The U.K.’s financial regulator has issued over £1 billion ($1.35 billion) of fines for regulated firms’ basic internal control failures in the past five years. This accounted for more than half of the total fines issued to financial services firms in the period.
Regulatory Enforcement
Posted inRegulatory Enforcement
Federal Department of Labor employees pressured to report DEI practices by colleagues
The Trump administration is directing employees at the U.S. Department of Labor to report colleagues who engage in traditional diversity, equity, and inclusion practices at work.
Posted inInsurance
Former insurance CEO gets 12 years for $2B insurance fraud scheme
The former chief executive officer and founder of Eli Global and Global Bankers Insurance Group was sentenced Tuesday to 12 years in prison for a vast, $2 billion insurance fraud operation that bankrupted numerous insurance companies and cheated thousands of insurance policyholders.
Posted inWhistleblowers
Foot Locker agrees to pay SEC $148K for allegedly tying severance to future whistleblower silence
Foot Locker agreed to pay the SEC $148,000 after requiring departing employees to waive their right to seek the commission’s whistleblower awards as a condition of receiving severance.
Posted inRegulatory Enforcement
U.K. consults on changes to unhealthy food advertising and promotion rules
The U.K. government is calling on food manufacturers to respond to a consultation on the effects of applying its new nutrient profiling model to food advertising and promotions rules.
Posted inSanctions
Indian company pays OFAC $275M over alleged Iranian sanctions violations
An Indian company has agreed to pay $275 million to settle allegations that it purchased Iranian liquefied petroleum gas in violation of U.S. sanctions, the U.S. Department of the Treasury’s Office of Foreign Assets Control announced Monday.
Posted inThird Party Risk
U.K. financial firms urged to prepare for operational and third-party incident reporting changes
Financial services firms in the U.K. must prepare now for new reporting rules aimed to promote operational resilience in the face of increasing global threats.
Posted inRegulatory Enforcement
U.K. set to make ‘senior managers’ more accountable for corporate crime
The risk of criminal liability is set to increase for companies doing business in the United Kingdom after new legislation takes effect in June.
Posted inESG/Social Responsibility
PayPal latest to settle with DOJ over a traditional DEI program
PayPal has agreed to end a loan program for black and minority-owned businesses as part of a settlement agreement with the U.S. Department of Justice, which accused the program of discriminating against white people.
Posted inRegulatory Policy
CW National: New DOJ policy based on partnership with corporate compliance, Duva says
Compliance officers, listen up: when trouble of a potential criminal nature hits your company, give the U.S. Department of Justice a call, which wants to be your partner in fighting corporate crime.
