Compliance & Ethics

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.

In a dramatic enforcement move, the Securities and Exchange Commission (SEC) has taken aim at Kiromic BioPharma, Inc., a Houston-based biotech firm, and two of its former top executives, accusing them of keeping investors in the dark about critical FDA setbacks during a $40 million public offering. While the executives face penalties, the company itself avoided a fine, thanks to its efforts to come clean, cooperate, and make things right after the fact.

The Federal Trade Commission (FTC) isn’t buying IntelliVision Technologies Corp.’s lofty promises about its facial recognition software. In a move that sends a clear message to AI developers, the agency has reached a proposed settlement with the San Jose-based company over allegations that it made unsupported claims about the accuracy and fairness of its AI-powered technology.

After ten years of legal wrangling, Gen Digital Inc. — the tech giant once known as Symantec Corp. — has paid $55.1 million to settle a False Claims Act case involving overcharges to the U.S. government. The hefty payout, which includes $16.1 million in damages and $36.8 million in civil penalties, wraps up one of the longest-running procurement fraud battles in recent memory.