Block Inc., maker of the popular Cash App, has been hit with a $40 million fine by New York for its alleged failure to report suspicious activity. The move marks the latest in a string of recent state and federal enforcement actions against the company.
Regulatory Enforcement
Posted inRegulatory Enforcement
DOJ disbands crypto investigation unit, another sign of the Trump administration’s support of digital currency
The U.S. Department of Justice (DOJ) disbanded its crypto investigation unit on Monday, marking another step from President Donald Trump to support the crypto industry and lighten the regulatory burden of potential crypto crime investigations that had started under the Biden administration.
Posted inData Privacy
EU looking to scale back GDPR in coming weeks
The European Union’s General Data Protection Regulation has been in effect since 2018, requiring companies to securely handle users’ personal data. The European Commission will reportedly review the regulations and claw back some of the rules, which could make doing business in Europe a little easier for these companies.
Posted inEurope
Companies unprepared for European Accessibility Act as June deadline looms
An accessible website should be a basic requirement for businesses, allowing the largest number of people to access a company’s content and services. With technology as an enabler, it also makes good business sense. After all, why would any organization want to hinder customer access? However, many websites are not fully accessible, and when the European Accessibility Act comes into effect on June 28, this will be an issue for compliance managers across Europe – and beyond.
Posted inRegulatory Enforcement
FTC case against insulin price gouging halted after commissioners fired by Trump
A Federal Trade Commission case against insulin price gouging has come to a screeching halt after two Democratic commissioners were fired by President Donald Trump.
Posted inRegulatory Enforcement
Dismissed Democrats on FTC sue Trump administration
Two former Democratic members of the Federal Trade Commission–Alvaro Bedoya and Rebecca Kelly Slaughter–filed a lawsuit against President Donald Trump and the remaining commissioners, claiming their recent termination was without cause and that the courts should rule their dismissals as “unlawful and ineffective.”
Posted inAccounting & Auditing
FRC fines PwC, auditor combined $4.1M over 2019 work of Wyelands Bank
The U.K. Financial Reporting Council issued penalties against PwC and a former auditor over deficiencies on work related to the 2019 financial statements of now shuttered Wyelands Bank.
Posted inRegulatory Enforcement
DOJ fines MORSE Corp $4.6M for lax cyber controls amid crack down on federal contractors
Yet another government contractor has been slapped with a fine by the Department of Justice for applying lax cybersecurity defenses on sensitive government data.
Posted inEurope
EU regulator questions ‘culture of compliance’ with Digital Markets Act at Apple, Google
The European Commission released its preliminary findings last week regarding Apple and Google not complying with the Digital Markets Act. It issued orders to both companies regarding their business practice and plans to release all of its findings next week.
Posted inRegulatory Enforcement
Treasury reversal of OFAC sanctions against Tornado Cash signals eroding AML scrutiny
The U.S. Treasury Department lifted its sanctions against cryptocurrency mixer Tornado Cash on Friday after a federal appeals court ruled in November the penalty levied by the agency’s Office of Foreign Assets Control was an overreach.
