Compliance & Ethics

Visa and Mastercard have agreed to pay a combined $199.5 million to resolve a long-running class action lawsuit accusing them of unfairly shifting fraud-related costs to merchants. The proposed deal, filed in the U.S. District Court for the Eastern District of New York, marks the latest in a string of settlements over card network rules and awaits approval from Chief Judge Margo Brodie, according to a recent Reuters report.

Germany’s financial watchdog, BaFin, has fined Oldenburgische Landesbank AG €910,000 ($992,000) after uncovering multiple compliance and control breaches under the German Securities Trading Act (WpHG) during 2020 and 2021.

Italy’s competition authority has slapped ALD Automotive Italia with a €5 million fine ($5.4 million) for misleading customers of its long-term rental service. At the heart of the case is an optional liability-limitation package, sold to almost all ALD clients, that was pitched as offering peace of mind but came with hidden strings attached.

The Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) have issued a joint notice of proposed rulemaking aimed at sharpening supervisory attention on material financial risks, while providing banks with greater clarity on supervisory expectations.

The European Banking Authority (EBA) has reported substantial improvements in how EU and EEA Member States supervise banks for money laundering and terrorist financing risks, marking the conclusion of a six-year review project.

NAVEX partnered with The Harris Poll to survey nearly 1,000 risk and compliance professionals globally about their R&C programs. The survey was conducted between April-May 2025, representing professionals from various industries and organization sizes globally

Insurance giant IAG New Zealand Limited has been ordered to pay a pecuniary penalty of $11.6 million (NZD 19.5 million) after admitting to widespread fair dealing breaches, marking one of the most significant enforcement outcomes in New Zealand’s financial services sector.