GRC Report Staff

The Financial Crimes Enforcement Network (FinCEN) has just issued an interim final rule that revises key aspects of the Corporate Transparency Act. As of now, U.S. companies and U.S. persons will no longer need to report their beneficial ownership information (BOI) to FinCEN. Instead, the new focus is squarely on foreign companies doing business in the United States, with a clearer framework that streamlines compliance requirements.

Over the weekend, DNA testing giant 23andMe made a staggering announcement that it was filing for Chapter 11 bankruptcy. While the company has certainly faced its fair share of challenges, the core issue here is far from just bad business decisions. At the heart of this struggle lies the fallout from a devastating data breach, which serves as a painful reminder of just how costly cybersecurity risks can be.

UK competition watchdog fines BT, IMG, ITV, and BBC £4.2M for illegal coordination of freelancer pay rates in sports production. Sky avoided penalties as a whistleblower, while the investigation revealed deliberate wage suppression for freelancer workers such as camera operators, sound staff, and production directors.

The UK’s Serious Fraud Office (SFO), France’s Parquet National Financier (PNF), and the Office of the Attorney General of Switzerland (OAG) have announced the creation of a new alliance aimed at strengthening efforts to tackle international bribery and corruption. This new partnership, unveiled at a press event in London today, marks a significant step forward in global cooperation to combat financial crime.

Today, the European Banking Authority (EBA) took a step forward in tracking climate-related risks within the EU banking sector. With the release of its new climate risk monitoring dashboard, the EBA is shedding light on just how exposed European banks are to the changing climate landscape—and how well prepared they are to manage the financial implications.

Hino Motors Ltd., a subsidiary of Toyota, has been sentenced to pay over $1.6 billion in penalties for its role in a widespread emissions fraud scheme. This sentencing, handed down today by U.S. District Court Judge Mark A. Goldsmith, comes after Hino Motors pleaded guilty to submitting false emissions data, deceiving both U.S. regulators and consumers over the course of nearly a decade.

The Office of the Comptroller of the Currency (OCC) is back in action this month, rolling out a series of enforcement decisions that highlight the agency’s ongoing commitment to ensuring the health and safety of financial institutions. The agency’s latest actions range from enforcing accountability at individual banks to taking decisive steps against those who breach trust.