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.
On July 19, 2024, a coalition of U.S. financial regulators unveiled a comprehensive proposal to overhaul anti-money laundering (AML) and countering the financing of terrorism (CFT) regulations for banks and other financial institutions. This joint initiative, led by the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of the Treasury, along with the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), and the Office of the Comptroller of the Currency (OCC), represents the most significant update to AML/CFT rules in decades. The proposal aims to modernize the regulatory framework in accordance with the Anti-Money Laundering Act of 2020 (AML Act).
The Federal Reserve Board has announced significant enforcement actions against Jiko Group, Inc. and Green Dot Corporation, targeting major deficiencies in financial management and consumer compliance.
DaVita Inc., a Fortune 500 company and one of the largest providers of kidney care services in the United States, has agreed to pay $34,487,390 to settle allegations of engaging in multiple illegal kickback schemes. The settlement, announced by the U.S. Department of Justice on July 18, 2024, comes after years of investigation and highlights the government's intensified efforts to combat fraud in the healthcare sector.
The U.S. Department of Justice has announced two significant settlements this week, highlighting its ongoing efforts to combat fraud in both COVID-19 relief programs and healthcare services.
The U.S. Securities and Exchange Commission (SEC) has awarded more than $37 million to a whistleblower whose invaluable information played a crucial role in a successful legal action against securities violations. This landmark award underscores the SEC's commitment to transparency and investor protection.
As the financial services sector grapples with rapid technological change and emerging risks, New York's top financial regulator is stepping up its efforts to protect consumers and maintain market stability.