The U.S. Department of Justice has announced two significant settlements this week, highlighting its ongoing efforts to combat fraud in both COVID-19 relief programs and healthcare services.
Deloitte's 2024 Sustainability Action Report, released on July 18, 2024, unveils a landscape of rapid evolution and strategic shifts in corporate sustainability practices across the United States. The survey, which polled 300 senior business leaders, highlights significant progress in Environmental, Social, and Governance (ESG) integration, while also revealing persistent challenges in data quality and reporting.
The European Data Protection Board (EDPB) has taken several key actions during its latest plenary session held on July 17, 2024, in Brussels. The EDPB adopted a statement recommending that Data Protection Authorities (DPAs) play a crucial role in enforcing the AI Act. The Board suggests that DPAs should be designated as Market Surveillance Authorities (MSAs) for high-risk AI systems, particularly in sectors such as law enforcement, border management, and democratic processes. This recommendation aims to leverage DPAs' expertise in assessing AI's impact on fundamental rights, especially data protection.
The U.S. Securities and Exchange Commission (SEC) has awarded more than $37 million to a whistleblower whose invaluable information played a crucial role in a successful legal action against securities violations. This landmark award underscores the SEC's commitment to transparency and investor protection.
The three European Supervisory Authorities (EBA, EIOPA, and ESMA – collectively known as the ESAs) have announced the establishment of the EU Systemic Cyber Incident Coordination Framework (EU-SCICF). This initiative, rooted in the Digital Operational Resilience Act (DORA), aims to bolster the financial sector’s response to cyber incidents that threaten financial stability by enhancing coordination among financial authorities and other relevant entities within the European Union, as well as with key international actors.
The Financial Crimes Enforcement Network (FinCEN) has launched a comprehensive initiative to tackle the twin threats of fentanyl trafficking and money laundering, highlighting the critical role of financial intelligence in combating these interconnected crises. This effort, part of the broader Counter-Fentanyl Strike Force led by the Treasury Department, aims to disrupt the financial networks fueling the devastating opioid epidemic across the United States.
The European Supervisory Authorities (ESAs) have unveiled a comprehensive set of policy products under the Digital Operational Resilience Act (DORA), marking a pivotal moment in the European Union's efforts to bolster the digital resilience of its financial sector. This extensive package, comprising technical standards and guidelines, represents a significant leap forward in harmonizing and strengthening the EU's approach to cybersecurity and operational risk management in finance.