Innovation may be reshaping the financial sector but not always for the better. That’s the message coming through loud and clear in the European Banking Authority’s (EBA) latest biennial Opinion on money laundering and terrorist financing (ML/TF) risks.
Online travel agency Webjet has been ordered to pay $6.1 million (AU$9 million) in penalties by the Federal Court after admitting to misleading consumers about flight prices and booking confirmations, following an investigation by the Australian Competition and Consumer Commission (ACCC).
As trade enforcement intensifies across the U.S., patio furniture company Grosfillex Inc. has agreed to pay $4.9 million to settle allegations it evaded antidumping and countervailing duties (AD/CVD) on aluminum components imported from China. The Justice Department announced the False Claims Act settlement Thursday, marking the second significant trade-related case in as many days.
The UK’s audit and accounting watchdog is not only staying busy, it’s getting faster, leaner, and more strategic. That’s the story behind the Financial Reporting Council’s newly published 2024–2025 Annual Enforcement Review, which offers a candid look at the regulator’s performance over the past year and hints at big changes on the horizon.
Two U.S. subsidiaries of MGI International LLC (Global Plastics LLC and Marco Polo International LLC) have agreed to pay $6.8 million to resolve civil liability under the False Claims Act for failing to pay customs duties on Chinese plastic resin imports. The companies, based in New Hampshire and New York respectively, admitted to undervaluing goods and mis-declaring their country of origin between 2019 and 2024, according to a Justice Department press release issued Wednesday.
The Australian Energy Regulator (AER) is keeping consumers front and center in the fight for fairness. In its newly released 2024–25 compliance and enforcement report, the regulator laid out a year’s worth of action designed to hold energy companies accountable and ensure that vulnerable Australians aren’t left in the dark.
The Hong Kong Monetary Authority (HKMA) has taken disciplinary action against three banks for failing to meet anti-money laundering and counter-terrorist financing (AML/CFT) requirements, citing serious deficiencies in their transaction monitoring systems and oversight.