For nearly a decade, the rules were crystal clear that no bonuses for second-tier executives at state-backed banks in the Netherlands will be allowed. But ABN AMRO decided to test the limits, and now it’s paying the price.
Alphabet’s Google may be heading toward a fresh defeat in its years-long battle with European regulators, after an influential adviser to the EU’s top court recommended upholding a record antitrust fine tied to the tech giant’s Android mobile software.
For nearly five years, Miller Europe let hundreds of its front-facing insurance staff slip off the regulator’s radar. Now it’s paying the price. The Belgian Financial Services and Markets Authority (FSMA) announced this week that it has reached a €500,000 settlement with the Brussels-based broker, a firm born out of Brexit as the EU-facing arm of the UK’s Miller Insurance Group. Alongside the fine, Miller Europe will be named publicly on the FSMA’s website, a regulatory rite of passage for firms caught sidestepping compliance obligations.
The Office of the Comptroller of the Currency (OCC) has stepped up its efforts this month with a new round of enforcement actions aimed at national banks, federal savings associations, and individuals in positions of authority. These actions are about fixing serious issues that could undermine the safety and soundness of the financial system.
The Financial Supervisory Authority (FIN-FSA) has just unveiled its latest risk assessment concerning money laundering and terrorist financing (ML/TF) in the life insurance sector. The report provides an in-depth look at how life insurance companies are handling these threats and where they still have room to improve. If you're in the financial services or compliance world, you’ll want to pay attention to this, especially since the sector’s risk level remains “moderately significant” on a scale of 1 to 4.
The Financial Reporting Council (FRC) has imposed sanctions on KPMG LLP and audit engagement partner Nick Plumb following an investigation into their Statutory Audit of Carr’s Group plc’s financial statements for the fiscal year ending 28 August 2021 (FY21). The investigation, which focused on breaches of independence requirements, has resulted in both financial and non-financial sanctions.
In a high-stakes legal battle, a Texas firm once thriving in the cattle industry now finds itself on the hook for defrauding its customers. Agridime LLC, which is currently in receivership, has been ordered by the U.S. District Court for the Northern District of Texas to pay nearly $103 million in restitution to customers who were duped by its fraudulent activities. This ruling follows a lawsuit filed by the Commodity Futures Trading Commission (CFTC) over what amounted to a Ponzi scheme disguised as a legitimate cattle investment venture.