Good morning. The banking industry may need to spend hundreds of millions of dollars in the first year to set up protocols to access the new corporate-ownership information database, reports Risk & Compliance Journal's Mengqi Sun. 

• How much time? The Financial Crimes Enforcement Network, the Treasury unit in charge of managing the database that became effective this month, estimated that financial institutions would need about 6.5 million hours of work in the first year to establish procedures and implement safeguards to meet the security and confidentiality requirements to access the database.
   
• How much money? That translates into more than $686 million at a $106 hourly rate, FinCEN estimated in a notice filed on Monday.
   
• What FinCEN says that would include: The expenses would include developing and implementing administrative, physical and technical safeguards, obtaining and documenting customer consent, submitting certification on requests and undergoing training, according to FinCEN.
   
• Background: FinCEN in December said banks and law-enforcement officials would have access to the sprawling new database in phases beginning in February. The process to access the database is a key part of the rule-makings planned by FinCEN to implement the Corporate Transparency Act, in an effort to stop criminals and terrorists from using anonymous shell companies to hide dirty money.

Three ways the U.S. could punish Iran after fatal drone attack.

The U.S. range of options for responding to Sunday’s deadly Iranian-backed militia attack includes a direct strike against Iran, hitting the regime’s proxy groups or personnel abroad, and ratcheting up financial pressure on Tehran’s battered economy.

On the sanctions front. While Iran is already heavily sanctioned, there is room to pursue more economic retaliatory measures against Tehran. The U.S. has imposed harsher sanctions on Iran than any well-sized economy in the world, but not all of them are enforced, say some current and former Western officials, especially when third countries are involved.

Amazon, iRobot abandon deal amid regulatory scrutiny.

Amazon.com and robotic vacuum maker iRobot agreed to terminate their $1.7 billion deal amid regulatory pushback, as competition authorities worldwide look more closely at tech company transactions.

The iRobot acquisition is the latest in a string of recent tech deals that have been challenged by global regulators, and another sign of the growing regulatory scrutiny faced by Amazon in the U.S. and abroad over its size and business practices.

• Bayer shares slumped after the German pharmaceutical and agricultural company was ordered to pay $2.25 billion in damages in the latest setback in its legal battle over its Roundup weedkiller.
   
• A former IRS contractor was sentenced Monday to five years in prison for leaking the tax returns of then-President Donald Trump and thousands of wealthy Americans.
   
• Regulators and the private-equity industry are gearing up for a trial that could determine the government’s ability to set rules for buyout funds, reports WSJ Pro Private Equity (subscription required). 
   
• 3M said participation in its $6 billion settlement of allegations that its earplugs caused hearing loss among veterans is on pace to exceed the 98% threshold required by the agreement.
   
• TikTok said it has spent $1.5 billion building an operation intended to convince U.S. lawmakers that the popular video-sharing app is safe. So far, it is struggling to live up to the promises it made.
   
• Boeing is withdrawing a request for a safety exemption for a new MAX series jet that would have allowed U.S. regulators to speed up its approval, a decision that comes as the plane maker faces heightened scrutiny in the wake of a midair accident earlier this month.

‘What the hell?’ Europe chafes at America’s protectionist tilt.

President Biden’s 2021 declaration that “America is back” was welcomed by European officials eager to move past their trade troubles with the Trump administration.

Yet instead of reversing policies driven by Donald Trump’s protectionist view, Biden has advanced many of them. Many Europeans have come to believe that regardless of the winner of the expected Biden-Trump rematch, U.S. economic policies have tilted from their favor. “The honeymoon is over,” one European diplomat said.

• For full-year 2023, China’s industrial profit fell 2.3% from a year earlier, narrowing from the 4.4% decline in the January-to-November period and 2022’s 4% fall, the statistics bureau said.
   
• Leaders from Egypt, Israel, Qatar and the U.S. have made progress toward a deal that would free Israeli hostages held by Hamas in exchange for a cease-fire in Gaza, Qatar’s prime minister said Monday.
   
• Oil prices have climbed, and not just because of the recent turmoil in the Red Sea.
   
• Europe’s economy stagnated in the final three months of last year, expanding a divide between a booming U.S. economy and a European continent that is increasingly left behind.
   
• Retail property owners are shedding the discounts and other concessions they offered struggling tenants during the depths of the pandemic, the latest sign that competition for retail real estate is intensifying.
   
• Workers called it quits less frequently in 2023, a sign confidence in the labor market is falling as the U.S. economy is expected to slow and Americans are taking longer to find new jobs.
   
• The highest quality office buildings have had much better success navigating the industry’s turmoil. Now, even premier towers are starting to wobble.

• The U.S. failed to stop a deadly attack on an American military outpost in Jordan when the enemy drone approached its target at the same time a U.S. drone was also returning to base, U.S. officials said Monday.
   
• Jim Esposito, co-head of Goldman Sachs’s sprawling global banking and markets division and one of the senior-most executives at the firm, plans to depart after nearly 30 years.
   
• Some influential dealers are pressing General Motors to introduce hybrid models, worried they risk losing customers who aren’t ready to make the switch to fully electric cars.
   
• Employees increasingly are reluctant to unplug from their jobs, whether that means silencing the work notifications on their phones, closing their work laptops or spending uninterrupted time on activities or with people they love.

Follow us on X 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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