The U.K. Financial Conduct Authority issued a landmark fine against trading platform Infinox Capital for failing to report “high-risk” transactions, the first-ever enforcement under a 2018 law.
Regulatory Enforcement
Posted inRegulatory Enforcement
KuCoin latest crypto firm to pay hefty price for violating BSA with $297M penalty
The Seychelles-based owner of cryptocurrency exchange KuCoin has agreed to pay nearly $300 million in penalties–and cease doing business in the U.S. for two years–to settle charges that it failed to properly monitor potential criminal activity on its network.
Posted inRegulatory Enforcement
DOJ indicts five in remote IT work scheme to circumvent North Korean sanctions
Five people, including two Americans, allegedly duped U.S. companies into hiring North Koreans for contract IT work, and funneled millions in U.S. dollars to the sanctioned regime, the Department of Justice said.
Posted inRegulatory Enforcement
Ex-nursing home operator who defrauded Medicaid sentenced to 12 years in prision
The former operator of a Massachusetts homecare agency was sentenced to 12 years in prison for defrauding Medicaid of more than $100 million, the Department of Justice said.
Posted inAccounting & Auditing
CPSC fines Google-owned Fitbit $12M for failing to report smartwatch burn hazard
The U.S. Consumer Product Safety Commission ordered Google-owned Fitbit to pay more than $12 million and comply with certain undertakings to settle allegations the company knowingly failed to report a serious burning hazard with its Ionic smartwatches.
Posted inData Privacy
Trump gives TikTok 75-day reprieve after ban goes into effect
President Donald Trump signed an executive order Monday delaying the Department of Justice (DOJ) from enforcing the long-awaited TikTok ban. While the social media platform’s fate is still up in the air, Trump signaled his support for it being sold, with the U.S. as a “partner.”
Posted inEthics & Culture
SEC charge against CCO in penny stock scheme raises more questions about gatekeeper liability
A recent complaint by the Securities and Exchange Commission against the chief compliance officer of a Chicago-based investment firm contains some of the most worrisome examples of how CCOs can be found liable for misconduct at their firm.
Posted inRegulatory Enforcement
Walgreens ducked compliance, filled fake opioid prescriptions, DOJ suit alleges
Walgreens skimped on compliance and filled millions of prescriptions for narcotics that weren’t medically necessary, the Department of Justice alleged in a complaint against the company, first brought by four whistleblowers.
Posted inAccounting & Auditing
FRC discloses probe of KPMG over 2022 audit of gambling company Entain
The U.K. Financial Reporting Council disclosed an investigation into KPMG’s audit of international sports betting and gambling company Entain Group.
Posted inRegulatory Enforcement
SEC fines LPL Financial $18M for failed due diligence on new, high-risk accounts
Broker-dealer LPL Financial will pay $18 million to settle charges by the Securities and Exchange Commission that its anti-money laundering program did not properly vet customers and failed to close or restrict thousands of high-risk accounts.
