The Public Company Accounting Oversight Board (PCAOB) has imposed a combined $8.5 million in penalties on the Dutch affiliates of Deloitte, PwC, and EY after uncovering widespread cheating on mandatory internal training exams by hundreds of professionals across all three firms.
In a notable shift to its supervisory approach, the Federal Reserve Board announced Monday that reputational risk will no longer be a formal component of its examination programs for banks. The move marks a departure from long-standing practices in regulatory supervision and signals a recalibration of how the Fed evaluates risk within financial institutions.
Velox Clearing, a Miami-based clearing broker with just two-dozen registered representatives, has learned the hard way that a skeleton compliance crew and patchwork surveillance don’t cut it when you’re moving thinly traded penny stocks for foreign clients.
For nearly a decade, the rules were crystal clear that no bonuses for second-tier executives at state-backed banks in the Netherlands will be allowed. But ABN AMRO decided to test the limits, and now it’s paying the price.
Alphabet’s Google may be heading toward a fresh defeat in its years-long battle with European regulators, after an influential adviser to the EU’s top court recommended upholding a record antitrust fine tied to the tech giant’s Android mobile software.
For nearly five years, Miller Europe let hundreds of its front-facing insurance staff slip off the regulator’s radar. Now it’s paying the price. The Belgian Financial Services and Markets Authority (FSMA) announced this week that it has reached a €500,000 settlement with the Brussels-based broker, a firm born out of Brexit as the EU-facing arm of the UK’s Miller Insurance Group. Alongside the fine, Miller Europe will be named publicly on the FSMA’s website, a regulatory rite of passage for firms caught sidestepping compliance obligations.
The Office of the Comptroller of the Currency (OCC) has stepped up its efforts this month with a new round of enforcement actions aimed at national banks, federal savings associations, and individuals in positions of authority. These actions are about fixing serious issues that could undermine the safety and soundness of the financial system.