The Federal Court of Australia has ordered American Express Australia Limited (Amex) to pay an $8 million penalty for breaching design and distribution obligations (DDO) related to two co-branded credit cards primarily distributed in David Jones stores.
On July 19, 2024, a coalition of U.S. financial regulators unveiled a comprehensive proposal to overhaul anti-money laundering (AML) and countering the financing of terrorism (CFT) regulations for banks and other financial institutions. This joint initiative, led by the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of the Treasury, along with the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), and the Office of the Comptroller of the Currency (OCC), represents the most significant update to AML/CFT rules in decades. The proposal aims to modernize the regulatory framework in accordance with the Anti-Money Laundering Act of 2020 (AML Act).
The Federal Reserve Board has announced significant enforcement actions against Jiko Group, Inc. and Green Dot Corporation, targeting major deficiencies in financial management and consumer compliance.
DaVita Inc., a Fortune 500 company and one of the largest providers of kidney care services in the United States, has agreed to pay $34,487,390 to settle allegations of engaging in multiple illegal kickback schemes. The settlement, announced by the U.S. Department of Justice on July 18, 2024, comes after years of investigation and highlights the government's intensified efforts to combat fraud in the healthcare sector.
The Office of the Comptroller of the Currency (OCC) has announced a series of enforcement actions for July 2024, highlighting its dedication to maintaining robust governance, risk management, and compliance (GRC) across national banks and federal savings associations. These measures underscore the OCC's commitment to ensuring that institutions operate within regulatory frameworks and uphold high standards of conduct.
The cybersecurity sector faces a delicate balancing act between protection, progress, and business enablement. As cyber threats grow more sophisticated and widespread, organizations are increasingly challenged to safeguard their operations while still driving innovation and efficiency. This dynamic environment demands a comprehensive approach to cybersecurity that addresses rising costs, emerging threats, and the integration of advanced technologies.
The U.S. Department of Justice has announced two significant settlements this week, highlighting its ongoing efforts to combat fraud in both COVID-19 relief programs and healthcare services.