- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2021-12-13T22:13:00
National Westminster Bank was fined £264.8 million (U.S. $350 million) for three offenses of failing to comply with the United Kingdom’s anti-money laundering laws.
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Anybody working in financial services will know enormous effort is made to ensure their institution is on the right side of the law. Why, then, do such failures continue to exist? And crucially, what can be done to prevent their recurrence?
The U.K. arm of Santander was fined approximately £107.8 million (U.S. $132 million) by the Financial Conduct Authority for “serious and persistent” gaps in its anti-money laundering controls.
The U.K. Financial Conduct Authority used its powers under the Proceeds of Crime Act to force fintech firm QPay Europe to forfeit £2 million (U.S. $2.5 million) alleged to be linked to a U.S.-based wire fraud conspiracy.
USAA Federal Savings Bank has been hit with its third cease and desist order from the Treasury Department’s Office of the Comptroller of the Currency in the past five years for failing to correct unsafe and unsound banking practices.
Becton Dickinson medical device company will pay $175 million for “repeatedly” misleading investors about its Alaris infusion pump, a product the company knew was flawed and was sold without the required patient-safety approvals, the Securities and Exchange Commission said.
The Securities and Exchange Commission charged bankrupt fashion retailer Express with failing to disclose nearly $1 million in perks to a former chief executive, but did not levy a financial penalty thanks to its cooperation, the SEC said.
