The Federal Trade Commission (FTC) has taken decisive action against Avast, a prominent software provider known for its antivirus and browser extension products. The finalized order, stemming from charges first announced in February, imposes a dual penalty on the company: a prohibition on selling web browsing data for advertising purposes and a substantial $16.5 million fine.
The Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced significant sanctions against nearly 50 entities and individuals forming a vast "shadow banking" network supporting Iran’s Ministry of Defense and Armed Forces Logistics (MODAFL) and the Islamic Revolutionary Guard Corps (IRGC). This network has facilitated illicit access to the international financial system, processing billions of dollars since 2020. The primary activities generating these revenues include the sale of Iranian oil and petrochemicals, vital for funding advanced weapons systems and regional proxy groups.
The European Union has officially launched its new framework for tackling money laundering and terrorist financing. The European Banking Authority (EBA) has welcomed this development, which includes the establishment of a dedicated anti-money laundering and countering the financing of terrorism authority (AMLA).
The Securities and Exchange Commission (SEC) has taken action against Meta Materials Inc. and its former CEOs, John Brda and George Palikaras, alleging a market manipulation scheme that raised $137.5 million from investors in 2021.
The Bank for International Settlements (BIS) has issued a stark warning to central banks worldwide: adapt your AI governance frameworks now or risk being left behind. In a landmark report released on June 25, 2024, the BIS emphasizes that traditional governance models are inadequate for the AI-driven future of finance.
The Federal Reserve Bank of Chicago has entered into a Written Agreement with Pedcor Financial, LLC, Pedcor Financial Bancorp, and Fidelity Federal Bancorp. This action comes in response to concerns about the financial soundness and risk management practices of these entities, which control United Fidelity Bank, FSB in Evansville, Indiana.
On June 25, 2024, the California Privacy Protection Agency (CPPA) and France's Commission Nationale de l'Informatique et des Libertés (CNIL) signed a landmark declaration of cooperation in Paris. This agreement aims to strengthen efforts in safeguarding personal information and advancing privacy rights across borders.