The Securities and Exchange Commission's (SEC) Division of Examinations has released its examination priorities for the 2025 fiscal year. This annual publication aims to inform investors and registrants of potential risk areas that will be a focal point for the Division's oversight and compliance efforts in the coming year.
The UK's Financial Conduct Authority (FCA) has fined Volkswagen Financial Services (UK) Limited (Volkswagen Finance) £5.4 million for serious failures in how it treated customers facing financial hardship. The FCA found that Volkswagen Finance repeatedly fell short in fulfilling its obligations to support vulnerable consumers during times of personal financial difficulty.
The Office of the Comptroller of the Currency (OCC) has unveiled its latest round of enforcement actions for October 2024, cracking down on banks and individuals for a variety of compliance failures. This month’s actions cover a wide spectrum of issues, from severe violations in Bank Secrecy Act/Anti-Money Laundering (BSA/AML) programs to internal fraud by individual employees.
Raytheon Company, a defense giant and subsidiary of RTX, has agreed to pay over $950 million to settle criminal and civil investigations by the Department of Justice (DOJ). The hefty settlement addresses the company’s involvement in fraudulent pricing schemes, violations of the Foreign Corrupt Practices Act (FCPA), and breaches of export control regulations under the Arms Export Control Act (AECA).
In recent years, the landscape of regulatory compliance in UK financial services has undergone a significant transformation. As a Governance, Risk, and Compliance (GRC) analyst, I've observed a marked shift in regulatory focus towards non-financial misconduct. This evolving trend presents both challenges and opportunities for firms striving to maintain compliance and uphold their reputations in an increasingly scrutinized environment.
As 2025 approaches, the Joint Committee of the European Supervisory Authorities (ESAs)—comprising the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA), and the European Securities and Markets Authority (ESMA)—is gearing up to tackle the evolving regulatory landscape with renewed vigor. This comes at a time when economic uncertainty, geopolitical tension, and rapid digitalization are challenging the resilience of the EU’s financial systems. The ESAs are poised to address emerging risks and ensure regulatory consistency across sectors, all while steering the EU financial sector through transformative shifts.
The European Securities and Markets Authority (ESMA) released its inaugural consolidated report detailing sanctions and measures imposed by National Competent Authorities (NCAs) across EU Member States in 2023. The report sheds light on the state of regulatory enforcement within the EU financial markets, revealing significant insights into administrative sanctions, their monetary value, and the ongoing pursuit of supervisory convergence.