A former director of biopharmaceutical company, Chinook Therapeutics, has been sentenced to prison for insider trading related to the company’s $3.2 billion sale to Novartis in 2023, a fraud detected through data analysis by the SEC.
Regulatory Enforcement
Posted inRegulatory Enforcement
U.S. agencies take aim against Cambodian money laundering conglomerate
United States enforcement agencies have landed more blows against a sprawling, Cambodian-based money laundering, financial conglomerate, believed to operate hand-in-glove with cybercriminals who scam U.S. individuals out of their life savings.
Posted inRegulatory Enforcement
Australian regulator calls $24.6 million HSBC Australia fine a world first for customer fraud protection
HSBC Australia has been fined nearly $25 million for failing to protect customers from financial scammers. The bank must also publish adverse publicity orders on its website, its app, and in letters to affected customers.
Posted inFinancial Services
Former California fintech board member sentenced for $248M fraud scheme that led to bankruptcy
A former board member of a California financial technology company that marketed itself as being environmentally driven was sentenced to prison for 14 years for defrauding lenders and investors of more than $248 million, according to the DOJ.
Posted inRegulatory Enforcement
Trump’s latest tariffs gambit puts spotlight on ‘inadequate’ forced labor laws
The risks associated with companies either conniving in or unwittingly profiting from modern slavery have garnered increased attention over recent years, but the United States’ latest attempt to hit dozens of countries with tariffs for failing to tackle the problem more seriously has pushed the issue of forced labor to the top of corporate agendas.
Posted inAML
New AML investigation into Wise adds pressure on compliance in rapid growth fintechs and challenger banks
Belgian authorities are investigating money-transfer fintech Wise for its controls around suspicious transactions worth over $577 million across 30 European countries. The current investigation only concerns the fintech’s EU operations, but the company has a history of fines for weak financial controls in several regions, including the U.S. and the Middle East.
Posted inRegulatory Enforcement
FCA sets sights on digital payment competition as it opens investigation into PayPal, Visa, and Mastercard
The U.K. financial regulator is investigating PayPal, Visa, and Mastercard for suspected anti-competitive practices in the “funding and usage” of PayPal’s digital wallet.
Posted inAccounting & Auditing
Control failures cost U.K. financial firms over $1.35B in five years – and the compliance risks are rising
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.
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.
