Good morning. When Meta Platforms set out to overhaul its compliance training material, the social-media company’s legal department had a novel idea: Why not make something that employees would actually find entertaining?

“We asked, ‘How can we spark excitement and enthusiasm and engagement from our employees?’” said Jennifer Newstead, the company’s chief legal officer. “It would be a great win, we thought, if we could not only deliver the content but actually get folks even a little excited about why it matters.”

The result: A glitzy, Netflix-style training series featuring recurring characters named Bianca and Stu and plot twists involving shadowy hackers and a gaming convention, Risk & Compliance Journal's Dylan Tokar reports.

Meta has fought to win credibility with regulators, including by investing significant resources in its compliance department, even as it has faced criticism and damaging investigative reports raising concerns about misuse of its platforms and their harmful societal impact on teenagers and other users.

Skincare company Murad agrees to settle Iran sanctions violations. 

Skincare company Murad has agreed to pay about $3.3 million to settle allegations that for almost eight years it conspired to export goods and services to Iran, in violation of U.S. sanctions on the country.

The El Segundo, Calif.-based company, founded by dermatologist Howard Murad in 1989, allegedly entered into agreements with an Iran-based distributor to sell its products in the Middle East, according to the U.S. Treasury Department.

UBS prepares for $4 billion legal hit from Credit Suisse deal.

Swiss bank UBS said that it has set aside $4 billion to cover potential legal and regulatory costs from its acquisition of Credit Suisse, and that it is expecting to record other asset write-downs.

UBS on Tuesday released an updated version of a merger prospectus that was first published three weeks ago. The new document showed that UBS expects to book a $34.8 billion gain on negative goodwill, which is when a company acquires assets for less than their worth—typically in a distressed situation.

• UBS Faces Tough Choice Over Credit Suisse’s Domestic Business

• Jeffrey Epstein paid $150,000 to Leon Botstein and transferred $270,000 between accounts for Noam Chomsky, the two academics have confirmed, giving another glimpse into how the late disgraced financier provided favors for those who associated with him.
   
• Deutsche Bank has agreed to pay $75 million to settle a proposed class-action lawsuit charging that the financial institution facilitated Jeffrey Epstein’s sex-trafficking ring, said lawyers who sued the bank on behalf of alleged victims.
   
• One group of people have had trouble finding Shaquille O’Neal: the process servers hired to formally notify him he’s being sued.
   
• Theranos founder Elizabeth Holmes must report to prison by May 30, a judge said, after a court denied her request to stay out pending appeal.
   
• Tax executives are bracing to publicly share more about corporate tax liabilities than they typically have as investors and regulators around the globe push for more disclosure. Concerns abound.
   
• Book publisher Penguin Random House and advocacy group PEN America sued a Florida school district Wednesday, alleging restrictions on library books about LGBT identity and issues of race and racism violate the constitution.

Ukraine, China meeting shows no breakthrough to end Russian invasion.

A meeting in Kyiv between Ukraine’s foreign minister and a Chinese envoy brought no sign of a breakthrough for Beijing’s most-concrete effort yet to insert itself into diplomacy aimed at ending the war.

During the meeting with Li Hui, China’s special representative for Eurasian affairs, Ukrainian Foreign Minister Dmytro Kuleba “emphasized that Ukraine does not accept any proposals that would involve the loss of its territories or the freezing of the conflict,” his ministry said in a statement.

• U.S. Athletes Play in Russia Despite Warnings From Washington
• Russia Hits Shopping Mall in Southern Ukrainian City

• President Biden will seek to maintain unity among allies in supporting Ukraine and countering China’s economic clout at a summit of the Group of Seven industrialized nations, as the threat of default in the U.S. complicates that message and prompts him to curtail his international travel.

• The White House has made periodic calls to the Kremlin to demand the release of American detainees Evan Gershkovich and Paul Whelan, according to Russia’s foreign minister, a measure of the high-level diplomacy taking place over the two men whom the State Department has designated wrongfully detained.
   
• Montana’s governor signed the country’s first bill that outright bans TikTok, paving the way for a legal fight that could determine the fate of a nationwide prohibition that is under consideration in Washington.
   
• Global temperatures are likely to surge to record levels over the next five years and breach the 1.5 degrees Celsius threshold set out in the Paris climate agreement, scientists said in a new report.
   
• New York-based Bit Digital is expanding its operations to Iceland in a bid to hedge the bitcoin-mining company’s regulatory risk amid a proposed a crypto-mining tax from the Biden administration.

Follow us on Twitter at @WSJRisk. Follow Risk & Compliance editor David Smagalla @DSmagalla_DJ and reporters Mengqi Sun @_MengqiSun, Dylan Tokar @dgtokar and Richard Vanderford @VanderfordRich.

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