GRC Report Staff

Australia’s prudential regulator is warning that while financial stability has long been the bedrock of the nation’s prosperity, it cannot be taken for granted in a world increasingly defined by conflict, technological disruption, and mounting cyber threats. Addressing the RMA CRO Conference in Sydney on Thursday, APRA Executive Director of Cross-Industry Risk Chris Gower sketched out a landscape fraught with “severe but plausible” risks, while also pledging to pare back regulatory burdens that risk stifling competition and growth.

The Federal Reserve has directed Société Générale to overhaul its compliance operations in the United States, entering into a Written Agreement with the French bank and its New York branch after years of shortcomings in risk oversight and affiliate transaction controls.

The Federal Trade Commission has taken aim at restrictive labor practices, ordering Gateway Services, the nation’s largest pet cremation company, to end its use of noncompete agreements that bound nearly 1,800 workers across the United States.

France’s data protection watchdog has once again flexed its regulatory muscle, imposing large fines on two global giants, Google and Shein, for failing to comply with rules governing the use of cookies and online advertising practices. The Commission nationale de l'informatique et des libertés (CNIL) announced on September 1 that it had fined Google €325 million ($357 million) and Shein €150 million ($165 million), underscoring its determination to rein in non-compliant tracking practices under its long-running enforcement plan.

The operators of Pornhub and a network of more than 100 adult websites are facing legal action from the Federal Trade Commission (FTC) and the state of Utah, accused of deceiving consumers while profiting from some of the internet’s most exploitative content.

The U.S. Treasury’s Office of Foreign Assets Control (OFAC) has fined Houston-based freight forwarder Fracht $1,610,775 after finding the company violated multiple sanctions programs tied to Venezuela and Iran. Regulators said the violations were egregious and not voluntarily self-disclosed, though Fracht ultimately cooperated and has since overhauled its compliance program.

South Korea’s Personal Information Protection Commission (PIPC) has imposed one of the country’s largest-ever privacy penalties on SK Telecom (SKT), ordering the mobile carrier to pay $99.9 million (KRW 134.8 billion) after a series of failures that exposed the personal information of more than 23 million subscribers.