The former owner of a New York home health care company and two adult day care centers will pay $61 million and was sentenced to more than six years in prison for Medicaid fraud, the DOJ National Fraud Enforcement Division announced.
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Posted inArtificial Intelligence
U.K. AI risk management toolkit targets current and future compliance
The U.K. government has published an AI Risk Management Toolkit for “multidisciplinary teams” who work with AI implementations, procurement, or delivery.
Posted inData Privacy
Grindr agrees $35 million settlement for U.K. complaint over serious data breaches
The tech company behind gay dating app Grindr has agreed to make a $35.2 million settlement over allegations that it shared sensitive personal medical information—including whether people were HIV positive—with third parties.
Posted inWhistleblowers
More whistleblowers to receive 30 percent awards, CFTC says of rule changes
The U.S. Commodity Futures Trading Commission (CFTC) approved updates to its whistleblower rules designed to encourage participation by making it easier for more whistleblowers to receive 30 percent awards.
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From Risk Register to Risk Intelligence — Delivering What Boards Are Asking For Now
Boards expect risk data that’s current, defensible, and forward-looking. Most risk programs still run on static registers and manual processes. The gap shows up in scattered assessments across the enterprise that can’t be validated, in the inability to model scenarios before board presentations, and in audit trails that depend on institutional knowledge instead of transparent logic.
Posted inArtificial Intelligence
FCA’s regulatory approach in the age of AI will work for now, but regular reviews are necessary, warn experts
The U.K.’s principles-based approach to financial services regulation should remain fit for purpose in an age of AI, say experts—so long as the regulatory framework is regularly reviewed. In July, the Financial Conduct Authority (FCA) published the “Mills Review” about how the regulator might need to adapt its approach as financial services firms adopt AI […]
Posted inRegulatory Enforcement
Alcohol distributor pays $12.5M and ups compliance game in DOJ non-prosecution
A U.S. alcohol distributor has agreed to pay $12.5 million and make substantial compliance improvements to resolve allegations that the company and its executives made improper payments to retailers as bribes for business, the DOJ has announced.
Posted inAccounting & Auditing
New audit quality control standard amended to reduce compliance burden
Important revisions to the new audit quality control QC 1000 standard have been announced by the Public Company Accounting Oversight Board. The intention is to increase flexibility for audit firms and reduce compliance costs.
Posted inSanctions
OFSI fines Citibank over Russian sanctions violations
Citibank has been handed a £4.7 million fine after its London branch violated the U.K.’s Russian sanctions regime by processing nearly £20 million in illegal payments to designated individuals and organizations.
Posted inFinancial Services
Financial institutions’ BSA filings linked to $17.5B in possible health fraud, FinCEN finds
Financial institutions’ reports to the U.S. Treasury Department’s Financial Crimes Enforcement Network revealed about $17.5 billion in suspicious financial activity related to health care, according to a FinCEN analysis.
