The U.S. Department of Justice has secured a guilty plea from Florida-based insurance brokerage AP of South Florida (APSF) and a $107 million civil settlement with AssuredPartners, Inc., marking one of the more striking enforcement actions tied to fraud in the Affordable Care Act marketplace in recent years.
In a joint proposal released Wednesday, the Financial Crimes Enforcement Network and the Office of Foreign Assets Control laid out how payment stablecoin issuers would be brought under anti-money laundering and sanctions rules through the GENIUS Act. The direction of travel is straightforward. If you issue a payment stablecoin in the U.S., you should expect to operate more like a bank than a tech platform.
There has long been an unspoken tension at the heart of anti-money laundering compliance. Banks file more reports, build more controls, document more processes, and yet the question lingers. Is any of it actually stopping bad actors? The Financial Crimes Enforcement Network (FinCEN) took a direct swing at that question, proposing a rule that would fundamentally reshape how financial institutions are expected to approach AML and counter-terrorist financing programs under the Bank Secrecy Act.
Italy’s competition authority has handed Revolut more than €11 million in fines, concluding that the fintech group misled customers about its investment offering and used heavy-handed practices when restricting access to bank accounts.
New Zealand’s Co-operative Bank has been fined approximately $1.5 million (NZD $2.482 million) after the High Court found it charged customers unreasonable fees across a range of lending products over several years.
Australia’s financial intelligence agency, AUSTRAC, has ordered payment platform MHITS to appoint an external auditor to review its anti-money laundering and counter-terrorism financing (AML/CTF) controls, in a move that shows growing unease with how parts of the payments sector are managing financial crime risk.
Federal and state regulators have reached a settlement with Lindsay Automotive Group, forcing the dealership network to return money to consumers and change how it prices and sells vehicles after years of alleged deceptive practices.