GRC Report Staff

The Financial Industry Regulatory Authority (FINRA) has announced a significant penalty against SoFi Securities LLC, amounting to $1.1 million, for multiple violations related to its customer identification and identity theft prevention programs. SoFi Securities, headquartered in San Francisco, California, and a member of FINRA since 2011, was found to have inadequately established and maintained protocols for its cash management brokerage account, SoFi Money, resulting in vulnerabilities to fraudulent activities.

The Commodity Futures Trading Commission (CFTC) is doubling down on its data and artificial intelligence capabilities with the appointment of Dr. Ted Kaouk as the agency's first Chief Artificial Intelligence Officer.

The cybersecurity landscape is a battleground, and state and local governments find themselves on the frontlines. Cyber threats loom larger than ever, escalating in frequency and sophistication as we progress through 2024. While high-profile breaches often dominate headlines, state and local agencies are not exempt from the relentless barrage of attacks aimed at compromising sensitive citizen data and disrupting critical operations. This pivotal moment demands decisive action to fortify data privacy and security measures.

The UK's Financial Conduct Authority (FCA) Chief Executive Nikhil Rathi delivered a speech at the Digital Regulation Cooperation Forum (DRCF), outlining the FCA's priorities for regulating Big Tech firms operating in financial services.

The European Data Protection Board (EDPB) has issued its annual report for 2023, detailing its activities and major enforcement actions taken by EU data protection authorities over the past year. The report serves as a compliance wake-up call for businesses operating in the EU, with substantial fines levied for violations of the General Data Protection Regulation (GDPR).

In a joint effort to disrupt Russia's earnings from the export of metals, the United States Department of the Treasury, in collaboration with the United Kingdom, has introduced two significant measures aimed at limiting the flow of Russian-origin aluminum, copper, and nickel.

The Public Company Accounting Oversight Board (PCAOB) has unveiled its 2023 Annual Report, showcasing a year of dynamic initiatives aimed at fortifying investor protection and enhancing audit quality. With a focus on compliance and regulatory enforcement, the report highlights significant milestones achieved in standard setting, inspections, and enforcement actions.