Danfoss, a multinational Danish energy-efficiency solutions provider, has agreed to pay nearly $4.4 million in a settlement with the Office of Foreign Assets Control (OFAC) resulting from 225 violations of multiple OFAC sanctions programs, OFAC announced. According to OFAC, the violations occurred between November 2013 and August 2017, when Danfoss Read More
The Federal Trade Commission has proposed a new rule that would ban employers from imposing noncompete clauses on employees. According to the FTC, 30 million U.S. employees are covered by noncompetes, and that stopping this practice could potentially increase wages by nearly $300 billion per year. “Noncompetes block workers from freely Read More
The Financial Regulatory Authority (FINRA) fined UBS Securities, the investment banking division of financial institution UBS, $3.75 million for numerous reporting and compliance failures in violation of FINRA reporting rules. FINRA requires member firms to report over-the-counter (OTC) options to the Large Options Positions Reporting (LOPR) system, information that FINRA Read More
Cryptocurrency exchange Coinbase has reached a $100 million settlement with the New York Department of Financial Services for “significant failures” across several areas of its compliance program. The Jan. 4 consent order includes a $50 million penalty and a commitment from Coinbase to invest an additional $50 million in its Read More
The Department of Justice has filed a civil complaint against AmerisourceBergen and two of its subsidiaries, AmerisourceBergen Drug Corporation and Integrated Commercialization Solutions, for ignoring red flags and failing to report suspicious opioid orders that directly contributed to the nationwide opioid epidemic, the DoJ announced. Pharmaceutical distributors, like AmerisourceBergen, are Read More
Epic Games, creator of the popular video game Fortnite, has been ordered to pay a total of $520 million in two separate record-breaking settlements with the Federal Trade Commission for alleged violations of the Children’s Online Privacy Protection Act (COPPA). As part of a proposed federal court order filed by Read More
Honeywell has agreed to pay a total of $202.7 million in penalties, disgorgement, and prejudgment interest to authorities in the United States and Brazil to resolve previously disclosed anti-corruption investigations tied to Brazil state-owned company Petrobras, as well as Unaoil in Algeria, the company announced. In its resolution with the Read More
The Department of Justice, Securities and Exchange Commission, and Ericsson jointly agreed to extend the term of the telecommunication company’s compliance monitorship for one year, as Ericsson faces another round of investigations for corruption allegations it never reported. In December 2019, Ericsson was ordered to pay more than $1 billion Read More
The U.K. Financial Conduct Authority has fined Santander UK 107.8 million pounds (U.S. $132 million) for “serious and persistent gaps” in its anti-money laundering compliance controls. According to the FCA, between December 2012 and October 2017, Santander “failed to properly oversee and manage its AML systems,” which “significantly impacted” its Read More
The Public Company Accounting Oversight Board (PCAOB) announced on Dec. 6 it has sanctioned three KPMG firms and issued $7.7 million in total penalties for a range of violations that occurred from 2016 to 2021. According to the PCAOB, these violations included a failure to cooperate with a PCAOB inspection, Read More
