Visa, Mastercard, PayPal, and Stripe have received letters from the Federal Trade Commission, warning the companies to end any policies or terms of service that may result in the “debanking” of customers.
Regulatory Enforcement
Posted inRegulatory Enforcement
Former bank CEO pleads guilty in Venezuela-linked fraud and sanctions violations
A former bank chief executive has pleaded guilty in a U.S. federal court to charges tied to a multimillion-dollar fraud and sanctions evasion scheme linked to Venezuela. This follows the U.S. removal of Venezuelan President Nicolás Maduro from the country, and has opened up the country for trading oil and other natural resources.
Posted inRegulatory Enforcement
DOJ makes good on corporate-friendly enforcement policy with Balt resolution
The ink was barely dry on the U.S. Department of Justice’s new corporate enforcement policy (CEP) when the agency announced it would not prosecute Balt SAS for alleged bribery violations.
Posted inRegulatory Enforcement
BoA settles class-action related to its dealings with Jeffrey Epstein
Bank of America has agreed to settle a class-action lawsuit alleging know-your-customer and other failings in its dealings with convicted sex offender Jeffrey Epstein.
Posted inRegulatory Enforcement, Technology
Adobe agrees to $150M settlement over alleged cancellation fee violations
Adobe agreed to a $150 million settlement with the U.S. Department of Justice over accusations that it concealed software termination fees and made it difficult for customers to cancel.
Posted inRegulatory Enforcement
OFAC temporarily lifts sanctions on certain Russian oil shipments
The U.S. Treasury Department issued a new Russia-related general license allowing certain transactions tied to Russian oil shipments already en route to India. This move comes after oil prices spiked as the U.S war on Iran continues.
Posted inRegulatory Enforcement
Companies with criminal activity have many ways to avoid prosecution under new DOJ enforcement policy
The Department of Justice (DOJ) criminal division has announced a blanket policy against prosecuting companies that voluntarily disclose criminal wrongdoing and take other steps—and holding any individuals involved accountable for their criminal activities.
Posted inEurope
International agents take down major site where criminals traded stolen corporate info
A major online site used by cybercriminals to buy and sell information stolen from corporations and individuals worldwide has been shut down by an international enforcement action, the Department of Justice announced.
Posted inRegulatory Enforcement
Broker-dealer Canaccord pays $80M to FinCEN, admits to willful BSA violations
Financial services company Canaccord has been hit with an $80 million penalty by the U.S. Treasury’s Financial Crimes Enforcement Network (FInCEN)–the largest FinCEN penalty against a broker-dealer in its history.
Posted inBoards & Shareholders
Institutional resilience: Why remediation fails without independent governance challenge
Changing governance and internal controls in response to recent enforcement actions cannot mask a fundamental deficiency: remediation is not changing the way decisions are being made, allowing the same mistakes to happen over and over.
