Tens of millions of U.S. small businesses will not be required to disclose who owns their businesses, under a final FinCEN decision killing beneficial ownership information reporting.
CW Subscriber Only
Posted inSanctions
Enforcement set to ramp up over sanctions compliance, warn lawyers
When the U.K.’s financial regulator reported that firms’ sanctions compliance had fallen short in multiple areas, it was a warning to the sector that improvements need to be made—and quickly—as oversight and enforcement are set to be cranked up.
Posted inAccounting & Auditing
Execs distrust AI outputs after internal audit flags errors: Report
One in four executives have said that internal audits have uncovered errors in AI outputs that were not picked up by the organization before being shared with external stakeholders and board members.
Posted inAsia
Singapore’s AML framework has a gap against financial crime, FATF finds
Singapore performs well on detecting and prosecuting financial crime, according to a new FATF and APG report, but enforcement still struggles to target the organizers behind its growing cyber-fraud problem.
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 inHealthcare
OSF Healthcare pays $552,250 for HIPAA violations from ransomware breach
Illinois-based OSF Healthcare System has agreed to pay $552,250 to resolve potential HIPAA violations tied to a 2021 ransomware attack.hea
Posted inCryptocurrency and Digital Assets
Thousands of crypto firms miss EU license deadline
Less than 10 percent of crypto firms that were operating in the European Union up until new rules came in on July 1 have been authorized to continue. The rest—an estimated 3,000—are supposed to cease servicing EU clients from within the single market with immediate effect.
Posted inTop Stories
Texas genetics lab, former CEO and businessman pay $36.4M to settle kickback allegations
A Texas genetic testing laboratory agreed to a corporate integrity agreement that requires it to hire a compliance officer as part of a $36.4 million settlement of charges related to a kickback scheme. The company, Access DX, of Houston, signed a five-year corporate integrity agreement (CIA) with the Office of Inspector General of the Department […]
Posted inArtificial Intelligence
AI governance becomes top future skill for entity compliance leaders
Compliance professionals who can demonstrate their understanding of AI governance risks and contribute to closing current governance gaps are well placed to support their organizations and boost their own future careers.
Posted inRegulatory Enforcement
SFO and U.S. authorities investigate collapsed telecoms firm IMC
The U.K.’s Serious Fraud Office has announced that it has launched an investigation into suspected fraud, false accounting and money laundering at telecoms firm Internet Mobile Communications Limited.
