Compliance & Ethics

Spain’s Comisión Nacional del Mercado de Valores (CNMV) has released the results of its 2024 review on how entities under its supervision assess risks related to money laundering. The review, conducted as part of Spain’s broader push to meet new European regulations, uncovered several shortcomings in the way entities approach money laundering risk assessments, calling attention to critical areas that require improvement.

The Office of the Comptroller of the Currency (OCC) is keeping a close watch on both banks and their employees with its February enforcement actions. The agency has taken action against several banks and individuals for serious compliance failures and misconduct. It’s not just about issuing penalties, it’s about ensuring lasting change and reinforcing accountability across the banking industry.

YAPP USA Automotive Systems Inc. has agreed to pay $14.2 million after being accused of falsely certifying its eligibility for a Paycheck Protection Program (PPP) loan. The company, a subsidiary of State Development and Investment Corp. Ltd., a Chinese state-owned entity, applied for and received a $9.6 million loan under the PPP, which was later forgiven by the Small Business Administration (SBA). However, the U.S. government says the company did not meet the necessary criteria to qualify.

When you think of government contracts, the last thing that might come to mind is a mix-up of payments or a cybersecurity breach, especially when it comes to protecting our nation’s military families. But that’s exactly what’s behind two of the most recent enforcement actions by the Department of Justice (DOJ), resulting in settlements worth more than $40 million. These cases serve as a strong reminder of the serious responsibility companies take on when they sign contracts to serve the public, particularly when it involves taxpayer funds and sensitive data.

The Financial Conduct Authority (FCA) has handed down a fine of £1,662,700 to Mako Financial Markets Partnership LLP (Mako) for serious lapses in its systems and controls—failings that left it vulnerable to facilitating financial crime. This is the latest in a series of enforcement actions stemming from the FCA’s deep dive into cum-ex trading, a practice that has raised alarms across Europe and beyond.

When President Donald Trump signed an executive order on February 10, 2025, pausing the enforcement of the Foreign Corrupt Practices Act (FCPA), he set off a chain reaction that has reverberated through boardrooms and government offices alike. The executive order gives the Department of Justice (DOJ) 180 days to review and revise its approach to FCPA enforcement, a move that could dramatically reshape how the U.S. tackles international corruption.

Barclays has found itself in the midst of an investigation by the U.K.’s Financial Conduct Authority (FCA) over its money-laundering controls. The London-based bank disclosed this news on Thursday in its annual report, confirming its full cooperation with the FCA as the regulator digs deeper into the bank’s handling of financial crime risks.