The head of the U. S’s Financial Crimes Enforcement Network (FinCEN) announced during a congressional hearing that the Network isn’t adopting a “gotcha” approach to enforcing compliance with the new regulations on reporting beneficial ownership information (BOI) by companies. Since implementing the Anti-Money Laundering Act of 2020, FinCEN’s highest priority Read More
The French Data Protection Authority (FDPA) issued a $35 million fine to Amazon for its excessive surveillance of its employees, including the company’s relentless tracking of employee performance and breaks, as well as the implementation of a video monitoring system without informed employee consent. The Commission Nationale de l’informatique et Read More
Verizon subsidiary TracFone Wireless has agreed to a settlement with the Federal Communications Commission to resolve charges that the telecom company violated the rules of a program intended to help low-income consumers purchase Internet access and phone services at a discount. TracFone has agreed to compliance measures and will pay Read More
The U.S. Department of Labor has proposed new rules that would extend mandatory overtime pay to 3.6 million salaried workers. The proposed rule would guarantee overtime pay for most salaried workers earning less than $1,059 per week, about $55,000 per year. “For over 80 years, a cornerstone of workers’ rights Read More
Just as in any other industry, the financial industry has its fair share of questionable behavior, and then some. For this reason, an alphabet soup of regulatory oversight — and accompanying fines for non-compliance, violations, and even fraud — exist to keep financial institutions in line. Regulatory bodies like the 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
The European Commission announced that it has opened an in-depth investigation into Microsoft’s proposed acquisition of Activision Blizzard over anticompetition concerns. Both Microsoft and Activision Blizzard develop and publish games for PC game consoles and mobile devices, as well as distribute games for PCs. In addition, Microsoft also distributes games Read More
The Securities and Exchange Commission finalized its long-awaited so-called “clawback rule” on Wednesday, which would require public companies to recover “erroneously awarded incentive-based compensation” on a wide range of executive officers following a restatement due to misconduct. The SEC had reopened its comment period in June concerning the proposed clawback Read More
Seven directors among five companies have resigned from corporate board positions in response to concerns by the Department of Justice’s Antitrust Division that their roles potentially violated the Clayton Act, the agency announced. Section 8 of the Clayton Act prohibits directors and officers from serving simultaneously on the boards of Read More
The Financial Crimes Enforcement Network (FinCEN) has issued a final rule implementing a beneficial ownership information reporting requirement. The final rule, which implements the registration and reporting requirements of the Corporate Transparency Act (CTA), will require “tens of millions” of companies doing business in the United States to report information Read More
