Compliance & Ethics

The German Federal Financial Supervisory Authority (BaFin) imposed a series of regulatory measures on AKBANK AG following a special inspection of the institution’s business operations. BaFin’s findings revealed significant shortcomings across several critical areas, including anti-money laundering practices, internal audits, and business transaction documentation. The financial regulator has mandated that the bank address these issues promptly, and has levied a total of €432,500 in administrative fines.

The Department of Justice (DOJ) has secured a monumental win in its second monopolization case against Google. A U.S. District Court ruling in the Eastern District of Virginia confirmed that Google’s stranglehold on the digital advertising market violated antitrust laws, a major victory in the ongoing struggle to rein in Big Tech.

‍The Federal Trade Commission (FTC) has taken a stance against accessiBe, approving a final consent order that slaps the company with a $1 million fine. This comes after accusations that accessiBe misled consumers with inflated claims about its accessibility tool, the accessWidget, which the company marketed as a one-stop solution for making websites fully compliant with Web Content Accessibility Guidelines (WCAG).

The Federal Trade Commission (FTC) has filed a lawsuit against Uber, accusing the ridesharing giant of misleading consumers with its Uber One subscription service. The complaint, which was filed today, claims that Uber signed up customers for its paid service without their consent, charged them for benefits that didn’t quite add up, and made it nearly impossible to cancel once they realized the service wasn’t what they were promised.

The Walgreens Boots Alliance has agreed to pay up to $350 million to resolve claims that it played a major role in the opioid epidemic by filling millions of unlawful prescriptions. The U.S. Department of Justice (DOJ), in collaboration with the Drug Enforcement Administration (DEA) and the Department of Health and Human Services (HHS-OIG), reached the agreement with Walgreens, accusing the pharmacy giant of failing to uphold its legal responsibilities when dispensing dangerous controlled substances.

A major legal battle is brewing in the UK, with Google facing a class action that could cost the tech giant up to £5 billion, according to a report by Reuters. The lawsuit, filed at the Competition Appeal Tribunal on Tuesday, accuses Google of using its dominant position in the online search market to drive up advertising prices and shut out competitors.

The Monetary Authority of Singapore (MAS) has just released its latest enforcement report, giving us a look behind the scenes at its efforts to keep Singapore’s financial markets clean and fair. From tackling market manipulation to holding institutions accountable for lapses in anti-money laundering practices, the authority’s recent actions highlight its unwavering commitment to maintaining trust in Singapore’s robust financial system.