GRC Report Staff

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.

Coupang is facing one of the most consequential cybersecurity crises in South Korea’s recent history, prompting Chief Executive Park Dae-jun to resign as the company works to contain the fallout, the Wall Street Journal first reported.

FinCEN has handed down a $3.5 million civil money penalty to Paxful after the peer-to-peer crypto marketplace admitted it willfully violated the Bank Secrecy Act, enabling more than $500 million in suspicious transactions involving sanctioned jurisdictions and illicit actors.

Belgium’s top competition regulator has launched a formal investigation into data giant IQVIA over concerns the company may be unfairly leveraging its powerful position in the country’s pharmaceutical information market.

OpenAI is cautioning that its next wave of frontier AI systems is on track to reach “high” cybersecurity risk levels, a threshold the company says would meaningfully increase the number of people capable of executing sophisticated cyberattacks. The warning comes in a new internal assessment that was shared with Axios.

The UK's Financial Conduct Authority (FCA) has confirmed a package of reforms designed to simplify insurance regulation, cut compliance costs, and give firms more flexibility, without weakening protections for smaller commercial customers.

Italy’s competition watchdog is turning up the pressure on two of the biggest names in global watchmaking. Citizen and Swatch now find themselves at the center of a high-stakes antitrust probe into whether they’ve been quietly calling the shots on retail pricing and punishing stores that don’t play along.