Payoneer has agreed to pay a fine of $1.4 million to settle numerous violations of multiple sanctions programs. The Office of Foreign Assets Control announced late last week that the publicly traded online payments company was responsible for 2,260 apparent violations of the office’s sanctions program. OFAC is a Treasury Read More
Ohio-based public utility holding company FirstEnergy will pay a $230 million fine for its connection to a bribery scheme to entice lawmakers to pass a $1 billion bailout for two of its nuclear power plants. The U.S. Justice Dept. charged the company with conspiring to commit honest services wire fraud, Read More
The Financial Reporting Council, Britain’s audit regulator, admonished KPMG once again for conducting poor audits. The FRC says the Big Four firm’s banking audits are not up to acceptable standards for the third year in a row. And KPMG isn’t alone as a target of the regulator’s criticism: Out of Read More
The European Commission has put forth a package of legislative proposals to strengthen the European Union’s anti-money laundering and countering terrorism financing (AML and CFT) rules, including standardizing rules regarding cryptocurrency. The set of proposed rules would create a new EU authority, the Anti-Money Laundering Authority (AMLA), a Europe-wide agency Read More
As the European Union continues to bolster regulations related to climate change, member countries are responding by issuing new environmental, social, and governance (ESG) requirements that address human rights and environmental issues alike. In March, the EU issued a resolution on corporate due diligence and accountability that laid out its Read More
Debt-collection company Encore Capital Group has appointed Steve Carmichael to be its new chief risk and compliance offer. Before joining Encore Capital, Carmichael served as the head of enterprise and financial risk management at Discover Financial Services. The $1.5 billion dollar company recently paid a settlement with the Consumer Financial Read More
The Securities and Exchange Commission announced charges against the acquisition corporation Stable Road Acquisition Company, its sponsor SRC-NI, and the SPAC’s proposed merger target Momentus Inc. for what it calls “misleading claims” about Momentus’s technology, as well as national security risks associated with Momentus’s founder and former CEO Mikhail Kokorich. Read More
A federal judge has granted permission to fintech startup Ripple Labs to question a former Securities and Exchange Commission official about the agency’s policy decisions as the company fights accusations of misleading investors about its cryptocurrency. The decision gives Ripple the ability to depose the former director of the SEC’s Read More
The European Union has launched a new law enforcement agency to investigate crimes such as corruption and tax fraud. Its first order of business will be to look for fraud in how the billions of dollars in EU COVID-19 relief funds are being spent. Launched in the wake of the Read More
The Food and Drug Administration has released a notice of changes to its regulatory oversight activities for imported foods, focusing on streamlining regulatory requirements in countries that are deemed as having comparable food safety practices to the FDA. The changes specifically concern the oversight of food products produced in or Read More
