Compliance & Ethics

Acting Comptroller of the Currency Rodney E. Hood recently addressed the U.S. Chamber of Commerce Capital Markets Forum, sharing insights into the Office of the Comptroller of the Currency’s (OCC) regulatory strategies aimed at modernizing financial oversight while maintaining the stability and resilience of the U.S. banking system. Hood emphasized the importance of balancing innovation with effective regulation to foster economic growth, financial inclusion, and institutional accountability.

Anecdotes, an AI-powered Governance, Risk, and Compliance (GRC) platform, has announced the successful closing of its expanded Series B funding round, raising an additional $30 million to bring the total funding for the round to $55 million. The extended round was led by DTCP, following an initial $25 million raised from Glilot, Vertex, and Red Dot. With this latest infusion of capital, Anecdotes has now raised a total of $85 million to date.

Lockheed Martin, one of the largest defense contractors in the world, has agreed to settle allegations under the False Claims Act by paying $29.74 million. This settlement addresses accusations of defective pricing practices in contracts related to the production and maintenance of its F-35 fighter jets. The settlement adds to the $11.3 million Lockheed Martin already paid to the Department of Defense (DOD) for similar pricing issues in these same contracts.

Google is making a major move to address legal concerns and ramp up its internal governance. The tech giant has agreed to spend $500 million over the next 10 years to overhaul its compliance structure, as part of a settlement with shareholders. This lawsuit, initially filed by a Michigan pension fund in 2021, accused Google of violating antitrust laws, claiming the company’s online advertising practices were monopolistic and anticompetitive.

The European Commission has fined Delivery Hero and Glovo a total of €329 million for their involvement in a cartel that spanned four years across the European Economic Area (EEA). The companies admitted to engaging in anti-competitive behavior that not only limited market competition but also restricted employee opportunities, something that’s never been sanctioned before in EU antitrust history.

In a move that could reshape the landscape of crypto asset regulation in Europe, the European Banking Authority (EBA) has released the final technical package for version 4.1 of its reporting framework. This package, which builds on earlier drafts and incorporates stakeholder feedback, marks a pivotal step in ensuring the efficient centralization of financial data and reinforcing the EU’s commitment to transparency and supervision.

Three of the UK's largest gas distribution operators (Cadent Gas Limited, Scotland Gas Networks, and Southern Gas Networks) are collectively paying £8 million into Ofgem's Energy Industry Voluntary Redress Fund after failing to meet essential safety targets for responding to gas emergencies. The penalty follows an investigation into missed response times that could have put public safety at risk.