A significant settlement in a U.S. tax fraud case against Credit Suisse contains numerous compliance lessons related to beneficial ownership and due diligence in mergers and acquisitions.
Regulatory Enforcement
Posted inAnti-Bribery
DOJ ends Albemarle FCPA non-prosecution agreement a year early, part of a growing trend
The Department of Justice has ended another FCPA-related compliance action more than a year early. This scaling back of regulatory enforcement by the federal government has been a growing trend since the start of the Trump administration.
Posted inEurope
Delayed UK antitrust case underscores compliance, reputational risks
Antitrust infringement cases in the United Kingdom can run on for years, but there’s a question whether issuing fines that are dwarfed by the revenues of those organisations involved is a worthy deterrent—particularly if they are imposed over a decade after the misconduct ended. It’s also debatable whether the first company to admit that it has been part of a cartel for years should get away scot-free if it agrees to turn over all the dirt on the other members.
Posted inEthics & Culture
CW National Notebook: Despite uncertainty, whistleblowers still have incentives to report misconduct
Whistleblowing in the United States is being buffered by uncertainty from regulators who are backing off policing corruption and consumer protections. Regulators like the Department of Justice and the Securities and Exchange Commission are being thrown into disarray by layoffs and restructuring. Still, whistleblowers will likely continue coming forward.
Posted inRegulatory Enforcement
CW National Notebook: Convincing companies about compliance during deregulation
At some point, many compliance professionals say they’ve met an executive who approached their role dismissively. “I don’t want to talk about anything that doesn’t bring money in the door,” one attendee remembers a senior executive saying to them.
Posted inRegulatory Enforcement
FTC sues Uber over deceptive subscriptions, a rare move for consumers by Trump officials
The Federal Trade Commission (FTC) filed a lawsuit against Uber, alleging the ride-hailing company signed customers up for its Uber One subscription without consent, then made it hard for them to cancel. The move marks the U.S. government’s latest broadside against big tech companies, and the first major action from the FTC after two Democratic commissioners were dismissed by President Donald Trump in March.
Posted inEurope
UK’s deregulation drive raises compliance risk, say top lawyers
The United Kingdom’s latest effort to encourage regulators to pare down rules to attract companies and investment as a way to stimulate the economy has received mixed reviews from lawyers.
Posted inRegulatory Enforcement
CFPB pullback signals further shift toward industry-friendly regulation
The U.S. Consumer Financial Protection Bureau continues to unravel amid pressure from Trump administration officials to shutter the agency. Not only has the agency informed its employees that it will no longer be a watchdog for the financial services industry, it has also laid off employees despite court orders blocking the agency’s closure.
Posted inEthics & Culture
Ex-FBI informant says three things can save companies from themselves
Tom Hardin paid the price for crossing legal and ethical lines as a financial analyst accused of insider trading in one of the most notorious Wall Street scandals. Now he’s on a mission to save businesses from themselves. A keynote speaker at Compliance Week National, he built a second career out of the wreckage of his first, as the poster child of a company’s worst-case scenario: an informant in its midst.
Posted inRegulatory Enforcement
Comerica case dismissal the latest example of Trump seeking to undo Biden’s legacy
The Consumer Financial Protection Bureau dropped yet another consumer protection lawsuit against a bank or fintech provider since Donald Trump was sworn in as president in January. This time, it was with Comerica Bank.
