Meta has agreed to pay up to $18 billion and overhaul teen safety features on Facebook and Instagram as part of a settlement with 47 states, the District of Columbia, and U.S. territories.
Oscar Gonzalez
Oscar Gonzalez is the Managing Editor for Compliance Week. He previously worked at Gizmodo, CNET, CBS News Radio, TheStreet, and NBC.
Email: oscar.gonzalez@complianceweek.com
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Posted inRegulatory Enforcement
SEC accuses former Wall St. bankers, including BOA employee, of insider trading scheme
The SEC has charged two former Wall Street investment bankers with insider trading tied to the 2022 acquisition of energy company South Jersey Industries.
Posted inBanking
JPMorgan quietly debanked Polymarket over regulatory fears, report said
JPMorgan reportedly debanked the prediction market Polymarket last year over regulatory concerns. This incident underscores the compliance risks banks face when servicing prediction markets.
Posted inArtificial Intelligence
California’s AI labeling law takes effect, testing compliance with missing detection tools
California’s AI Transparency Act took effect Aug. 2, requiring generative AI developers to disclose AI-generated content. But a new investigation found several tech companies aren’t following the requirements yet.
Posted inTechnology
CFTC invokes emergency authority to keep Kalshi operating amid New York lawsuit
The CFTC invoked its emergency authority to order Kalshi to keep operating, after the company notified the agency of a market emergency triggered by New York’s lawsuit against it.
Posted inBanking
Deutsche Bank, Bank of America delayed flagging $420M in Epstein-linked transactions, Senator’s report says
Deutsche Bank and Bank of America took years to report more than $420 million in suspicious transactions connected to Jeffrey Epstein, according to a new report from Sen. Ron Wyden (D-Ore.), ranking member of the Senate Finance Committee.
Posted inRegulatory Enforcement
New York is the latest state to sue Kalshi for hosting an illegal gambling operation
New York Attorney General Letitia James sued prediction market platform Kalshi on July 31, alleging the company has been operating an unlicensed gambling business in violation of state law. The lawsuit is the latest legal challenge facing Kalshi, which is already battling several other states as courts determine what regulations, if any, the company must follow.
Posted inRegulatory Enforcement
DOJ launches new trade fraud unit as task force tops $1 billion in recoveries
The DOJ announced the creation of a new unit dedicated to investigating and prosecuting criminal import, trade, and customs fraud.
Posted inRegulatory Enforcement
Kalshi, CFTC clash with states over prediction market jurisdiction
The fight over who regulates prediction markets continues as the CFTC filed a lawsuit against another state for its attempt to cement its jurisdiction on these companies. One of these companies, Kalshi, fought back as well, suing the state of Illinois, adding to the growing list of legal battles over this still-emerging sector.
Posted inRegulatory Enforcement
FTC, states settle right-to-repair suit with John Deere
The FTC and five states reached a settlement with Deere & Company that requires the agricultural equipment maker to overhaul practices that limited farmers’ ability to repair their own machinery, the FTC announced Wednesday.
