In a costly lesson for the financial sector, the UK’s Financial Conduct Authority (FCA) has slapped Macquarie Bank Limited’s London Branch (MBL) with a £13 million fine. The penalty stems from serious control failures that allowed a junior trader to record over 400 fictitious trades in an audacious attempt to hide mounting losses.
The Department of Justice’s (DOJ) Antitrust Division recently updated its Evaluation of Corporate Compliance Programs in Criminal Antitrust Investigations, a guidance that serves as a benchmark for companies to assess and improve their compliance programs. This revision builds on the 2019 guidelines and highlights emerging trends, especially the growing importance of technology, communication tools, and management culture in maintaining robust antitrust compliance.
The Council of the European Union has adopted a new regulation that bans products made with forced labour from the EU market. The decision, finalized on November 19, 2024, marks a turning point in global trade standards, with Europe sending a resounding message: forced labour has no place in its supply chains.
New York Attorney General Letitia James and Department of Financial Services (DFS) Superintendent Adrienne Harris have secured $11.3 million in penalties from GEICO and Travelers Insurance. The auto insurers were found to have inadequate data protections, leading to breaches that exposed the personal information of over 120,000 New Yorkers, with some of that data later used to commit unemployment fraud during the COVID-19 pandemic.
Barclays is closing the book on one of the most contentious chapters in its history, agreeing to pay a £40 million fine to the Financial Conduct Authority (FCA) for failing to disclose key arrangements with Qatari investors during a pivotal moment in 2008. The saga, which has spanned over a decade, is an important reminder that actions taken under pressure can reverberate for years.
The Securities and Exchange Commission (SEC) announced today that it had agreed on charges against United Parcel Service (UPS) in response to falsified earnings numbers resulting from its failure to comply with generally accepted accounting principles (GAAP) when valuing one of its poorest-performing subsidiaries.
The Securities and Exchange Commission (SEC) has unveiled its enforcement results for fiscal year 2024, showcasing significant efforts to hold wrongdoers accountable and strengthen the integrity of U.S. capital markets. The Commission filed 583 enforcement actions in total, securing a record $8.2 billion in financial remedies, the highest amount in SEC history.