All Regulatory Enforcement articles – Page 7
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News BriefCFPB pullback signals further shift toward industry-friendly regulation
The U.S. Consumer Financial Protection Bureau continues to unravel amid pressure from Trump administration officials to shutter the agency. Not only has the agency informed its employees that it will no longer be a watchdog for the financial services industry, it has also laid off employees despite court orders blocking ...
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PremiumEx-FBI informant says three things can save companies from themselves
Tom Hardin paid the price for crossing legal and ethical lines as a financial analyst accused of insider trading in one of the most notorious Wall Street scandals. Now he’s on a mission to save businesses from themselves. A keynote speaker at Compliance Week National, he built a second career ...
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News BriefTrump’s CFPB, dismissing Comerica case, continues to cut down Biden-era lawsuits
The Consumer Financial Protection Bureau dropped yet another consumer protection lawsuit against a bank or fintech provider since Donald Trump was sworn in as president in January. This time, it was with Comerica Bank.
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News BriefCash App parent to pay $40 million for alleged BSA/AML violations in New York
Block Inc., maker of the popular Cash App, has been hit with a $40 million fine by New York for its alleged failure to report suspicious activity. The move marks the latest in a string of recent state and federal enforcement actions against the company.
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News BriefDOJ disbands crypto investigation unit, another sign of the Trump administration’s support of digital currency
The U.S. Department of Justice (DOJ) disbanded its crypto investigation unit on Monday, marking another step from President Donald Trump to support the crypto industry and lighten the regulatory burden of potential crypto crime investigations that had started under the Biden administration.
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News BriefEU looking to scale back GDPR in coming weeks
The European Union’s General Data Protection Regulation has been in effect since 2018, requiring companies to securely handle users’ personal data. The European Commission will reportedly review the regulations and claw back some of the rules, which could make doing business in Europe a little easier for these companies.
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PremiumCompanies unprepared for European Accessibility Act as June deadline looms
An accessible website should be a basic requirement for businesses, allowing the largest number of people to access a company’s content and services. With technology as an enabler, it also makes good business sense. After all, why would any organization want to hinder customer access? However, many websites are not ...
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News BriefFTC case against insulin price gouging halted after commissioners fired by Trump
A Federal Trade Commission case against insulin price gouging has come to a screeching halt after two Democratic commissioners were fired by President Donald Trump.
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News BriefDismissed Democrats on Federal Trade Commission sue Trump administration
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.”
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News BriefFRC 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.
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News BriefDOJ 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.
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News BriefEU 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.
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News BriefTreasury 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.
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PremiumRTX 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.
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News BriefDemocratic 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.
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News BriefCCO 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.
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News BriefExpert: 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.
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News BriefFRC 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.
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PremiumExperts: Companies ‘underestimate risk’ as first provisions of EU AI Act come into force
A European Union-wide ban on AI systems with “unacceptable” risk came into force on Feb. 2 as the first provisions of the EU’s AI Act took effect. Problems persist, however, over what the legislation requires and what corporate practices or uses of data may risk flouting the rules.
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Premium‘Abject failure’: U.K. lawmakers sound off on FCA’s failed 'naming and shaming' enforcement
U.K. lawmakers slammed the country’s chief financial regulator’s hopes of “naming and shaming” firms as part of its efforts to beef up enforcement, denting its credibility in the process and questioning the leadership of its chief executive.