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The Morning Risk Report: U.S. Promises Bigger Fines, Stepped Up Enforcement of Sensitive-Technology Restrictions
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Good morning. As Russia and China have worked their way up the list of U.S. national-security concerns, successive administrations have placed greater weight on regulations designed to keep sensitive U.S. technology out of the hands of geopolitical rivals.
Now, the agency in charge of enforcing those rules is trying to give them sharper teeth, including by imposing bigger fines on companies that mishandle restricted technology and by pouring resources into investigating the most serious violations, Risk & Compliance Journal's Dylan Tokar reports.
[Continued below...]
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The policy changes are part of an effort to ensure that the tools wielded by the U.S. Commerce Department’s Bureau of Industry and Security are a match for the threats posed by Russia and China, a senior official plans to say in a speech Thursday.
“Given the global threat environment we currently face, our enforcement efforts have never been more central to America’s national-security strategy,” Matthew Axelrod, assistant secretary for export enforcement, said in prepared remarks for a conference on export controls hosted by the Commerce Department, in Washington.
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The Morning Risk Report will not be published Monday in observance of the Independence Day. We will resume publication on Tuesday.
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From Risk & Compliance Journal
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Most Countries 'Lack Crypto Information-Sharing Laws'
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Most countries lack “travel rule” laws that could help prevent illicit use of cryptocurrency by criminals and terrorists, a global anti-money-laundering watchdog said, writes Mengqi Sun. The rules would require companies and service providers to share information about senders and recipients in cryptocurrency transactions. Only about 30% of jurisdictions surveyed by the Financial Action Task Force said they have passed such legislation, and only a small subset of the group has started enforcement of the laws.
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Uniper, which operates the Bierwang gas-storage facility in Bavaria, said it is talking to the German government about stabilization measures.
PHOTO: KRISZTIAN BOCSI/BLOOMBERG NEWS
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Uniper SE, one of Europe’s largest utilities, is in bailout talks with the German government, saying earnings would be hit hard by dwindling natural-gas supplies from Russia.
Russia’s state-controlled Gazprom PJSC reduced deliveries to Germany via the Nord Stream pipeline to 40% of its capacity earlier this month. Uniper, by extension, said it has been receiving only 40% of its contractually committed gas volumes from Gazprom since mid-June. Uniper, which relies on those deliveries to meet demand from its commercial and residential customers, has had to make up the difference in the spot gas market, paying higher prices for that gas.
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China has been signaling an easing of its regulatory campaign against the technology sector, but the country’s tech giants are moving ahead with more job cuts as growth stalls.
Companies including Tencent Holdings Ltd. and ByteDance Ltd. are implementing fresh layoffs affecting thousands of employees in their latest round of cost-cutting, current and former employees said. These job cuts come on top of the tens of thousands of employees already axed by Chinese internet companies since late last year after Beijing’s regulatory crackdown swamped the sector.
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UBS Group AG agreed to pay $25 million to settle fraud charges from the Securities and Exchange Commission over a complex options-trading strategy that lost customers tens of millions of dollars.
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The Justice Department filed an antitrust lawsuit challenging Booz Allen Hamilton Holding Corp.’s proposed acquisition of rival EverWatch, alleging a merger would drive up prices for the U.S. government and create a monopoly supplier for a critical national-security service.
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The Supreme Court ruled Thursday that federal regulators exceeded their authority in seeking to limit emissions from coal plants in a decision that sharply curtails the executive branch’s authority to make policy actions on a range of issues without Congressional direction.
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A federal judge dismissed a case brought by former Apollo Global Management Inc. Chief Executive Leon Black alleging that his former partner and others conspired to destroy his reputation and push him out of the firm.
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The Securities and Exchange Commission rejected Grayscale Investments LLC’s bid to transform its large bitcoin fund into an exchange-traded fund, dealing a fresh setback to the cryptocurrency industry.
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The woman alleged to be at the heart of one of the world’s biggest cryptocurrency frauds is now on the Federal Bureau of Investigation’s 10 Most Wanted Fugitives list, according to the agency.
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Singapore’s top financial regulator reprimanded the cryptocurrency hedge fund Three Arrows Capital, saying it supplied false information to officials and managed more assets than allowed.
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A Google booth at a convention in Berlin earlier this month. Google said its options to refuse data-tracking are designed to be easy to understand. ‘We are committed to ensuring these choices are clear and simple,’ a spokesman said.
PHOTO: TOBIAS SCHWARZ/AGENCE FRANCE-PRESSE/GETTY IMAGES
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Consumer groups from several European countries on Thursday filed formal complaints to regulators alleging that Google violates privacy rules and doesn’t inform users of how their data from across the company’s services is used to target advertisements.
Google makes it simple for users to click one button to share their data when signing up to a service; opting out, however, requires several additional clicks, the complaints say. The Alphabet Inc. unit also isn’t transparent about how it uses personal data, the groups claim.
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President Biden, center, met with the premiers of Japan and South Korea on the sidelines of NATO’s summit in Madrid.
PHOTO: BRENDAN SMIALOWSKI/AGENCE FRANCE-PRESSE/GETTY IMAGES
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The U.S. and key allies across Europe and Asia are closing ranks against China, which is seen as a shared security challenge, more troubling for its support for Russia amid the Ukraine war.
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U.S. stocks retreated on the final day of a brutal quarter for markets, weighed down by losses among shares of everything from banks to oil producers.
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A closed Ben & Jerry's ice-cream shop in Yavne, south of Tel Aviv.
PHOTO: AHMAD GHARABLI/AFP/GETTY IMAGES
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Unilever PLC said it has sold its Ben & Jerry’s business in Israel to the local licensee, seeking to end a controversy that has buffeted the company since last year, when the brand said it would stop selling its products in Jewish settlements located in the Israeli-occupied West Bank and contested East Jerusalem.
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The chief executive of defense supplier Aerojet Rocketdyne Holdings Inc. prevailed in an unusual proxy fight against its executive chairman.
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Unity Software’s shares are down more than 70% from the start of the year.
PHOTO: IGOR GOLOVNIOV/SOPA IMAGES/ZUMA PRESS
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Unity Software Inc. has laid off about 4% of its workforce, becoming the latest company to announce job cuts amid growing concerns about the state of the economy.
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