The Consumer Financial Protection Bureau (CFPB) on Aug. 10 issued an interpretive rule laying out when digital marketing providers for financial firms must comply with federal consumer financial protection laws. Traditionally, those who fall under the regulatory umbrella of the Consumer Financial Protection Act (CFPA), referred to under the law Read More
Tornado Cash has been sanctioned by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) after the virtual currency mixer was “used to launder more than $7 billion worth of virtual currency since its creation in 2019,” OFAC announced Aug. 8. Among the $7 billion in laundered Read More
Chemical company Albemarle disclosed in a recent regulatory filing that it has “commenced discussions” with both the Securities and Exchange Commission (SEC) and the Department of Justice (DOJ) concerning the potential resolution of an investigation that began more than four years ago into potential violations of the Foreign Corrupt Practices Read More
Wellman Dynamics, an aluminum and magnesium castings manufacturer for the defense and aerospace industry, will pay $500,000 to resolve alleged violations of the False Claims Act (FCA) for failing to conduct contractually required testing and falsifying test results for parts used in military aircraft, the Department of Justice announced Aug. Read More
Surgalign Holdings (formerly RTI Surgical Holdings), a global medical technology company, must pay a $2 million civil penalty for pulling revenue forward from future quarters in order to mask revenue shortfalls and then failed to disclose this practice to investors, the Securities and Exchange Commission announced Aug. 3. According to Read More
A federal grand jury ordered Eli Lilly to pay more than $61 million to a former executive of a network of regional drug wholesalers over allegations the drug manufacturer underpaid rebates required under the Medicaid Drug Rebate Program. Under the Medicaid Drug Rebate Program, the rebates drugmakers must pay are Read More
The 2021 Corruption Perceptions Index (CPI) released by Transparency International shows that corruption levels remain at a standstill worldwide, with 86 percent of countries making little to no progress in the last 10 years. Nearly two-thirds of nations scored below 50 on the 100-point scale this year. The largest declines Read More
Robinhood Crypto (RHC) has been ordered to pay a $30 million penalty for “significant deficiencies” in its Bank Secrecy Act/anti-money laundering (BSA/AML) compliance program and for cybersecurity violations, said the New York Department of Financial Services. NYDFS discovered RHC’s compliance deficiencies following a supervisory examination and a subsequent investigation. In Read More
FCA US (formerly Chrysler Group) must pay a $300 million criminal penalty and will be under a three-year probation for making “false and misleading representations” to U.S. regulators and customers for cheating emissions standards on more than 100,000 vehicles. FCA US has been ordered to pay a $96.1 million fine Read More
