Compliance & Ethics

N26, the German-based digital bank, is facing an extension of anti-money laundering (AML) measures imposed by the German regulator BaFin, as the watchdog continues to express concerns over the bank's compliance controls. The extension comes after BaFin had fined N26 €4.25 million in 2021 for lax money laundering controls and had subsequently imposed a temporary cap on the number of new customers the bank could onboard each month.

Deutsche Bank, one of the world's largest financial institutions, has been dealt a hefty blow by the Federal Reserve, which announced on Wednesday that it will impose a $186 million fine on the bank for its inadequate efforts in preventing money laundering. The regulatory penalty comes as part of an enforcement action aimed at improving the bank's oversight and compliance procedures.

As the U.K.'s Serious Fraud Office (SFO) released its annual report, Director Lisa Osofsky highlighted significant achievements in the agency's fight against fraud and corruption. However, her tenure, marked by both successes and challenges, will come to an end in September, passing the baton to former London police officer Nick Ephgrave.

The U.S. Supreme Court has recently agreed to take up a case that could have far-reaching implications for federal agencies' power and the use of administrative courts. In Jarkesy v. SEC, the Court will examine whether administrative courts, including those utilized by the Securities and Exchange Commission (SEC), are constitutional.

The U.S. Securities and Exchange Commission (SEC) has imposed a $1.4 million fine on Cantor Fitzgerald for its repeated failure to identify and report customers who qualified as large traders. According to the SEC, Cantor Fitzgerald neglected to track and report over 100 large traders over a six-year period. The regulator also revealed that the company had failed to file required forms identifying itself or its affiliates as large traders for more than a decade.

The European Banking Authority (EBA) has released its fourth biennial Opinion on the risks of money laundering and terrorist financing (ML/TF) in the European Union's financial sector. This latest publication outlines the evolving risk landscape and provides recommendations to competent authorities and EU co-legislators on mitigating these risks.

The Federal Trade Commission (FTC) has announced the withdrawal of two antitrust policy statements that it considers "outdated." The decision targets guidance on antitrust enforcement in healthcare that was published in August 1996 and on accountable care organizations (ACOs) published in October 2011. This move aligns the FTC with the Department of Justice (DOJ), which withdrew its guidance on these matters earlier this year. The decision has implications for compliance officers navigating the complex landscape of healthcare antitrust regulations.