Compliance & Ethics

The Federal Reserve has mandated a comprehensive overhaul of compliance and risk management practices at Customers Bancorp, Inc., the parent company of Customers Bank, following the identification of significant deficiencies in the Bank’s anti-money laundering (AML) and Bank Secrecy Act (BSA) compliance. The move comes as the Bank aggressively pursues a digital asset strategy, raising concerns among federal regulators about its preparedness to manage associated risks.

In the ever-evolving landscape of digital technology, the European Union has taken a bold step towards ensuring universal access with the European Accessibility Act (EAA). Enacted in June 2019, this groundbreaking legislation represents a paradigm shift in how businesses approach digital accessibility, extending far beyond the scope of its predecessor, the 2016 Web Accessibility Directive.

The U.S. Department of Justice has reached a settlement with Legends Hospitality Parent Holdings LLC (Legends) following allegations of illegal premerger coordination in connection with its proposed acquisition of ASM Global Inc. (ASM). The settlement, announced on Monday, requires Legends to pay $3.5 million in civil penalties and mandates significant compliance measures to prevent future antitrust violations.

The U.S. Department of Justice's recently launched whistleblower reward program is drawing both praise and criticism from legal experts in the field. While many welcome the initiative, concerns have emerged about key aspects of the three-year pilot program.

In a landmark decision, U.S. District Judge Amit Mehta has ruled that Google violated U.S. antitrust law by maintaining a monopoly in the search and advertising markets. This ruling marks a significant victory for the Department of Justice (DOJ) in its ongoing efforts to curb the power of major technology companies.

The European Commission has accepted TikTok's commitment to permanently withdraw its TikTok Lite Rewards program from the European Union. This move comes as part of TikTok's efforts to comply with the stringent requirements of the Digital Services Act (DSA), following concerns raised by the Commission earlier this year.

The Federal Trade Commission (FTC) has initiated a lawsuit against TikTok, its parent company ByteDance, and affiliated companies for alleged violations of the Children's Online Privacy Protection Act (COPPA). The Department of Justice filed the suit on behalf of the FTC on August 2, 2024, in the U.S. District Court for the Central District of California.