Compliance & Ethics

In my previous article, The Integrity Imperative: Rethinking Compliance in an Era of Relentless Change, I explored the shifting nature of compliance in today’s fast-evolving regulatory environment. As we face a global landscape where laws change by the minute, organizations must rethink how they manage compliance—not just as a set of rules to follow, but as a core function rooted in the organization’s values and integrity. This article continues that conversation, diving deeper into how compliance must evolve from a static function to a dynamic, values-driven imperative.

Boston Scientific has decided to discontinue sales of its Acurate Prime and Acurate neo2 heart devices in the European Union, a move that will also see the company forgo seeking approval in the U.S. and other international markets. The decision, announced on Wednesday, stems from escalating clinical and regulatory hurdles that the company has deemed too resource-intensive to meet, first reported by Reuters.

Aion Bank has reached a settlement with the Financial Services and Markets Authority (FSMA). The agreement, finalized today, addresses errors that resulted in some customers not receiving the full interest and loyalty bonuses they were entitled to between December 2019 and June 2024.

The Federal Financial Supervisory Authority (BaFin) has imposed a fine of €1.75 million on SAP, one of the world’s leading enterprise software companies. The fine stems from the company's failure to meet requirements under the German Securities Trading Act (Wertpapierhandelsgesetz – WpHG), specifically regarding the timely publication of key financial report information.

L3 Technologies, a big player in military communications systems, has agreed to pay $62 million to settle allegations involving false cost and pricing data submitted in defense contracts. The case highlights the importance of transparency in government contracts, especially when taxpayer dollars are on the line.

Bruna Szego, the Chair of the newly established European Anti-Money Laundering Authority (AMLA), took center stage at the European Anti-Financial Crime Summit (EAFCS) in Dublin last week, unveiling her vision for the future of AMLA and its role in tackling financial crime across the EU.

In the latest wave of FINRA enforcement actions, two firms are facing consequences for serious compliance missteps that have shaken the financial community. Honeycomb Portal LLC, a crowdfunding intermediary, and BTG Pactual US Capital, LLC, a broker-dealer, are each paying the price for lapses in investor protection and money-laundering oversight.