Compliance & Ethics

The Securities and Exchange Commission (SEC) has formally charged Tyler Loudon, a resident of Houston, Texas, with insider trading related to the acquisition of TravelCenters of America Inc. by London-based oil and gas giant BP p.l.c. The charges, announced today, allege that Loudon, the husband of a BP mergers and acquisitions manager involved in the deal, exploited nonpublic information to pocket $1.76 million in illegal profits.

In an announcement at the American Bar Association's 39th National Institute on White Collar Crime, Deputy Attorney General Lisa Monaco revealed a comprehensive set of initiatives aimed at reinforcing the Department of Justice's (DOJ) commitment to corporate accountability. Among the groundbreaking measures is the creation of a DOJ-run whistleblower rewards program.

This week marks a significant shift in the digital landscape as the European Union's Digital Markets Act (DMA) comes into full effect, introducing a series of changes that aim to reshape the behavior of major tech companies. The DMA is a set of regulations specifically targeting six tech giants classified as "gatekeepers": Amazon, Apple, Google parent Alphabet, Meta, Microsoft, and TikTok owner ByteDance.

The UK Financial Conduct Authority (FCA) has issued a warning to CEOs of Annex 1 firms, comprising certain lenders, safe custody providers, money brokers, and financial leasing companies. The FCA's cautionary letter follows recent assessments of Annex 1 firms' compliance with the Money Laundering, Terrorist Financing, and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs).

Gunvor S.A., an international commodities trading company based in Switzerland, has pleaded guilty and agreed to pay over $661 million to settle an investigation by the U.S. Justice Department, resolving allegations of violations of the Foreign Corrupt Practices Act (FCPA).

Superintendent Adrienne A. Harris of the New York State Department of Financial Services (DFS) has announced a major settlement with Gemini Trust Company, LLC ("Gemini"). The agreement stipulates Gemini's commitment to returning at least $1.1 billion to customers affected by the Gemini Earn Program ("Earn") through the Genesis Global Capital, LLC ("GGC") bankruptcy proceedings.

The Financial Action Task Force (FATF), an international crime watchdog, announced the removal of the United Arab Emirates (UAE) from its 'grey list.' Simultaneously, Kenya and Namibia have been added to the list, subjecting them to heightened scrutiny due to concerns over inadequate measures against money laundering and terrorism financing.