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 […]
Danske Bank said in a recent financial report it expects to pay a total of 15.5 billion Danish kroner (U.S. $2.1 billion) to U.S. and Danish enforcement authorities to settle allegations that for years it allowed more than $200 billion in dirty money to be laundered through its former Estonia […]
The Central Bank of Ireland (CBI) has fined Danske Bank 1.82 million euros (U.S.$1.82 million) for transaction monitoring failures relating to its anti-money laundering/countering the financing of terrorism (AML/CFT) policies, procedures, and controls. This is the first penalty the CBI has imposed on a financial institution that is incorporated and […]
The Federal Reserve Board on Aug. 15 published final guidance for evaluating access requests to Federal Reserve Banks accounts and payment services. According to the Federal Reserve Board’s guidance, institutions offering new types of financial products or with novel charters—such as cryptocurrency firms— have grown in recent years, and many […]
Tornado Cash has been sanctioned by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) after the virtual currency mixer was “used to launder more than $7 billion worth of virtual currency since its creation in 2019,” OFAC announced Aug. 8. Among the $7 billion in laundered […]
In the largest penalty ever imposed by the Securities and Exchange Commission against an audit firm, Ernst & Young must pay $100 million and undertake “extensive remedial measures to fix the firm’s ethical issues” to resolve charges that its audit professionals cheated on exams required to obtain and maintain Certified […]
Wells Fargo Advisors will pay a $7 million penalty and has agreed to a censure and a cease-and-desist order to resolve charges brought by the Securities and Exchange Commission. The SEC charged the broker-dealer with failure to file at least 34 Suspicious Activity Reports (SARs) in a timely manner, the […]
During a hearing before the House Financial Services Committee Task Force on Artificial Intelligence, Kevin Greenfield, deputy comptroller for operational risk policy at the Office of the Comptroller of the Currency, stressed the need for stepped up risk management when banks use AI. He also said the OCC will be […]
Two banking regulators have together assessed a $140 million civil money penalty against USAA Federal Savings Bank for what they called “willful violations” of the Bank Secrecy Act. The Financial Crimes Enforcement Network (FinCEN) and the Office of the Comptroller of the Currency (OCC) levied enforcement actions against USAA including […]
A new report finds that regulatory enforcement actions against financial institutions and their employees totaled $5.4 billion for non-compliance with anti-money laundering (AML) and data privacy regulations last year, in comparison to $10.6 billion in 2020, a decline of just under 50 percent. The report, issued by Fenergo, which provides […]
