GRC Report Staff

The Commodity Futures Trading Commission's battle with state regulators over prediction markets has reached Rhode Island, the latest front in what is becoming one of the most consequential jurisdictional disputes in modern financial regulation. The CFTC moved to intervene in litigation in the U.S. District Court for the District of Rhode Island, seeking to stop the state from applying its gambling laws against a CFTC-registered designated contract market.

Australians are becoming more concerned about privacy even as businesses and governments push deeper into the digital economy, according to a major survey released Thursday that found public trust in artificial intelligence companies has fallen to strikingly low levels.

One of the details buried in Sweden’s enforcement notice against Norion Bank is that the regulator specifically examined customers that were legal entities, not just individuals or companies. That distinction tends to matter. Corporate structures are where anti-money laundering programs become less about identity verification and more about whether a bank actually understands who is sitting behind the paperwork.

A French privacy regulator spent part of its week explaining why a pile of health data with the names removed is not the same thing as anonymity. That distinction just cost IQVIA €5 million.France’s data protection authority, the CNIL, announced the sanction against the company, a subsidiary of the healthcare analytics and consulting giant IQVIA, over its handling of two large health data warehouses containing information sourced from pharmacies and doctors across France.

The Financial Reporting Council (FRC) announced sanctions against BDO and Jones over the 2019 statutory audit of NMCN. The regulator described the breaches as “significant and serious,” pointing to numerous and pervasive failures across the audit work, particularly in the testing of long-term contracts and the assessment of going concern risks.

Australian banks, remitters, and foreign exchange providers are being urged to sharpen their scrutiny of transactions involving charities and non-profit organizations after AUSTRAC warned the sector remains vulnerable to terrorism financing and money laundering abuse.

Finland's FCCA recently proposed roughly €9.4 million in penalty payments against companies tied to what it described as a long-running purchasing and information-exchange cartel in Finland’s wild berry sector. The alleged conduct stretched from 2013 through 2023 and involved five of the industry’s largest companies: Arctic International, Kaskein Marja, Kiantama, Marja Bothnia Berries, and Polarica.