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When the UK rolled out its mandatory reimbursement rule for Authorised Push Payment (APP) fraud on October 7, 2024, it marked a new chapter in consumer protection. With banks now responsible for compensating victims up to £85,000 within five days, it seems like a win for customers. But, as I see it, this new legislation, while well-intentioned, brings a host of complex and potentially damaging consequences. There’s no denying we need better protection from fraud, yet I worry that this law, instead of curbing crime, may actually make things worse for the banking sector, consumers, and – ironically – fraud victims themselves.

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Digital advancements in Southeast Asia have become a key strategic focus for ASEAN. Initiatives like the Digital Economy Framework Agreement (DEFA) seek to empower regional businesses and stakeholders to leverage digital technology to spur economic development through digital trade, cross-border e-commerce, and digital payments. However, as the region becomes more integrated and hyper-connected via digital technology, nefarious individuals and criminal syndicates are exploiting this development through cyber scams. According to the State of Southeast Asia 2024 Survey Report, the rise of global scam operations is the third-most concerning geopolitical trend for regional respondents.

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In a stunning turn of events, California-based trucking company Kal Freight Inc. has filed for Chapter 11 bankruptcy protection, unveiling a web of fraudulent activities that have sent shockwaves through the industry. The company faces serious allegations of financial misconduct and asset mismanagement. According to a filing with the Federal Motor Carrier Safety Administration, Kal Freight employs 600 drivers and has 580 power units. The company was founded in 2014 and has locations in California, Texas, New Jersey, Indiana, Tennessee, Georgia, Arizona and Arkansas. Kal Freight filed Chapter 11 with nearly $325 million in long-term debt. Unsecured claims total at least $24 million, according to court filings. 

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A British hedge fund trader has been sentenced to 12 years in prison in Denmark, after being found guilty of orchestrating a tax fraud that cost the Danish government more than £1bn. It is the heaviest penalty ever given out in Denmark for a fraud case. In addition to the prison term, financier Sanjay Shah, who was the founder of London-based hedge fund Solo Capital Partners, received a permanent entry ban to Denmark and will have assets worth $1bn (DKK 7.2bn) seized, as well as a string of properties. He immediately appealed the decision on the spot. But will remain in custody. Shah had entered the courtroom wearing a navy hooded sweatshirt and a red Santa Claus hat.

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The Department of Justice’s (DOJ) Antitrust Division recently updated its Evaluation of Corporate Compliance Programs in Criminal Antitrust Investigations guidance document (“Antitrust Compliance Guidance”). Corporate counsel and compliance officers should carefully consider these updates when developing and implementing antitrust compliance programs.In July 2019, the Antitrust Division introduced its Policy to Incentivize Corporate Compliance and published the original Antitrust Compliance Guidance for the first time. Corporations that had long urged the Antitrust Division to consider compliance efforts viewed the 2019 Guidance positively. The stated purpose of the Antitrust Compliance Guidance is to help prosecutors evaluate compliance programs during both the charging and sentencing stages of investigations and to provide compliance officers and the public with greater transparency regarding the Division’s compliance evaluation process.

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Earlier this year, Bit Mining and its CEO fell under the FCPA hammer. Bit Mining, formerly known as 500.com, resolved investigations with the Justice Department and the SEC for its corrupt scheme to bribe Japanese government officials. On the same date, DOJ announced the indictment of Zhengming Pan, Bit Mining’s former CEO and a Chinese national, for FCPA violations. BIT Mining entered into a three-year deferred prosecution agreement (DPA) in tandem with the filing of a criminal information in the District of New Jersey charging BIT Mining with one count of conspiracy to violate the anti-bribery and books and records provisions of the FCPA and one count of violating the books and records provisions of the FCPA. As part of the settlement, Bit Mining agreed to pay a fine of $10 million, after DOJ agree that Bit Mining was unable to pay a $54 million fine, as mandated by the US Sentencing Guidelines.  

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As digital transactions play a role in the financial landscape, financial institutions invest heavily in fraud prevention tools. Efforts to combat fraud in routine digital payments have been successful, but a new challenge has emerged in the form of social engineering scams. According to the PYMNTS Intelligence report “The State of Fraud and Financial Crime in the U.S.: What FIs Need to Know,” these scams exploit consumer trust instead of bypassing technical safeguards. They led to an increase in fraud levels in 2024. The report showed how FIs are adjusting their approaches to fraud prevention to address this threat. In 2024, scams became the leading form of fraud, surpassing digital payment fraud. The share of scam-related fraud increased by 56%, and financial losses from scams rose 121%, according to the report. 

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Change is a constant for compliance professionals. Once we believe that things are close to feeling settled, cosmic humor dictates an entirely new regulatory or industry development is about to streak into our world. As effective compliance professionals with effective compliance programs, we have the resolve to continuously navigate and adapt to changes. If we want more grace and ease in adapting to changes, we can resist interpreting change as a source of ever-expanding anxiety and responsibility and view change as the opportunity for growth that it is. Change provides opportunities to embed new efficiencies and to further foster meaningful partnerships. It creates targets of opportunity for compliance to demonstrate its value-add function.  Change is good; it stimulates growth. Regulatory and industry changes invite opportunities for compliance programs to adapt into more efficient and effective workflows and structures. To maximize our value in the change management process, we can implement six important steps to adapting to change.

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