GRC Report Staff

The European Data Protection Board (EDPB) is calling for more coherence between the General Data Protection Regulation (GDPR) and the increasingly complex web of new digital legislation coming out of the EU. In a statement released after its December 2024 plenary session, the EDPB welcomed the European Commission’s second report on the GDPR’s application and emphasized the importance of aligning digital laws with the GDPR to maintain legal certainty.

Raines & Fischer LLP, once a player in the auditing world, is now out of the game—for good. The Public Company Accounting Oversight Board (PCAOB) has permanently revoked the firm’s registration after uncovering shocking attempts to deceive inspection staff, coupled with a laundry list of other compliance failures. In a disciplinary order announced today, the PCAOB didn’t mince words or actions, hitting the firm and three of its partners with stiff penalties and professional bans.

In a dramatic enforcement move, the Securities and Exchange Commission (SEC) has taken aim at Kiromic BioPharma, Inc., a Houston-based biotech firm, and two of its former top executives, accusing them of keeping investors in the dark about critical FDA setbacks during a $40 million public offering. While the executives face penalties, the company itself avoided a fine, thanks to its efforts to come clean, cooperate, and make things right after the fact.

The Federal Trade Commission (FTC) isn’t buying IntelliVision Technologies Corp.’s lofty promises about its facial recognition software. In a move that sends a clear message to AI developers, the agency has reached a proposed settlement with the San Jose-based company over allegations that it made unsupported claims about the accuracy and fairness of its AI-powered technology.

After ten years of legal wrangling, Gen Digital Inc. — the tech giant once known as Symantec Corp. — has paid $55.1 million to settle a False Claims Act case involving overcharges to the U.S. government. The hefty payout, which includes $16.1 million in damages and $36.8 million in civil penalties, wraps up one of the longest-running procurement fraud battles in recent memory.

The Monetary Authority of Singapore (MAS) has handed JPMorgan Chase Bank, N.A. (JPM) a $2.4 million civil penalty. The fine comes after regulators uncovered a series of missteps by the bank’s relationship managers (RMs), who misrepresented fees during over-the-counter (OTC) bond transactions, leaving clients unknowingly overcharged.

The Federal Trade Commission (FTC) is sending a strong message to Evolv Technologies and the broader artificial intelligence (AI) industry that if you’re going to promise product features powered by artificial intelligence, you’d better deliver. The agency has accused the Massachusetts-based company of making false claims about its AI-driven security scanners, which are widely used in schools, hospitals, and stadiums.