It was billed as the future of finance: a stablecoin so steady it could weather any storm. Yet, when Terra USD (UST) lost its $1 peg in May 2021, the cracks in that promise were glaringly exposed. Now, Tai Mo Shan Limited, a key player in propping up UST’s illusory stability, is facing a $123 million reckoning from the Securities and Exchange Commission (SEC).
Sustainability reporting has evolved from a nice-to-have to a must-do. For years, it’s been voluntary—a chance to show off green credentials. But now? Regulators and investors are upping the ante. KPMG’s 13th Survey of Sustainability Reporting couldn’t have landed at a better time. With mandatory reporting on the horizon for many countries, the survey offers a fascinating look at how global companies are preparing for this seismic shift—or not.
The Basel Committee on Banking Supervision has officially closed the book on a 25-year-old rulebook, unveiling final guidelines for counterparty credit risk (CCR) management that aim to address vulnerabilities exposed in recent financial turmoil. Announced on December 11, 2024, these guidelines target the persistent weaknesses in CCR, particularly in dealings with non-bank financial intermediaries (NBFIs), which have recently made headlines for all the wrong reasons.
In what might be the hospitality industry's most expensive case of leaving the digital door unlocked, Marriott International and its subsidiary Starwood Hotels are checking out of their security nightmare with a $52 million bill and an FTC-mandated security makeover. The settlement, announced October 9, 2024, addresses three massive data breaches affecting over 344 million guests worldwide.
The collapse of FTX in November 2022 was not merely the downfall of one of the world’s largest cryptocurrency exchanges but a seismic event that reverberated throughout the entire cryptocurrency industry. Once the third-largest crypto exchange, FTX handled billions of dollars in customer funds, making its rise and fall a significant case study in financial instability and regulatory oversight. The event exposed profound vulnerabilities within the cryptocurrency ecosystem, a sector once viewed as both promising and robust. The fallout from FTX’s demise extended far beyond its balance sheet, devastating other cryptocurrency services, shaking investor confidence, and prompting global regulatory scrutiny.
New York-based facial recognition startup Clearview AI has now accrued fines exceeding $115 million for privacy violations across the European Union and the United Kingdom. The Dutch Data Protection Authority (DPA) has recently imposed a $33.7 million penalty, adding to a series of General Data Protection Regulation (GDPR) compliance issues that date back to 2020.
With the Corporate Sustainability Reporting Directive (CSRD) looming like a back-to-school deadline, KPMG’s latest findings reveal who’s ready for the ESG exam—and who might be cramming at the last minute. The stakes are high, as companies not only face the pressure of ticking all the regulatory boxes but also the challenge of proving to increasingly discerning stakeholders that their sustainability efforts are more than just hot air. Those who are prepared are stepping up to the podium, while the less prepared scramble to catch up, knowing that in this high-stakes game, there’s no room for half-measures or last-minute cramming.