The Irish Data Protection Authority (DPA) hit Meta with an administrative fine of 1.2 billion euros ($1.3 billion) for violations of the EU’s General Data Protection Regulation (GDPR), making it the largest GDPR fine ever levied. According to the Irish DPA, Meta Ireland violated Article 46(1) of the GDPR when Read More
Medical-device company Stryker disclosed in a regulatory filing that it is being investigated for potential violations of the Foreign Corrupt Practices Act (FCPA), making it the third time in a decade. “We are currently investigating whether certain business activities in a foreign country violated provisions of the Foreign Corrupt Practices Read More
Wells Fargo just keeps paying and paying for its compliance ineptitude. In the latest chapter of the saga, the big bank has agreed to a $1 billion settlement in a securities class-action lawsuit that accused the financial firm of lying about the progress of required compliance reforms. In 2018, Wells Read More
Amsterdam-based Koninklijke Philips will pay $62.2 million in a settlement with the Securities and Exchange Commission for alleged violations of the Foreign Corrupt Practices Act (FCPA) resulting from misconduct related to its sales of medical diagnostic equipment in China. According to the SEC’s order, between 2014 and 2019, employees, distributors, Read More
The Department of Treasury on April 25 announced the release of its first ever “De-risking Strategy,” which broadly addresses financial institutions’ de-risking strategies and their impact on certain customers. The strategy further recommended several policy solutions. As described by Treasury, de-risking refers to financial institutions “terminating or restricting business relationships Read More
The Department of Justice announced the arrest of a convicted felon and disbarred attorney for his alleged involvement in a multi-million-dollar fraud scheme. According to the allegations in the complaint, from its formation around late 2015 until in or about July 2020, Dominion Bank and Trust Company operated as a Read More
General Motors will pay a $365,000 civil penalty in a settlement agreement with the Department of Justice’s Civil Rights Division for alleged discriminatory practices in violation of the Immigration and Nationality Act (INA), the DoJ announced. Alongside the settlement agreement with GM, the DoJ’s Civil Rights Division released a fact sheet Read More
The U.K. Financial Reporting Council (FRC) announced it has launched two separate investigations in relation to audits conducted by Ernst & Young. On April 20, the FRC said it has commenced an investigation in relation to an audit conducted by Ernst & Young of the consolidated financial statements of Made.com Read More
The Department of Commerce’s Bureau of Industry and Security (BIS) has published a memorandum highlighting the incentives U.S. companies and universities can receive when they submit voluntary self-disclosures (VSDs) of U.S. export control violations. In the April 18 memorandum, Assistant Secretary for Export Enforcement Matthew Axelrod stressed that “effective compliance Read More
The Department of Commerce’s Bureau of Industry and Security (BIS) announced its “largest standalone administrative penalty in BIS history.” The resolution with Seagate Technology (Seagate US) and Seagate Singapore includes a $300 million penalty, a mandatory multi-year audit requirement, and a five-year suspended denial order for alleged violations of U.S. Read More
