Microsoft Corporation has been ordered to pay a combined $3.3 million civil penalties in a coordinated enforcement effort brought by the Department of Commerce’s Bureau of Industry and Security (BIS) and the Department of the Treasury’s Office of Foreign Assets Control (OFAC) resulting from alleged and apparent violations of U.S. Read More
Social media platform TikTok has been fined 12.7 million pounds (US$15.8 million) by the U.K. Information Commissioner’s Office (ICO) for breaches of data protection law, “including failing to use children’s personal data lawfully,” the ICO announced. According to the ICO, TikTok violated the U.K. General Data Protection Regulation (UK GDPR) Read More
Wells Fargo will pay approximately $98 million in total penalties resulting from “unsafe or unsound practices relating to historical inadequate oversight of sanctions compliance risks at its subsidiary bank, Wells Fargo Bank,” the Federal Reserve Board announced. On March 30, the Federal Reserve Board announced that it fined Wells Fargo Read More
Germany’s auditor oversight body, APAS, and the country’s federal financial supervisory authority, BaFIN, announced sanctions against audit firm Ernst & Young for its audit work of now-defunct payment card processor Wirecard. Without identifying the firm by name, APAS announced that EY will be prohibited from taking on any new audits Read More
