After Seeking $200 Million in 2024, SEC Settles for $1.5 Million in Musk Case
Elon Musk has agreed to pay $1.5 million to settle U.S. Securities and Exchange Commission (SEC) allegations that he cheated Twitter shareholders in 2022 by failing to properly disclose his growing stake in the social media company.
Trump Clears Way for Secondary Sanctions on Banks Dealing with Cuba
President Donald Trump on Friday signed an executive order authorizing penalties against foreign banks and other companies anywhere in the world that do business with the Cuban government.
Ultra Electronics to Pay Nearly £15mn to Settle UK Bribery Allegations
Britain’s Serious Fraud Office (SFO) on Friday secured a £10 million payment from defense contractor Ultra Electronics after the company accepted responsibility for failure to prevent bribery, the agency said in a statement.
U.S. Banks Left in the Dark on New Citizenship-Verification Expectations
U.S. banks have heard little from the Trump administration about the scope of an expected executive order that would require them to collect citizenship or immigration-status data on their customers, leaving the industry warning of multibillion-dollar costs and the prospect of millions of Americans being shut out of the banking system.
Austria Falls Short on Dirty-Money Prosecutions, DNFPB Supervision: FATF
The Financial Action Task Force (FATF) placed Austria in enhanced follow-up after finding the country’s framework for investigating and prosecuting money laundering remains weak more than a decade after similar concerns were first raised.
Julius Baer Ordered to Rehire Staffer Who ID’d Potential Sanctions Violations
A German labor court has ruled that Julius Baer Group’s Frankfurt arm wrongly dismissed a manager who had raised internal concerns about alleged sanctions violations linked to the onboarding of clients from Iran and Russia.
Australian Gatekeepers to Face Massive Fines for Ties to Criminal Groups
Accountants, lawyers and real estate agents in Australia will face multimillion-dollar fines for assisting the illicit tobacco trade under a sweeping expansion of anti-money-laundering and counterterrorism financing laws taking effect on July 1.
Italian Asset Manager Ordered to Replace CEO, Board over AML Violations
The Bank of Italy has flagged money-laundering risks at DeA Capital Real Estate SGR and is demanding a remedial plan, a new business strategy, and a sweeping overhaul of the asset management firm’s leadership.
Trump’s Leaner DOJ is Pursuing Fewer Criminal Prosecutions, Data Shows
The Trump administration has cut more than 4,000 employees from some of the nation’s top law-enforcement agencies even as it has pledged to get tough on crime, according to U.S. Justice Department records.
Explainer: What’s in the EU’s 20th Russia Sanctions Package?
The European Union on Thursday formally adopted its much delayed 20th package of restrictive measures against Russia and the bloc’s biggest package of designations in two years. Here’s what’s in it.