GRC Report Staff

The Italian Competition Authority has said it fined Agos Ducato €800,000 after concluding the company spent years refusing direct debit repayments from non-Italian SEPA IBANs or steering customers into a more burdensome process than the one used for Italian accounts. The conduct, the Authority said, ran from February 2014 through the first quarter of 2023, cutting against the EU’s basic promise that paying in euros across SEPA should feel the same whether the account sits in Milan or Munich.

Australia’s Federal Court has ordered FIIG Securities Limited to pay $1.77 million USD (AUD 2.5 million) after regulators found the fixed-income specialist failed for years to adequately protect client data from cyber threats, shortcomings that intensified the impact of a major data breach in 2023.

Massachusetts Attorney General Andrea Joy Campbell has secured $17.85 million in multi-state settlements with pharmaceutical companies Lannett Company and Bausch Health, capping another chapter in a sweeping, years-long effort by states to unwind alleged price-fixing in the generic drug market.

Quebec’s securities tribunal has imposed more than $1 million in penalties and sweeping market bans after concluding that a group tied to Ace Prime Group and Axes-Prime Ltd. orchestrated a fraudulent online investment scheme that left most investors with little to show for their money.

Phishing attacks are a daily reality for banks and their customers alike. But under the EU’s Digital Operational Resilience Act, not every phishing email belongs in a regulator’s incident inbox. That distinction is now clearer following a formal question from Germany’s financial supervisor, BaFin.

The Federal Trade Commission has delivered its second report to Congress outlining how the agency is using its enforcement, oversight, and education authorities to counter ransomware and other cyberattacks, according to a release issued February 6.

Banks and credit market companies in Sweden have largely effective processes for managing operational risk, but there is still significant room for improvement, according to a new in-depth analysis published Thursday by the Swedish Financial Supervisory Authority.