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Latest News
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FINTRAC cites Exchange Bank of Canada with AML failures
Monitoring and reporting shortcomings included not submitting SARs where there were reasonable grounds to suspect transactions were related to money laundering or terrorist financing.
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French operator Orange fined €50m for ads in users’ inboxes
The telecommunications operator interspersed adverts between emails without obtaining appropriate consent from millions of customers.
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Swedish BNPL provider Klarna fined Skr 500m for AML violations
The Swedish Financial Supervisory Authority fined Klarna for violation of several key rules of AML regulations.
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FINRA disciplinary action update 2024/47
Disciplinary decisions issued November 30 – December 6, 2024.
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CFPB sues Comerica for alleged mistreatment of federal benefits recipients
The bank is accused of subjecting holders of Direct Express debit cards to excessive wait times and illicit fees.
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Morgan Stanley Smith Barney fined $1.5m for inadequate supervision
Firm found to have no policy or procedure in place that could have detected misappropriation of $10m.
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ASIC roundup: Insurers on notice for complaints handling failures, adviser banned
The Australian Securities & Investments Commission’s latest actions and news, December 2 – 6, 2024.
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SEC charges Kiromic BioPharma for failing to disclose FDA holds
Two former executives were fined, but the company itself will not receive a civil penalty due to its self-reporting.