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The U.K. Financial Conduct Authority (FCA) has imposed a £16.6 million ($21 million) fine on Metro Bank for failing to adequately monitor money laundering risks through its automated system. The FCA stated that the bank's financial crime monitoring system, installed in June 2016, did not function as intended, compromising compliance with anti-money laundering regulations.
TSB Bank has been fined £10.9 million ($14.2 million) by the Financial Conduct Authority (FCA) for inadequate treatment of retail customers in financial distress. The FCA found that TSB's repayment plans from June 2014 to March 2020 were unrealistic and potentially unaffordable for approximately 232,849 affected customers. Additionally, the bank lacked sufficient controls to ensure fair treatment for those facing financial hardship.
Teva Pharmaceuticals has agreed to pay $450 million to settle allegations from the Department of Justice regarding illegal kickbacks related to co-pays for Medicare patients and price-fixing of generic drugs. The settlement underscores the government's firm stance that such payments are considered inducements, regardless of their intended purpose. The fine reflects Teva's financial capacity, as stated by the DOJ.
The Public Company Accounting Oversight Board (PCAOB) has fined five firms, including Ernst & Young (EY), for failing to comply with audit committee communication rules. EY faces a $45,000 penalty, while Accell Audit & Compliance will pay $40,000, and Crowe MacKay and Grant Thornton are each fined $30,000. This enforcement action is part of the PCAOB's ongoing efforts to ensure adherence to reporting requirements, with a total of 17 firms sanctioned since July 2023.
Adrianne Appel
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
Metro Bank fined 21 million dollars for inadequate anti-money laundering controls
01:00 12.11.2024
TSB fined 14.2 million dollars for mistreatment of struggling customers
02:00 15.10.2024
teva pharmaceuticals agrees to pay 450 million to settle legal allegations
02:00 11.10.2024
PCAOB fines five firms for audit committee communication failures
Crowe MacKay
Ernst & Young
Grant Thornton Advisors LLC
Accell Audit & Compliance
Adrianne Appel
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02:00 26.09.2024
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