Adobe, a computer software company, has agreed to a $3 million settlement with the U.S. government to resolve allegations that it paid kickbacks in exchange for Adobe software sales to the federal government, the Department of Justice announced. According to the April 13 settlement agreement, between January 2011 and December Read More
The U.K. Financial Reporting Council (FRC) has imposed sanctions against KPMG and a former KPMG director for eight breaches relating to the fiscal year 2016 audit of financial statements of Luceco, a producer and distributor of lighting products and wiring accessories. On April 13, the FRC announced it imposed a Read More
The Consumer Financial Protection Bureau (CFPB) on April 3 issued a policy statement explaining the legal prohibition on abusive conduct in consumer financial markets and summarizes over a decade of precedent. In 2010, in response to the financial crisis, Congress passed the Consumer Financial Protection Act (CFPA) creating prohibitions on Read More
The Office of the Comptroller of the Currency (OCC) announced in a final decision that it has “reluctantly” terminated its enforcement action against the former chief compliance officer of Rabobank N.A., the U.S.-based subsidiary of Netherlands-based Rabobank. As CCO, Laura Akahoshi was responsible for overseeing Rabobank’s Bank Secrecy Act and Read More
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
Brazilian mining company Vale has reached a $56 million settlement with the Securities and Exchange Commission to resolve charges for allegedly making “false and misleading disclosures about the safety of its dams,” the SEC announced. In January 2019, Vale’s Brumadinho dam collapsed, killing 270 people, and “causing immeasurable environmental and Read More
Labcorp, a U.S. healthcare company, has agreed to a $2.1 million settlement with the U.S. government to resolve allegations that it overbilled the Department of Defense (DoD) for genetic tests performed by GeneDx, LLC, a third-party reference laboratory used by Labcorp to perform genetic tests for military members, the DoJ Read More
