Enforcement

Enforcement

Germany Bans EY for Two Years Over Wirecard Audits

By Editors | 04/04/2023

Germany’s auditor regulator also fined the company €500,000, and five of its current and former auditors between €23,000 and €300,000.

Enforcement

SEBI Probing Related Party Transactions at Adani Group

By Editors | 04/04/2023

SEBI is probing three offshore entities which entered into investment transactions with unlisted Adani Group units over the last 13 years.

Enforcement

US SEC Fines Merrill Lynch for FX Fee Disclosure Failures

By Editors | 04/04/2023

Merrill Lynch agreed to pay disgorgement, prejudgment interest, and a civil penalty totaling more than $9.5mn and to distribute funds to harmed clients.

Capital / Liquidity

US Lawmakers Propose ‘Failed Bank Executives Clawback Act’

By Editors | 04/04/2023

The proposed bill would require the FDIC to claw back “all or part” of the compensation paid to executives in the five years preceding a bank’s failure.

Capital / Liquidity

Swiss Prosecutor Opens Criminal Probe Into Credit Suisse Takeover

By Editors | 03/04/2023

The prosecutor is looking into potential breaches of Switzerland’s criminal law by government officials, regulators and bank executives.

Enforcement

US SEC Charges Two Over SPAC Insider Trading Scheme

By Sanday Chongo Kabange | 02/04/2023

The duo used non-public information in advance of at least 7 merger announcements involving SPACs to earn illicit profits of more than $3.4mn.

Enforcement

Fed, OFAC Penalise Wells Fargo for Sanctions Non-Compliance

By Editors | 02/04/2023

Wells Fargo’s predecessor, Wachovia, provided software that was used by a foreign bank to process USD 532 million in prohibited transactions.

Enforcement

US Court Dismisses Archegos-related Lawsuit Against Banks

By Editors | 01/04/2023

The judge ruled that Goldman Sachs and Morgan Stanley were not liable to investors for selling stocks they knew Archegos would be forced to sell.

AML / KYC

UK Unveils New Plan to Tackle Economic Crime

By Sanday Chongo Kabange | 31/03/2023

The plan involves hiring 475 specialist investigators, investing in technology and data analytics, and establishing a new multi-agency crypto cell.