GRC Report Staff

The Personal Information Protection Commission (PIPC) of South Korea has released comprehensive guidelines titled "Guidelines on Applying the Personal Information Protection Act to Foreign Business Operators." These guidelines aim to help foreign companies navigate and comply with South Korea's Personal Information Protection Act (PIPA), particularly in light of major amendments made to the law in 2023.

Data protection authorities across Europe continue to enforce GDPR regulations, with recent actions targeting both a major Dutch retailer and a telecommunications company in Spain.

TracFone Wireless has agreed to pay $16 million to settle Federal Communications Commission (FCC) investigations into a series of data breaches that exposed customer information. The settlement, announced on July 22, 2024, highlights growing concerns over API security in the telecommunications industry.

Competition authorities from the European Union, United Kingdom, and United States have recently issued a joint statement outlining their commitment to ensuring fair competition in the rapidly evolving field of generative AI. The statement, signed by top officials from the European Commission, UK Competition and Markets Authority, US Department of Justice, and US Federal Trade Commission, signals a coordinated approach to tackling potential risks in the AI ecosystem.

The Federal Court of Australia has ordered American Express Australia Limited (Amex) to pay an $8 million penalty for breaching design and distribution obligations (DDO) related to two co-branded credit cards primarily distributed in David Jones stores.

On July 19, 2024, a coalition of U.S. financial regulators unveiled a comprehensive proposal to overhaul anti-money laundering (AML) and countering the financing of terrorism (CFT) regulations for banks and other financial institutions. This joint initiative, led by the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of the Treasury, along with the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), and the Office of the Comptroller of the Currency (OCC), represents the most significant update to AML/CFT rules in decades. The proposal aims to modernize the regulatory framework in accordance with the Anti-Money Laundering Act of 2020 (AML Act).

The Federal Reserve Board has announced significant enforcement actions against Jiko Group, Inc. and Green Dot Corporation, targeting major deficiencies in financial management and consumer compliance.