The Securities and Exchange Commission (SEC) has charged Babu Ramaraj, a Virginia-based engineer, with orchestrating a $30 million fraud scheme through his company, DAB Inspection and Consulting Services LLC. This case highlights significant lapses in governance, risk management, and compliance (GRC) that can lead to severe financial and legal repercussions.
The Consumer Financial Protection Bureau (CFPB) has issued a new directive highlighting potential legal violations by companies that enforce overly broad nondisclosure agreements (NDAs). These agreements could discourage employees from whistleblowing, thereby obstructing the exposure of misconduct and violating federal protections for whistleblowers.
BNP Paribas S.A. has been hit with an administrative fine of €830,000 by Germany's Federal Financial Supervisory Authority (BaFin). The penalty follows the institution’s German branch's failure to meet crucial regulatory requirements set forth by the German Securities Trading Act and Delegated Regulation (EU) 2017/565. These regulations establish the organizational requirements for investment firms, including transparency and suitability assessments.
The Australian Prudential Regulation Authority (APRA) has taken action against OnePath Custodians Pty Limited (OPC), a major player in Australia's superannuation industry, for alleged breaches of the Superannuation Industry (Supervision) Act 1993 (SIS Act).
Data protection authorities across Europe continue to enforce GDPR regulations, with recent actions targeting both a major Dutch retailer and a telecommunications company in Spain.
The recent King's Speech, delivered by King Charles III on behalf of Sir Keir Starmer's newly elected Labour government, heralds a transformative period for UK businesses and compliance professionals. This ambitious legislative program, reminiscent of Labour's sweeping reforms in 1997, promises to reshape the regulatory landscape across multiple sectors, demanding a strategic overhaul of compliance practices nationwide.
The Federal Court of Australia has ordered American Express Australia Limited (Amex) to pay an $8 million penalty for breaching design and distribution obligations (DDO) related to two co-branded credit cards primarily distributed in David Jones stores.