Russian “shadow-fleet” ships are using simple tactics to evade sanctions from the U.S., U.K, and EU.
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Posted inRegulatory Enforcement
Ex-Bridgestone Americas employee to forfeit $21M earned from stolen funds
A former employee of Bridgestone Americas has pleaded guilty to two counts of wire fraud for carrying out a scheme that resulted in his employer paying nearly $15 million in fraudulent invoices submitted through a fictitious vendor that he created.
Posted inPharmaceuticals
Pharma company pays $46M and promises extensive compliance improvements to settle kickback charges
A drug manufacturer will pay more than $46 million and implement significant compliance program improvements to settle allegations that it offered kickbacks to doctors who prescribed its kidney drug.
Posted inArtificial Intelligence
New transparency rules come into force for AI-generated content under EU’s AI Act
Key transparency rules aimed at informing consumers when they are interacting with AI or are exposed to AI-generated content came into effect from August 2 across the EU.
Posted inRegulatory Policy
FinCEN ends beneficial ownership reporting for most small businesses
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.
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
