Compliance & Ethics

The Irish Data Protection Commission (DPC) has handed down a large fine to TikTok, totaling €530 million, following an extensive investigation into the platform's handling of user data. The fine comes after the DPC concluded that TikTok violated key provisions of the General Data Protection Regulation (GDPR), specifically regarding its transfers of personal data of European Economic Area (EEA) users to China.

Raytheon and its former subsidiary, Nightwing Group, have reached an $8.4 million settlement to resolve allegations tied to cybersecurity lapses in contracts with the U.S. Department of Defense (DoD). This settlement, while hefty, speaks volumes about the importance of cybersecurity in defense contracting and the government’s commitment to keeping sensitive information safe from cyber threats.

The House Financial Services Committee has advanced a proposal that would dismantle the Public Company Accounting Oversight Board (PCAOB). If enacted, the legislation would fold the PCAOB’s responsibilities into the Securities and Exchange Commission (SEC), prompting fears about the long-term stability of financial market oversight. The proposal has ignited a heated debate, with PCAOB Chair Erica Williams leading the charge against it, warning that the change could cause significant disruptions.

The world of crypto is evolving at a high speed, but with growth comes a pressing need to make sure bad actors don’t exploit the system. Enter the European Securities and Markets Authority (ESMA), which just issued fresh guidelines aimed at preventing market abuse under the EU’s Market in Crypto Assets Regulation (MiCA).

After years of legal battles, Sutter Health has agreed to pay $228 million to settle a class action lawsuit that accused the health system of artificially inflating insurance premiums and limiting consumer choice in Northern California. The settlement marks a significant chapter in a case that’s been ongoing since 2012, with implications not only for Sutter but also for the broader healthcare landscape.

TradeUP Securities (TradeUP) and US Tiger Securities (US Tiger) have agreed to a hefty $950,000 fine for failing to meet key regulatory standards. The issues stem from violations related to their anti-money laundering (AML) programs, their failure to conduct adequate due diligence on foreign financial institution correspondent accounts, and a troubling lapse in communications retention. While the firms did not admit to the violations, the settlement resolves the matter without the threat of further action from FINRA, provided the terms are met.

The U.S. Department of Justice (DOJ) has recently reached settlements in three significant False Claims Act (FCA) cases, securing substantial financial penalties against major organizations in healthcare and defense contracting. These cases not only highlight the government’s commitment to protecting taxpayer dollars but also underscore the importance of accountability in sectors that handle large sums of public funds.