcement
California, Colorado, and Connecticut launch joint crackdown on privacy violators
California, Colorado, and Connecticut launched a joint enforcement sweep against businesses that fail to honor consumers’ online opt-out requests, the states announced Tuesday.
Posted inData Privacy
Google hit with $425.6 million verdict in California privacy case
Google allegedly collected personal data from mobile devices without permission, violating California privacy laws, a jury ruled in awarding more than $425.6 million to class-action plaintiffs.
Posted inRegulatory Enforcement
Fracht FWO to pay $1.6M after using OFAC-blocked Venezuelan, Iranian carriers
A Houston-based freight forwarder, Fracht FWO Inc., will pay $1.6 million for violating U.S. sanctions tied to Venezuela and Iran, according to the Treasury Department’s Office of Foreign Assets Control (OFAC). The fine comes as OFAC ramps up enforcement in recent months.
Posted inRegulatory Enforcement
UBS, Santander, Citigroup, BNY clear compliance violations under special, CFTC enforcement sprint program
BNY, Citigroup, Santander, UBS, and two other financial institutions paid a total of $8.3M to settle separate compliance violations with the CFTC.
Posted inRegulatory Enforcement
Hong Kong securities regulator hits repeat offender Deutsche Bank with $3M fine
Deutsche Bank has agreed to pay a $3 million fine and has returned $5 million in fee overcharges to customers as part of a resolution with Hong Kong’s financial services regulator.
Posted inRegulatory Enforcement
Owner of investment firm and ATM machine company faces 100 years in prison for alleged $770M Ponzi scheme
The majority owner of a Pennsylvania investment firm faces 100 years of prison time and huge fines for allegedly running a $770 million Ponzi scheme centered on an ATM company he also owned.
Posted inRegulatory Enforcement
Disney hit with $10M FTC fine for allegedly collecting children’s data without permission
The Federal Trade Commission (FTC) proposed an enforcement action against Disney for allegedly collecting personal information about children, and then threw salt in the wound by calling the company out in an alert emailed to an untold number of businesses.
Posted inRegulatory Enforcement
U.K. prepares to prosecute firms under new Failure to Prevent Fraud rules
The U.K. will start cracking down on companies under the new Failure to Prevent Fraud law on Sept. 1, with the Crown Prosecution Service and Serious Fraud Office ready to enforce it.
Posted inRegulatory Enforcement
Employees may fail to report fraud unless U.K. whistleblower protection is beefed up
In September, the U.K. will enforce its third “failure to prevent” offense under sweeping anti-corporate crime laws, but experts question whether it will actually change corporate behavior or embolden whistleblowers.
