Two recent guilty pleas by former employees of TD Bank have drawn renewed attention to the role insider access can play in facilitating financial crime — particularly when combined with weaknesses in transaction monitoring, escalation, and account oversight.
Poland’s consumer protection authority has fined PKO Bank Polski nearly $19.9 million (PLN 79,291,800) after concluding that the bank used contract language that gave it sweeping control over changes to consumer loan interest rates, with little clarity for borrowers on when or why costs could increase. The nearly $19.9 million (PLN 79,291,800) fine reflects both the duration of the practice and the scale of the bank’s consumer business, according to the regulator.
South Korea’s competition regulator has taken enforcement action against BRKorea Co., finding that the company pushed through nationwide promotional campaigns that required franchisees to share costs without first securing the legally required level of approval.
The Dubai Financial Services Authority has fined reinsurance broker Ed Broking (MENA) $455,176 after concluding that the firm engaged in misleading and deceptive conduct across a series of reinsurance placements in the Dubai International Financial Centre.
Australia’s Federal Court has ordered Australian Unity Funds Management Limited to pay a civil penalty of $4.95 million (AUD 7.125 million) after finding the firm failed to properly assess whether a retail investment product was suitable for investors, breaching the country’s design and distribution obligations.
An Australian federal court has ordered BPS Financial to pay $9.7 million USD (AUD 14 million) in penalties over its promotion and operation of the Qoin Wallet, a crypto-based payment product that regulators said was sold without the required licenses and backed by misleading claims.
Video games were once a hobby defined by premium products. Consoles often cost several hundred dollars, and games themselves were priced around $60 for most of the last two decades. Purchasing a console and building a collection of games was an intentional act. A console is no small purchase, especially for a young audience or the generous parent. The purchase of individual games was typically a decision informed by quality and value from a discerning consumer.