Good morning. Deutsche Bank AG is making changes to its anti-financial crimes and compliance teams following years of regulatory scrutiny and enforcement actions, according to a recent internal memo, Risk & Compliance Journal’s Dylan Tokar reports. 

The changes, which go into effect July 1, are part of a shift away from fixing specific compliance shortcomings and toward tackling regulatory challenges in a more holistic and efficient manner, Deutsche Bank Chief Administrative Officer Stefan Simon wrote in the memo, which was viewed by The Wall Street Journal.

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Deutsche Bank in recent years has been hit with a series of large fines in the U.S. and the U.K., including over weakness in anti-money-laundering controls. In January, it agreed to pay $130 million to the U.S. government to settle bribery and commodity-trading scheme allegations.

The reorganization comes after Deutsche Bank in March transferred responsibility for its compliance functions to Mr. Simon from its chief risk officer. Before being appointed chief administrative officer, Mr. Simon was a member of Deutsche Bank’s supervisory board and chairman of the board’s integrity committee.

A House committee approved far-reaching legislation to curb the market dominance of tech giants, raising political alarms for firms including Alphabet Inc.’s Google, Facebook Inc. and Amazon.com Inc. 

The House Judiciary Committee voted on Thursday to approve the final piece of its six-part package, the “Ending Platform Monopolies Act,” which restricts big tech companies’ ability to leverage their platform dominance to promote other lines of business and disadvantage competitors. The measure could make it easier for federal regulators to break up the companies, lawmakers said. The vote on the bill was 21-20.

Congress voted Thursday to undo a Trump administration rule that enabled high-interest consumer lenders to attach themselves to banks and circumvent state-level interest rate caps.

The Office of the Comptroller of the Currency’s ruling in late October said that any bank or federal savings association that signs loan documents is to be considered the “true lender,” even if the loan is serviced by or sold to a high-interest entity such as a payday lender. Prior to that rule, courts had sometimes found those arrangements to be illegal. Under then-President Donald Trump, the OCC had cited differing court approaches as a reason it wrote the rule.

• The Federal Reserve gave large U.S. banks a clean bill of health as they emerge from the coronavirus crisis, paving the way for the lenders to boost their payouts to investors after June 30.
   
• The Biden administration broadened its campaign against the use of forced labor in China’s Xinjiang region on Thursday by imposing penalties on some companies that produce raw materials used to make solar panels.
   
• Investigators with the New York state attorney general’s office have interviewed a senior adviser to Gov. Andrew Cuomo and are examining the environment in the governor’s office going back more than a decade, according to people familiar with the matter.
   
• A New York court suspended Rudy Giuliani’s state law license Thursday after concluding that he made “demonstrably false and misleading statements” in his effort to reverse the results of the 2020 election in favor of former President Donald Trump.
   
• The New York City Council is considering a legislative package aimed at significantly regulating the food-delivery app industry, including permanently limiting fees that operators like Grubhub and Uber Eats can charge restaurants.

European leaders reacted warily Thursday to a proposal from Germany and France to meet with Russian President Vladimir Putin, following President Biden’s summit with him last week.

Facing skepticism, in particular from countries that border Russia, French President Emmanuel Macron and German Chancellor Angela Merkel defended their proposal as necessary diplomacy. Some European leaders criticized the proposal, saying it could give the impression that Russian military and destabilization campaigns against its neighbors and the West were being overlooked.

Agriculture company Archer Daniels Midland Co. is shoring up defenses against what it views as inevitable cyberattacks, its chief executive said.

Chicago-based ADM has formed a ransomware task force and is running drills as incursions against food and agriculture companies have surged in recent years, including an attack in late May on meatpacking giant JBS SA.

• A network of gig workers world-wide is unwittingly providing basic intelligence to the U.S. military using only a consumer app on their smartphones. San Francisco-based Premise Data Corp. pays users, many of them in the developing world, to complete basic tasks for small payments. Typical assignments involve snapping photos, filling out surveys or doing other basic data collection or observational reporting such as counting ATMs or reporting on the price of consumer goods like food.

• A Silicon Valley stock exchange that encourages long-term thinking over short-term gains has landed two marquee tech companies to be among its first listings, reflecting the growing popularity of sustainable investing. To list on LTSE in August, Twilio and Asana are agreeing to a slate of commitments such as aligning executive and board compensation with long-term performance; taking customers and employees into account; and explaining how the company’s board oversees its long-term strategy. These commitments must be concrete policies that can be monitored by LTSE.
   
• Toshiba Corp.’s chairman was ousted in a vote at the company’s annual meeting, a milestone in Japanese shareholder activism that followed an uproar over collaboration between Toshiba’s management and the government to stifle foreign investors. The downfall of Osamu Nagayama, a longtime pillar of Japan’s corporate world, is likely to embolden other foreign investors who have pushed for shareholder-friendly changes at big Japanese companies. Toshiba, an industrial conglomerate with roots dating to 1875, had resisted foreign investors’ calls to open a sale process that could lead to the parts of the company being broken off.
   
• Green investing has grown so fast that there is a flood of money chasing a limited number of viable companies that produce renewable energy, electric cars and the like. Some money managers are stretching the definition of green in how they deploy investors’ funds. Now billions of dollars earmarked for sustainable investment are going to companies with questionable environmental credentials and, in some cases, huge business risks. 
   
• Food companies are investing billions of dollars into sustainability efforts, betting that costs will fall and consumers will remain interested in more environmentally friendly diets, executives said.

• FedEx Corp. said it would boost capital spending by 22% this year to add capacity to its network, after a surge in e-commerce packages caused ground delivery delays and left some freight customers without service.
   
• One of America’s largest labor unions passed a resolution Thursday designed to aid Amazon.com Inc. workers in eventually achieving a union contract, a move aimed at putting further labor pressure on the e-commerce giant following a recent failed unionization effort in Alabama.

Send comments to the Risk & Compliance editor, Jack Hagel, at jack.hagel@wsj.com

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