Compliance & Ethics

LifeSci Capital, a New York-based firm, has reached a settlement with FINRA following several violations related to its handling of underwriting compensation and its failures in adhering to regulatory filing requirements. The firm, a FINRA member since 2014, has agreed to a settlement that includes a $900,000 fine, censure, and a commitment to improve its supervisory systems to better comply with securities regulations.

Brent Wible, Chief Counselor for the Department of Justice’s (DOJ) Criminal Division, delivered a keynote address recently at the American Conference Institute’s (ACI) International Conference on the Foreign Corrupt Practices Act (FCPA). Speaking to an audience of legal experts, government officials, and corporate leaders, Wible reflected on the DOJ’s remarkable achievements in 2024 and outlined its continued commitment to combatting global corruption.

McKinsey & Company Africa (Pty) Ltd (McKinsey Africa) will pay $122 million to resolve charges of bribing South African government officials in a years-long scheme. The U.S. Department of Justice (DOJ) announced the settlement as part of a coordinated effort with South African authorities, underscoring the growing international push against corporate corruption.

The Commodity Futures Trading Commission (CFTC) announced its Fiscal Year 2024 enforcement results, setting a new benchmark with an unprecedented $17.1 billion in monetary relief and sanctions. This record-breaking figure, which includes $2.6 billion in civil penalties and $14.5 billion in disgorgement and restitution, underscores the agency’s dedication to maintaining market integrity and enforcing compliance across an increasingly complex financial landscape.

The European Banking Authority (EBA) has just launched a public consultation on a set of proposed regulations. These rules, aimed at crypto-asset service providers (CASPs), focus on the appointment of a central contact point (CCP) in host Member States to help ensure these businesses comply with local anti-money laundering (AML) and counter-terrorism financing (CFT) regulations.

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has announced a settlement with Aiotec GmbH, a Berlin-based company involved in sourcing industrial equipment for the energy sector. The company has agreed to pay $14.55 million to settle potential civil liabilities arising from a breach of U.S. sanctions laws under the Iranian Transactions and Sanctions Regulations (ITSR).

Raines & Fischer LLP, once a player in the auditing world, is now out of the game—for good. The Public Company Accounting Oversight Board (PCAOB) has permanently revoked the firm’s registration after uncovering shocking attempts to deceive inspection staff, coupled with a laundry list of other compliance failures. In a disciplinary order announced today, the PCAOB didn’t mince words or actions, hitting the firm and three of its partners with stiff penalties and professional bans.