All Regulatory Enforcement articles – Page 51
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News BriefAmigo Loans dodges $89M fine over IT system lending lapses
Amigo Loans faced a penalty of £72.9 million (U.S. $88.7 million) after the U.K. Financial Conduct Authority found it used automated decision-making to drive sales over ensuring whether customers posed credit risks.
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News Brief
Spacelabs Healthcare to pay $2.5M over VA contract false claims
Spacelabs Healthcare agreed to pay $2.5 million as part of a settlement with the Department of Justice resolving allegations it overcharged the U.S. Department of Veterans Affairs for medical devices.
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PremiumComerica pressured over handling of government program fraud claims
Comerica Bank has been battling allegations for years of mishandled fraudulent transactions in violation of U.S. federal banking laws. A series of class-action lawsuits against the bank recently certified by a federal district court judge provide scope into the alleged failings.
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News BriefJudge rules against adding compliance monitor in Boeing DPA
A federal judge in Texas ruled against a request by the families of those killed in two Boeing 737 MAX crashes to alter the terms of a 2021 deferred prosecution agreement between the company and the Department of Justice to add an independent compliance monitor.
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News BriefReport: FCA probing Barclays over AML controls
Barclays Bank is reportedly being investigated by the U.K. Financial Conduct Authority for failures regarding its anti-money laundering procedures and controls.
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News BriefKraken to pay $30M for unregistered crypto ‘staking’ product
The Securities and Exchange Commission slapped $30 million in penalties and fees on cryptocurrency exchange Kraken, part of the agency’s ongoing pushback against unregistered crypto products.
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News BriefSociete Generale says SEC probing employee off-channel comms
French bank Société Générale is the latest financial institution to be swept up in U.S. regulators’ crackdown on the use of personal cellphones and private apps by employees to conduct official business.
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PremiumSFO’s Balli Steel win latest to leverage international cooperation
The Serious Fraud Office secured the convictions of two executives at failed British steel trading business Balli Steel on six counts of fraud. Legal experts examine whether “record-breaking” international cooperation in the case served as a crutch for the U.K. regulator.
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News BriefFalse Claims Act settlements net lower return in FY2022
Penalties assessed for violations of the False Claims Act topped $2.2 billion during fiscal year 2022, less than half the mark the Department of Justice reached the previous year.
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News BriefBanner Health to pay $1.25M over HIPAA Security Rule lapses
Banner Health agreed to pay $1.25 million as part of a settlement with the Department of Health and Human Services addressing violations of the Health Insurance Portability and Accountability Act Security Rule regarding a 2016 data breach.
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News Brief
Gentex fined $4M for bonus compensation accounting lapses
Gentex Corp. agreed to pay $4 million as part of a settlement with the Securities and Exchange Commission regarding alleged failures in its internal accounting controls that affected executive and employee bonus compensation programs over several years.
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PremiumEuropean labor laws showing teeth in crackdown on gig economy
Recent enforcement cases against food delivery company Glovo and online retailer Amazon in Spain have shone a spotlight on the compliance difficulties associated with engaging workers as freelancers rather than full-time employees.
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News BriefEx-Coinbase manager pleads guilty in landmark crypto insider trading case
Ishan Wahi, a former Coinbase product manager, pleaded guilty to wire fraud conspiracy in the first cryptocurrency insider trading case.
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News BriefActivision Blizzard fined $35M by SEC over workplace harassment disclosures
Activision Blizzard will pay $35 million to resolve Securities and Exchange Commission charges it violated federal securities laws by failing to adequately disclose how its ineffective response to workplace complaints was harming its ability to hire and retain skilled employees.
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OpinionAllianz case questions if DOJ encouraging scapegoating in individual liability push
Is the Department of Justice’s focus on individual accountability in white-collar crime cases encouraging companies to scapegoat their employees? A recent court filing in a $6 billion corporate fraud case could give company officers some sleepless nights.
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PremiumExperts: New AI laws pose risk of overlap with data protection mandates
Companies are at serious risk of facing multiple fines for the same offense under different sets of legislation if the artificial intelligence technologies they employ misuse personal data or cause harm to consumers, according to legal experts.
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News BriefGoodRx facing $1.5M fine over improper sharing of health data
GoodRx agreed to pay $1.5 million as part of a settlement reached with the Federal Trade Commission addressing allegations the telemedicine and prescription drug discount provider shared personal health data with third parties for advertising purposes.
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News BriefWalgreens to pay $7M for accepting alleged FCA violation proceeds
Walgreens agreed to pay $7 million to settle alleged violations of the False Claims Act that it overbilled the state of Tennessee’s Medicaid insurance program for Hepatitis C medications and kept the proceeds even after it discovered an employee’s misconduct.
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News BriefCalifornia AG launches CCPA violation sweep against mobile apps
The California attorney general announced his office notified an unspecified number of businesses with mobile apps they are failing to comply with the California Consumer Privacy Act.
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News BriefIn Touch Games fined $7.6M for AML failures by U.K. Gambling Commission
U.K. online gaming company In Touch Games was fined £6.1 million (U.S. $7.6 million) by the country’s Gambling Commission for a series of anti-money laundering failures—its third such penalty since 2019.