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Cash App

News Brief

Cash App owner Block to pay $175M over fraud caused by lax consumer protection practices

2025-01-17T17:43:00+00:00By

Block, the owner of Cash App and Square, will pay $175 million to settle allegations that its lax consumer protection practices put customers at high risk of fraud, the Consumer Financial Protection Bureau said.

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CJEU ruling adds to GDPR liability over unfair competition, AML/CFT

2025-01-16T15:53:00+00:00By

Legal cases and fines for noncompliance with EU’s GDPR could rise sharply after a court found that a breach was a source of unfair competition. The judgment also opens doors to civil cases over companies that ignoring expensive or challenging rules, such as those regarding AML/CFT.

off_channel_comm_web

News Brief

SEC issues $63M in fines to dozen firms in ongoing off-channel comms sweep

2025-01-15T16:24:00+00:00By

Twelve more firms have been dinged with fines by the Securities and Exchange Commission for failing to properly supervise employees who used off-channel communications to conduct company business. In this latest round of enforcement actions, nine investment advisers and three broker-dealers will pay a total of $63 million.

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More from Compliance Week

AI United States

News Brief

White House, BIS attempt to strengthen AI chip export controls in final days of Biden presidency

2025-01-14T17:13:00+00:00By

In tandem with the Commerce Department’s Bureau of Industry and Security, the Biden administration issued a new rule on export controls of domestically produced artificial intelligence chips.

crypto_gaming_web

News Brief

New CFPB payment privacy rule on the way for gaming companies, cryptocurrencies, Big Tech

2025-01-13T19:39:00+00:00By

The Consumer Financial Protection Bureau has issued a proposed rule aimed at protecting the privacy of the public when using novel digital payment systems, such as those offered by large technology platforms and video gaming companies.

BMO

News Brief

Broker-dealer BMO Capital Markets to pay $41M to settle trade supervision lapses

2025-01-13T17:32:00+00:00By

A broker-dealer subsidiary of Toronto-based BMO Financial Group will pay nearly $41 million in penalties to the Securities and Exchange Commission to settle allegations that its traders issued misleading disclosures on bonds for three years, causing $19 million in harm to its customers.

SEC office

News Brief

Cannabis company dinged by SEC over ‘round-trip’ transfer to inflate year-end cash

2025-01-10T20:14:00+00:00By

A cannabis company agreed to pay $225,000 to settle allegations that funds were temporarily deposited into its year-end accounts for the sole purpose of inflating year-end cash, the Securities and Exchange Commission said.

WWE_web

News Brief

SEC slams WWE founder Vince McMahon for misstatements caused by hush money payments

2025-01-10T18:03:00+00:00By

Vince McMahon, the founder and former CEO of WWE, was fined $400,000 and ordered to reimburse the wrestling giant more than $1.3 million to settle charges brought by the Securities and Exchange Commission that he failed to disclose hush money payments he made on behalf of himself and the company.

Experian sign

News Brief

Experian failed to correct flawed financial data about consumers, CFPB complaint alleges

2025-01-09T15:18:00+00:00By

Experian, the credit reporting giant, let compliance slide when it came to addressing consumer complaints about incorrect data, the Consumer Financial Protection Bureau said in a lawsuit against the credit agency.

novo_banco_web

News Brief

Portuguese bank ousts chief risk officer after ‘suspicious’ transactions uncovered

2025-01-08T17:13:00+00:00By

Portuguese bank Novo Banco, S.A., fired Chief Risk Officer Carlos Jorge Ferreira Brandão “with just cause” after an internal probe discovered “suspicious financial transactions” in his sphere.

Bank overdraft

News Brief

CFPB rule bans lenders from using medical debt in credit report determinations

2025-01-07T19:16:00+00:00By

Banks and other lenders will be prohibited from using medical debt information in credit reports, under a new rule finalized by the Consumer Financial Protection Bureau, the agency said.

Russia sanctions

News Brief

SkyGeek dinged by OFAC for completing orders, refunds with sanctioned Russian firms

2025-01-07T16:26:00+00:00By

Nearly three years after Russia invaded Ukraine, numerous U.S. sanctions imposed on Russia-based companies connected to the war effort have made doing business in the country fraught with unseen risks, as one U.S. airplane parts distributor learned recently.

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