Swiss competition authorities have opened an investigation into Apple’s control over near-field communication technology on iPhones, examining whether the company’s terms for granting access to the NFC interface raise concerns under Swiss antitrust law.
Nationwide Building Society has been hit with a £44 million fine after the UK’s financial watchdog found that long-standing weaknesses in its financial crime controls left it exposed to money laundering risks for years.
Italy’s financial regulators are updating the rulebook on how banks, insurers, and other financial institutions stress-test their cyber defenses, as the EU’s Digital Operational Resilience Act moves from theory to day-to-day supervision.
President Donald Trump recently signed a sweeping executive order aimed at curbing state-level regulation of artificial intelligence, framing the move as necessary to preserve U.S. competitiveness and prevent what the administration describes as a fragmented and burdensome regulatory landscape.
Bupa has been ordered to pay $23.3 million (AUD $35 million) after the Federal Court found the health insurer misled thousands of members, and even hospitals and medical providers, about what their private health policies actually covered. The ruling caps off a years-long stretch of incorrect claims decisions that, in many cases, left members believing they had no entitlements at all when parts of their treatment were in fact covered.
The Office of the Comptroller of the Currency (OCC) on Wednesday released findings from its ongoing review of debanking activities at the nine largest national banks under its supervision. The review is examining whether the institutions restricted access to financial services for customers based on political or religious beliefs or lawful business activities, as directed by the President’s Executive Order Guaranteeing Fair Banking for All Americans.
EFG Bank is facing a $1.39 million (HK$10.85 million) penalty after Hong Kong regulators found years of weaknesses in its product due diligence, record-keeping, and reporting practices. The reprimand and fine, announced jointly by the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA), mark another example of how closely the two regulators now coordinate when internal control failures come to light.