The U.S. Federal Reserve has imposed an enforcement action on Customers Bancorp for “significant deficiencies” in the bank’s risk management and anti money-laundering practices. The bank has been told to overhaul its policies and regularly report back to regulators on progress. The Pennsylvania-based lender’s chief risk officer, Joan Cheney, said in a statement that the…

Coca-Cola has been ordered to pay $6bn in back taxes after losing a transfer pricing case. The company plans to appeal the decision, but if the IRS prevails, Coca-Cola could owe up to $16bn in back taxes and interest. The case involves transfer pricing, a practice used by multinational corporations to allocate costs and taxable…

KPMG is looking to accelerate its growth as a provider of technology consulting services with a stake in artificial intelligence (AI) startup Rhino.AI, developer of a platform that aims to save clients time and money when upgrading legacy information technology systems. Financial terms of the deal, which builds on an existing alliance, have not been…