Compliance & Ethics

In recent years, the landscape of regulatory compliance in UK financial services has undergone a significant transformation. As a Governance, Risk, and Compliance (GRC) analyst, I've observed a marked shift in regulatory focus towards non-financial misconduct. This evolving trend presents both challenges and opportunities for firms striving to maintain compliance and uphold their reputations in an increasingly scrutinized environment.

As 2025 approaches, the Joint Committee of the European Supervisory Authorities (ESAs)—comprising the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA), and the European Securities and Markets Authority (ESMA)—is gearing up to tackle the evolving regulatory landscape with renewed vigor. This comes at a time when economic uncertainty, geopolitical tension, and rapid digitalization are challenging the resilience of the EU’s financial systems. The ESAs are poised to address emerging risks and ensure regulatory consistency across sectors, all while steering the EU financial sector through transformative shifts.

The European Securities and Markets Authority (ESMA) released its inaugural consolidated report detailing sanctions and measures imposed by National Competent Authorities (NCAs) across EU Member States in 2023. The report sheds light on the state of regulatory enforcement within the EU financial markets, revealing significant insights into administrative sanctions, their monetary value, and the ongoing pursuit of supervisory convergence.

Moog Inc., a New York-based global manufacturer of motion control systems, has agreed to pay $1.7 million to settle charges brought by the Securities and Exchange Commission (SEC) for violations of the Foreign Corrupt Practices Act (FCPA). The charges stem from a bribery scheme involving the company's wholly owned Indian subsidiary, Moog Motion Controls Private Limited.

Citadel Securities LLC, a major market maker headquartered in Miami, Florida, has agreed to pay a $1 million fine to the Financial Industry Regulatory Authority (FINRA) for failing to comply with Consolidated Audit Trail (CAT) reporting requirements. The settlement, announced on [insert date], comes after a FINRA investigation revealed extensive reporting failures spanning over four years.

Teva Pharmaceuticals USA Inc. and Teva Neuroscience Inc. have agreed to pay $450 million to resolve allegations of kickback schemes and price fixing. The settlement, announced Thursday by the U.S. Department of Justice, addresses violations of the Anti-Kickback Statute (AKS) and the False Claims Act (FCA), marking a major victory in the government's ongoing efforts to combat healthcare fraud.

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.