The Office of the Comptroller of the Currency (OCC) has stepped up its efforts this month with a new round of enforcement actions aimed at national banks, federal savings associations, and individuals in positions of authority. These actions are about fixing serious issues that could undermine the safety and soundness of the financial system.
In an address to industry leaders at the 2025 AFIA Risk Summit, Chris Gower, Executive Director of Cross-industry Risk at the Australian Prudential Regulation Authority (APRA), outlined the increasing need for financial institutions to bolster their operational resilience in response to an evolving geopolitical landscape. Drawing a compelling parallel to the "1991 Perfect Storm," Gower described how three converging risks (technology dependence, third-party vulnerabilities, and geopolitical volatility) are creating challenges that could shake the financial system’s stability.
The Financial Supervisory Authority (FIN-FSA) has just unveiled its latest risk assessment concerning money laundering and terrorist financing (ML/TF) in the life insurance sector. The report provides an in-depth look at how life insurance companies are handling these threats and where they still have room to improve. If you're in the financial services or compliance world, you’ll want to pay attention to this, especially since the sector’s risk level remains “moderately significant” on a scale of 1 to 4.
In the wake of a 2023 data breach that exposed the sensitive personal data of over 155,000 UK residents, genetic testing company 23andMe has been fined £2.31 million by the UK Information Commissioner’s Office (ICO) for failing to implement adequate security measures to protect user information.
The Financial Reporting Council (FRC) has imposed sanctions on KPMG LLP and audit engagement partner Nick Plumb following an investigation into their Statutory Audit of Carr’s Group plc’s financial statements for the fiscal year ending 28 August 2021 (FY21). The investigation, which focused on breaches of independence requirements, has resulted in both financial and non-financial sanctions.
In a high-stakes legal battle, a Texas firm once thriving in the cattle industry now finds itself on the hook for defrauding its customers. Agridime LLC, which is currently in receivership, has been ordered by the U.S. District Court for the Northern District of Texas to pay nearly $103 million in restitution to customers who were duped by its fraudulent activities. This ruling follows a lawsuit filed by the Commodity Futures Trading Commission (CFTC) over what amounted to a Ponzi scheme disguised as a legitimate cattle investment venture.
Unicat Catalyst Technologies, a Texas-based company specializing in catalytic products for the petrochemical and steel industries, has reached a settlement with the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), agreeing to pay $3.88 million.