The U.K. Financial Reporting Council (FRC) announced in separate actions that it has imposed sanctions against KPMG and PwC, each relating to statutory audits of the financial statements of Eddie Stobart Logistics. The FRC’s penalties, announced June 29, each included discounted fines. KPMG received a reduced sanction of 877,500 pounds Read More
The Federal Trade Commission has issued new guidance for online marketplaces that need to comply with the INFORM Consumers Act, which officially went into effect June 27. “When consumers buy products from online marketplaces, the identity of the seller is often unclear,” the FTC stated in the guidance. Congress passed Read More
Data is one of the most important driving forces of a great compliance program. Compliance leaders often rely on data-driven metrics to find and correct any flaws within their organization’s compliance processes. With so many possibilities, though, what metrics should you include in your compliance report? Which ones offer the Read More
Credit Suisse Securities, a U.S.-based Credit Suisse subsidiary, has been fined $900,000 by the Financial Industry Regulatory Authority (FINRA) for late and inaccurate reporting in violation of numerous FINRA rules. According to FINRA’s order, from November 2015 through at least March 2023, Credit Suisse reported to the Trade Reporting and Read More
JPMorgan Securities, a subsidiary of JPMorgan Chase, has reached a $4 million settlement with the Securities and Exchange Commission to resolve charges that it deleted tens of millions of electronic communications that it should not have deleted. According to the SEC’s cease-and-desist order, from January to April 2018, JPMorgan deleted Read More
The Federal Trade Commission has filed a complaint against Amazon.com after the e-commerce company allegedly enrolled consumers into its Amazon Prime program for years without their consent “while knowingly making it difficult for consumers to cancel their subscriptions,” the FTC said. According to the FTC’s complaint, filed June 21 in Read More
The Federal Communication Commission (FCC) recently announced the launch of a newly created Privacy and Data Protection Task Force, aimed at enhancing data privacy and security practices around consumer communications. This new task force, created by FCC Chairwoman Jessica Rosenworcel and led by FCC Enforcement Bureau Chief Loyaan Egal, is Read More
The Treasury Department’s Office of the Comptroller of the Currency (OCC) ordered MUFG Union Bank to pay a $15 million civil penalty for engaging in deceptive practices in violation of Section 5 of the Federal Trade Commission Act. The OCC issued its consent order May 10, but it was not Read More
Mining company BHP admitted that it owes up to US$280 million in back pay to thousands of affected current and former employees after wrongly calculating public holiday leave for the last 13 years. In a press release, BHP said a preliminary review suggested that certain rostered employees across its Australian Read More
The Swedish Authority for Privacy Protection (IMY) has fined Spotify 58 million Swedish krona (US$5.4 million) after an audit uncovered deficiencies in the way the music-streaming service handled customers’ rights to access their personal data. The EU’s General Data Protection Regulation (GDPR), which entered into force in 2018, provides individuals Read More
