The Malta Financial Services Authority (MFSA) has directed insurance and reinsurance companies to review their risk management arrangements after supervisory inspections uncovered weaknesses in risk assessment procedures, operational incident management, and business continuity planning.
Australian financial services firm Fortnum Private Wealth has been ordered to pay a $939,000 (A$1.35 million) penalty after admitting it failed to adequately manage cybersecurity risks across a network of financial advisers serving around 55,000 retail clients.
The UK's Financial Reporting Council (FRC) has found no material issues with how 20 listed companies applied financial instruments accounting requirements, although its examination of their annual reports identified weaknesses in the clarity of certain financial disclosures.
South Korean financial authorities are preparing a review of cybersecurity controls after a series of attacks exposed approximately 100,000 pieces of customer information across 16 financial companies, deepening concerns raised by earlier reports that hackers had used a Chinese-developed artificial intelligence agent to breach banking systems.
Bank of America failed to report more than $5 billion in suspicious transactions in a timely manner and allowed serious deficiencies in its anti-money laundering controls to persist for years, even after regulators ordered the bank to correct them, according to enforcement actions announced Tuesday by the U.S. Treasury Department.
CVS Pharmacy and related corporate entities have agreed to pay $315 million to resolve federal allegations that the pharmacy chain filled unlawful prescriptions for opioids and other controlled substances for more than a decade, then sought reimbursement for many of those prescriptions from Medicare and other federal healthcare programs.
The UK's Serious Fraud Office (SFO) has opened a direct line to its senior legal leadership for companies considering whether to report suspected fraud, bribery or corruption, responding to concerns raised by lawyers since the agency revised its corporate cooperation guidance last year.
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