GRC Report Staff

The Bank of England (BoE) has released its latest Financial Stability Report, providing an in-depth analysis of the current state of the UK's financial system. The report, which highlights the resilience of UK households, businesses, and banks, also underscores the persistent risks that could impact financial stability. For companies, effective risk management remains crucial in navigating these uncertainties.

The Swedish Data Protection Authority (IMY) has imposed a fine of 15 million Swedish kronor (approximately 1.3 million EUR) on Avanza Bank AB for violating data protection regulations. The decision comes after a thorough investigation into a data breach that occurred between November 15, 2019, and June 2, 2021.

In a sweeping operation across 32 federal districts, the U.S. Department of Justice (DOJ) has unveiled the results of its 2024 National Health Care Fraud Enforcement Action. The crackdown has led to criminal charges against 193 defendants, including 76 licensed medical professionals, for their alleged involvement in schemes totaling approximately $2.75 billion in intended losses and $1.6 billion in actual losses to health care programs. Attorney General Merrick B. Garland emphasized the DOJ's commitment to prosecuting those who exploit healthcare systems for profit.

The Federal Trade Commission (FTC) has taken decisive action against Avast, a prominent software provider known for its antivirus and browser extension products. The finalized order, stemming from charges first announced in February, imposes a dual penalty on the company: a prohibition on selling web browsing data for advertising purposes and a substantial $16.5 million fine.

The Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced significant sanctions against nearly 50 entities and individuals forming a vast "shadow banking" network supporting Iran’s Ministry of Defense and Armed Forces Logistics (MODAFL) and the Islamic Revolutionary Guard Corps (IRGC). This network has facilitated illicit access to the international financial system, processing billions of dollars since 2020. The primary activities generating these revenues include the sale of Iranian oil and petrochemicals, vital for funding advanced weapons systems and regional proxy groups.

The European Union has officially launched its new framework for tackling money laundering and terrorist financing. The European Banking Authority (EBA) has welcomed this development, which includes the establishment of a dedicated anti-money laundering and countering the financing of terrorism authority (AMLA).

The Securities and Exchange Commission (SEC) has taken action against Meta Materials Inc. and its former CEOs, John Brda and George Palikaras, alleging a market manipulation scheme that raised $137.5 million from investors in 2021.