Compliance & Ethics

In an unprecedented enforcement action that marks a watershed moment in compliance and regulatory enforcement, TD Bank has pleaded guilty to multiple felonies and agreed to pay $1.8 billion in criminal penalties, with total penalties reaching approximately $3 billion when combined with civil enforcement actions. The resolution represents not only the largest penalty ever imposed under the Bank Secrecy Act but also introduces a novel enforcement approach: the first-ever daily fine against a bank for persistent compliance failures.

The Securities and Exchange Commission has awarded $12 million to three individuals whose cooperation proved instrumental in a major enforcement action. The substantial reward underscores a shifting landscape where internal witnesses increasingly shape Wall Street oversight.

Britain's financial watchdog has imposed a £10.9 million fine on TSB Bank plc, underscoring the regulator's growing intolerance of inadequate customer protection measures in the banking sector. The penalty comes after a comprehensive investigation revealed persistent failures in the bank's treatment of customers facing financial hardship.

Singapore's Inter-Ministerial Committee (IMC) recently announced a sweeping overhaul of the nation's anti-money laundering framework, introducing far-reaching measures designed to strengthen the city-state's defenses against financial crimes while preserving its status as a leading global financial center.

The Securities and Exchange Commission announced today that Gurbir S. Grewal, Director of the Division of Enforcement, will leave his position effective October 11, 2024. Sanjay Wadhwa, the division's current Deputy Director, will take over as Acting Director, while Sam Waldon will serve as Acting Deputy Director.

The Commodity Futures Trading Commission's recent enforcement actions against three swap execution facilities, resulting in $2.175 million in combined penalties, has sparked significant debate over the agency's evolving regulatory approach, including a rare public dissent from within the Commission itself.

Ovintiv USA Inc. has agreed to pay $5.5 million in civil penalties and implement approximately $10 million in facility upgrades to resolve Clean Air Act violations at its oil and gas production facilities in Utah, federal authorities announced today.