Welcome to This Week In Compliance: GAN’s weekly news roundup, where we curate the latest stories on compliance and anti-corruption to keep you informed. This week, an anonymous hacking group claims to have committed the largest data breach in history by stealing the personal information of more than 1 billion Chinese citizens. Read the full story and more news below:
Personal Information of 1 Billion People in China Allegedly Seized in Hack
The personal data of more than 1 billion people in China has been stolen and is under threat of being sold by the hacker or group, known as “ChinaDan”, claiming responsibility. Earlier this week, an anonymous user posted a message to an online message board claiming to have seized the personal data, collected by the Chinese government, of more than 1 billion Chinese citizens. If the claims are true, which early research indicates they are, it would represent the largest data breach in history.
Amazon Implements “Two Click Unsubscribe” to EU Prime Membership After Consumer Complaints
After many complaints from multiple consumer groups and on the heels of two new consumer protection and privacy laws in the EU, Amazon announced that it would implement a “2-click unsubscribe” feature for its Amazon Prime service to make canceling the service easier. Consumer groups said that unsubscribing from the Amazon Prime membership service was “complicated”, deceptive, and violated EU pro-consumer rules. In addition, the recently passed Digital Markets Act and Digital Services Act prompted Amazon to ease the cancellation process. Amazon announced that it has “no changes to announce” in regards to the US Prime cancellation process.
Credit Suisse Convicted in Money Laundering Case
Swiss bank Credit Suisse has been convicted for its involvement in money laundering by a Bulgarian crime ring using its banks and services. The bank has been ordered to pay a more than USD 22M fine for lax anti-money-laundering checks and balances which allowed an internal employee, working with the Bulgarian crime syndicate, to allow illegal transactions, used for cocaine trafficking, to take place that should have been flagged by the bank. The conviction is the first-ever criminal conviction of a major money lender in the country.
Landmark EU Ruling Gives Stricter Guidelines to Big Tech, Software Companies
This week, a pair of landmark rulings that intend to promote fairer practice, competition, and improve privacy protections were handed down in the EU. The Digital Markets Act and Digital Services Acts encourage better content moderation on social platforms like Facebook, curb the sale of illegal goods on platforms, and promote less deceptive advertising practices.
U.S. Bans Russian Gold Imports, Blacklists State-Owned Rostec
The United States has placed a ban on Russian gold imports, adding to the list of economic sanctions facing the nation from countries around the globe following its ongoing invasion and attack on Ukraine. Gold is Russia’s second most valuable export. In addition, more than 70 Russian groups, including those said to be essential to Russia’s defense sector, have been sanctioned. The sanctions will freeze assets belonging to the companies that are held in the US and bar any US-based companies from doing business with them.
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