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FCA fines Equifax Ltd £11m for role in one of the largest cyber-security breaches in history
Fine reflects the failure to manage and monitor the security of UK consumer data it had outsourced to its parent company based in the US. The breach allowed hackers to access the personal data of millions of people and exposed UK consumers to the risk of financial crime.
DWS to pay $25M to end US probe into greenwashing
DWS will pay $25 million to settle charges over misstatements regarding its environmental, social, and governance (ESG) investing and failures in policies designed to prevent money laundering. DWS Investment Management Americas made “concerning” misstatements…
US DoJ sentences former CFO of Russian natural gas company to more than seven years in prison for tax crimes
Mark Anthony Gyetvay of Naples, Florida, was sentenced today to 86 months in prison for a scheme to hide millions of dollars of income in undisclosed Swiss bank accounts and submitting a false filing with the IRS.
US DoJ charges three individuals convicted in $93M home health fraud and money laundering scheme
A federal jury in Miami convicted a Florida man and woman today for their roles in a conspiracy to defraud Medicare by billing over $93 million for home health therapy services that were never rendered
FCA fines ADM Investor Services International Limited £6.5M for serious financial crime control failings
The nature of ADMISI’s business and client base presented potentially high levels of money laundering risk because of its business model, the geographical location of its customers, the proportion of its business involving high-risk clients and because it had Politically Exposed Persons as clients.
SEC agreed $26M settlement with global advertising company to resolve FCPA -related charges
SEC announced that Clear Channel Outdoor Holdings Inc. agreed to pay more than $26 million to resolve charges that it bribed Chinese government officials to obtain outdoor advertising contracts in violation of the FCPA…
FinCEN announces $15m civil money penalty against Shinhan Bank America for violations of the Bank Secrecy Act
SHBA admitted to willfully violating the BSA from April 2016 through March 2021, by failing to implement and maintain an effective AML program that was reasonably designed to guard against money laundering and failing to timely report several hundred transactions to FinCEN involving suspicious financial activity by its customers processed by, at, or through the bank.
FinCEN announces $15m civil money penalty against Bancrédito International Bank and Trust Corporation for violations of the BSA
Bancrédito admitted to willfully violating the BSA between October 2015 and May 2022, by failing to timely report suspicious transactions to FinCEN; failing to establish a due diligence program for correspondent accounts established, maintained, administered, or managed in the United States for foreign financial institutions; and failing to implement and maintain an AML program.
SEC enforces Dodd- Frank whistleblower rule against privately held company
US SEC announced settled charges against Monolith Resources LLC, a privately held energy and technology company headquartered in Lincoln, Nebraska, for using employee separation agreements that violated the SEC’s whistleblower protection rules…
SEC charges 3M with Foreign Corrupt Practices Act Violations relating to China subsidiary
The order finds that, from at least 2014 to 2017, 3M’s Chinese subsidiary provided Chinese government officials overseas travel that included guided tours, shopping visits, day trips to nearby sights, and other leisure activities…
SEC fines Colombian conglomerate Grupo Aval and Its bank subsidiary $40m to settle FCPA violations
SEC alleges that Corficolombiana, through its former president and with the joint venture partner, bribed government officials in Colombia to win extend a contract for a 328-mile highway infrastructure project…
FCA secures Confiscation Order against convicted money launderer
On Friday 28 July 2023, Southwark Crown Court imposed a Confiscation Order of £562,636 against Richard Faithfull following his conviction in September 2021. Mr Faithfull was part of a trans-national organised crime group which laundered the proceeds of at least 7 professionally run overseas investment frauds.