U.S. Banking regulators have moved to loosen traditional regulation and supervision in areas like capital requirements, stress testing and liquidity, while also being more receptive to innovation in areas including Artificial Intelligence and digital assets.
Regulatory Enforcement
Posted inRegulatory Enforcement
Former startup CEO gets 7 years in prison for $175M fraud against JPMorgan Chase
Charlie Javice, a former CEO who duped JPMorgan Chase into purchasing her start up company for $175 million, has been ordered to forfeit more than $22 million by the Department of Justice (DOJ) and to spend 7 years in jail. Javice, who started and operated the college financial aid company Frank, convinced JPMC that Frank had 4.25 million […]
Posted inRegulatory Enforcement
Georgia Tech to pay $875,000 for allegations brought by compliance officers
Georgia Tech Research Corp. (GTRC) has agreed to pay $875,000 to settle allegations first raised by two compliance officers that its cybersecurity protocols violated acceptable standards for defense contractors, the Department of Justice (DOJ) said. “Defense contractors’ adherence to their cybersecurity obligations is essential to safeguarding sensitive government information from malicious actors,” U.S. Attorney Theodore […]
Posted inData Privacy
Tractor Supply Company will pay $1.35M fine for alleged California privacy violations
Tractor Supply Company has agreed to get into compliance with California’s consumer privacy law and to pay a $1.35 million fine—the largest yet by California—to settle allegations it violated the privacy rights of customers and job applicants.
Posted inRegulatory Enforcement
LuminUltra’s Iran deal backfires as BIS imposes $685K fine
A single $33,000 shipment to Iran triggered a six-figure penalty and years of compliance oversight for biotechnology company LuminUltra Technologies, Inc.
Posted inRegulatory Enforcement
FTC secures $5.7M settlement after business data provider repeatedly broke compliance order
The Federal Trade Commission (FTC) accused business credit reporting company Dun & Bradstreet of failing to comply with the commission’s 2022 order.
Posted inRegulatory Enforcement
Tracing Illicit Crypto: How to leverage blockchain analytics for effective AML compliance
Cryptocurrency’s transparency can be exploited for laundering, ransomware, and darknet activity. Blockchain analytics helps trace funds and flag suspicious behavior.
Posted inRegulatory Enforcement
Amazon to pay $2.5 billion in FTC settlement over ‘deceptive’ Prime sign-ups
Amazon settled a complaint with the U.S. Federal Trade Commission Thursday over allegedly enrolling consumers into its Amazon Prime subscription and making it difficult to cancel. The FTC says the amount of the settlement is one of the biggest in its history.
Posted inRegulatory Enforcement
Australian banks’ record fines for compliance failures highlight role of culture in compliance
Two of the biggest banks in Australia are under fire for major compliance and cultural failings. ANZ and National Australia Bank are facing intense scrutiny over misconduct ranging from mistreating customers to underpaying staff.
Posted inRegulatory Enforcement
Supreme Court allows Trump to remove FTC commissioner ahead of final ruling
The U.S. Supreme Court temporarily allowed President Trump to remove a Federal Trade Commission commissioner without cause on Monday, setting up a final battle over whether he can dismiss commissioners despite congressional rules.
