For more than two years, City Beach sold toys, keyrings, digital notepads, lights and other products containing button batteries that did not meet Australia’s mandatory safety rules. There were more than 54,000 sales in all. Many of the products were meant for children. The bill for that failure remains $9.9 million (AUD 14 million).
Ten major Australian banks went looking through their mortgage books together. What they found was not a handful of suspicious applications sitting neatly inside one institution, but the outlines of potentially hundreds of millions of dollars in suspected fraudulent loans, recurring across lenders and concentrated largely in Sydney property.
A consumer looking to pay a utility bill or car loan might reasonably assume that typing the biller's name into a search engine and clicking on a result would take them where they needed to go. The Federal Trade Commission says Doxo found a profitable place inside that assumption.
The SEC on Tuesday proposed “Regulation Crypto Assets,” a new framework that would give issuers of certain investment contracts involving crypto assets two purpose-built ways to raise capital without registering the offering under the Securities Act of 1933. One would allow up to $5 million to be raised over four years. The other would permit as much as $75 million in each 12-month period.
The Czech Republic’s competition authority has upheld approximately $13.4 million (CZK 279.152 million) in fines against three meal voucher issuers, bringing the regulator’s long-running case over a cartel that operated for more than 14 years to a close.
The Australian Prudential Regulation Authority imposed licence conditions on Bendigo Bank after an independent review found weaknesses in non-financial risk management spread across the organization, including shortcomings in governance, accountability, compliance management and risk oversight. Some had persisted through years of remediation.
Amazon.com has agreed to pay a $2.25 million civil penalty to resolve allegations that it violated the Fair Credit Reporting Act by failing to give identity theft victims requested records of transactions involving people believed to have fraudulently used their identification. In other cases, according to the government, Amazon provided the records too late.