Two former Democratic members of the Federal Trade Commission–Alvaro Bedoya and Rebecca Kelly Slaughter–filed a lawsuit against President Donald Trump and the remaining commissioners, claiming their recent termination was without cause and that the courts should rule their dismissals as “unlawful and ineffective.”
Regulatory Enforcement
Posted inAccounting & Auditing
FRC fines PwC, auditor combined $4.1M over 2019 work of Wyelands Bank
The U.K. Financial Reporting Council issued penalties against PwC and a former auditor over deficiencies on work related to the 2019 financial statements of now shuttered Wyelands Bank.
Posted inRegulatory Enforcement
DOJ fines MORSE Corp $4.6M for lax cyber controls amid crack down on federal contractors
Yet another government contractor has been slapped with a fine by the Department of Justice for applying lax cybersecurity defenses on sensitive government data.
Posted inEurope
EU regulator questions ‘culture of compliance’ with Digital Markets Act at Apple, Google
The European Commission released its preliminary findings last week regarding Apple and Google not complying with the Digital Markets Act. It issued orders to both companies regarding their business practice and plans to release all of its findings next week.
Posted inRegulatory Enforcement
Treasury reversal of OFAC sanctions against Tornado Cash signals eroding AML scrutiny
The U.S. Treasury Department lifted its sanctions against cryptocurrency mixer Tornado Cash on Friday after a federal appeals court ruled in November the penalty levied by the agency’s Office of Foreign Assets Control was an overreach.
Posted inRegulatory Enforcement
RTX and Raytheon: A case study in juggling four compliance monitors
In October 2024, aerospace and defense company Raytheon and parent company RTX reached a $950 million settlement with U.S. government agencies to resolve multiple federal law violations. More significant than the criminal penalties were the four compliance monitorships that came with the agreements.
Posted inRegulatory Enforcement
Democratic FTC commissioners blast Trump’s ‘illegal’ firings
President Donald Trump fired two Democratic commissioners serving on the Federal Trade Commission, the regulatory agency overseeing antitrust and consumer protection laws and which has been traditionally independent and staffed by members of both political parties.
Posted inRegulatory Enforcement
CCO who was ‘sole person controlling’ investment firm charged with recidivist concentration violations
An investment company and its founder, president, and chief compliance officer flagrantly kept violating mutual fund rules for multiple years after settling with the Securities and Exchange Commission, the SEC said in a complaint against the company.
Posted inRegulatory Enforcement
Expert: Treasury’s move to ‘narrow’ BOI requirements would gut AML law
The U.S. Treasury’s effort to dramatically narrow the focus of the Corporate Transparency Act through “emergency” rulemaking would gut the law’s anti-money laundering efforts, a transparency expert said.
Posted inAccounting & Auditing
FRC launches probe into MacIntyre Hudson’s 2022 audit of collapsed LSG
The U.K. Financial Reporting Council has launched an investigation into MacIntyre Hudson’s audit of collapsed construction company ISG Limited, which abruptly entered administration in September, laying off 2,200 workers.
