The Financial Conduct Authority (FCA) has handed Metro Bank PLC a £16,675,200 fine, accusing it of leaving the door wide open to potential money laundering risks due to poor transaction monitoring systems that went unchecked for over four years.
Venezuela’s Telefónica Venezolana—a subsidiary of Spanish telecom giant Telefónica S.A.—has agreed to pay over $85 million to resolve allegations of bribery. The telecom firm admitted to a scheme involving payments to Venezuelan officials to gain preferential access to U.S. dollars through a government currency auction, a critical exchange in a nation with tight foreign currency controls. This DOJ settlement spotlights not only the costs of corporate corruption but also the lengths companies sometimes go to work around challenging market conditions in places like Venezuela.
A federal judge in California has recently given the green light for the state’s sweeping carbon disclosure mandates to proceed, at least for now. U.S. District Judge Otis Wright II’s decision keeps California’s new climate disclosure laws on track, though he left the door open for future challenges. Wright’s ruling sidestepped a definitive answer on whether the laws violate companies’ First Amendment rights by forcing them to disclose emissions and climate risks, instead calling for more information to fully assess these questions.
The Consumer Financial Protection Bureau (CFPB) has ordered Navy Federal Credit Union to pay over $95 million to settle allegations of “surprise” overdraft fees that blindsided millions of customers. The penalty includes $80 million in refunds to consumers and a $15 million fine that will go to the CFPB’s victims relief fund, marking the largest amount the CFPB has ever clawed back from a credit union.
Invesco Advisers, Inc. is paying a hefty price for misleading clients and investors about how much of its assets were truly aligned with environmental, social, and governance (ESG) principles. The Atlanta-based investment firm has agreed to settle with the U.S. Securities and Exchange Commission (SEC), which has charged the company with inflating the percentage of its assets that were “ESG integrated.” As part of the settlement, Invesco will pay a $17.5 million civil penalty.
The UK has escalated its pressure on Vladimir Putin, announcing its largest package of sanctions since May. This new wave targets the Kremlin’s sprawling web of military supply chains and the shadowy mercenary groups doing Moscow's bidding from Ukraine to Africa. With these measures, the UK aims to choke off Putin’s lifelines, hitting Russia where it hurts most: its ability to sustain the prolonged—and increasingly desperate—war in Ukraine.
Allianz Trade announced last week the launch of Surety Green2Green, a new solution aimed at accelerating the transition to sustainability within the global economy. Allianz Trade, an international insurance provider and subsidiary of Allianz SE, offers a range of services, including trade credit insurance, debt collection, surety bonds, business fraud insurance, and political risk protection. Allianz SE, headquartered in Germany, is one of the world’s largest financial services providers and the largest insurer in Europe. Allianz Trade’s mission is to empower clients to trade with confidence by ensuring payment security and providing protection against bad debt.