The Financial Crimes Enforcement Network has abandoned two proposed rules that would have tightened federal requirements around certain digital asset transactions, including those involving unhosted wallets and convertible virtual currency mixing.
Signal Diagnostics found the problem itself. In January 2022, the clinical laboratory began an internal audit of claims it had submitted to a federal program that reimbursed healthcare providers for treating and testing uninsured patients during the COVID-19 pandemic. What the company found was not trivial. Some of the people it had billed as uninsured had health insurance.
In December 2020, Latch shipped $147,000 worth of hardware to one of its channel partners, but there was a catch. The partner could send all of it back, without consequence, if the building developer behind the order decided not to proceed. That condition was written down, but it simply never made its way to the people doing the accounting. Latch booked the $147,000 as revenue anyway. About six months later, the hardware came back.
Austria’s Supreme Cartel Court has increased the fine against German construction machinery company Kiesel from €240,000 to €2.4 million for implementing two mergers before the law permitted it to do so, turning what had been a relatively modest penalty into one intended, quite deliberately, to be felt.
AUSTRAC has reduced good anti-money laundering compliance to five pieces of advice, and none of them is particularly exotic. Know which obligations apply to the business. Keep the regulator informed when basic company details change. Revisit the risks as the business changes. Make sure reports contain information somebody can actually use. Keep records good enough to explain the decisions made along the way.
A gambling operator in Croatia offered its casino customers a shortcut. Instead of producing an identity card on every visit, players could use an RFID chip or their fingerprints to identify themselves more quickly. For 34,933 players, consent to biometric processing was recorded. But when Croatia’s Personal Data Protection Agency examined how that system actually worked, it found that the operator was collecting more than it said it was collecting.
Finland’s Financial Supervisory Authority (FIN-FSA) has published updated principles on October 1 for determining the size of penalty payments and administrative fines. The principles themselves are not new. The authority published an earlier version in 2022, and the latest changes largely put greater precision around practices that have since become established.
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