The United States (US) House of Representatives (House) Committee on Financial Services' Democratic Party staff (the Committee - Democrats) have announced that they introduced two new Anti-Money Laundering bills into the House on 23 October 2013.
The Taiwan Fair Trade Commission (FTC) has announced that it has fined Samsung Electronics Taiwan Co Ltd (Samsung) NT$10 million (approximately US$340,000/€247,000) for breaching the Fair Trade Act in the online marketing of its products. According to Taipei Times, an FTC investigation found that Samsung's engagement of public relations firm OpenTide Taiwan (OpenTide) to hire writers to pose as consumers and publish positive online reviews of Samsung products constituted unfair or deceptive trade conduct.
Hankyu Hanshin Hotels Co Ltd (Hankyu) has issued an apology (28 October 2013 - Japanese language version available only) for its use of food ingredients other than those indicated on its menus for 47 dishes offered at eight Hankyu venues and 23 stores.
The United States Securities and Exchange Commission (SEC) has announced settlements with three investment advisory firms regarding their breaches of securities law arising from failures to rectify compliance problems identified by the SEC.
The Australian Competition and Consumer Commission (ACCC) has made available a transcript of a speech delivered by ACCC deputy chair Michael Schaper at the National Franchise Legal Symposium on 20 October 2013. Dr Schaper announces that the ACCC's next round of audits will involve examination of franchisors from, among others, the take-away food and health and fitness industries to check compliance with the mandatory Franchising Code of Conduct set out in the Schedule to the Trade Practices (Industry Codes - Franchising) Regulations 1998 No. 162 (Cth) (further information).
The Australian Securities and Investments Commission (ASIC) has announced that more than 40 Indigenous Australian consumers have been released from their rental contracts with Mr Rental Port Augusta (Mr Rental), after ASIC surveillance found that they were, according to the words of ASIC deputy chairperson Peter Kell, "taken advantage of and subjected to ... appalling practices".
The Guardian has made available letters (28 October 2013 - available via the news item link below) from the State of New York Office of the Attorney General (NY OAG) addressed to New York City department stores Barneys New York Inc (Barneys) and Macy's East, asking them to produce relevant internal policy detail to address customer allegations of racial profiling.
United States-based investment bank Goldman Sachs is implementing recommendations made by an internal taskforce in relation to junior bankers, including a recommendation to discourage them from working weekends.
Netherlands-based bank Rabobank Group (Rabobank) has announced that it has reached settlements with Dutch central bank De Nederlandsche Bank (DNB), the Dutch public prosecutor Openbaar Ministerie (OM), the Japan Financial Services Authority (FSA), the United Kingdom Financial Conduct Authority (FCA), the United States (US) Commodity Futures Trading Commission (CFTC) and the US Department of Justice (DoJ) that include financial penalties totaling €774 million.
Kirsten Liston, Associate Vice President - Learning Content Strategy, SAI Global Compliance
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