Priothera Appoints Dr. Jens Hasskarl as Chief Medical Officer to Drive Late-Stage Clinical Development of Mocravimod, a S1P Receptor Modulator for Acute Myeloid Leukemia (AML)
Dr. Hasskarl to lead global Phase 3 MO-TRANS study evaluating mocravimod as an adjunctive treatment to allo-HCT in AML
Saint-Louis, France and Dublin, Ireland – 6th May 2025– Priothera Ltd., a late-stage biopharma company pioneering the development of mocravimod, a novel oral sphingosine 1 phosphate (S1P) receptor modulator, to treat hematologic malignancies, today announced the appointment of Jens Hasskarl, MD, PhD, as Chief Medical Officer (CMO). Dr. Hasskarl will oversee the global Phase 3 clinical study MO-TRANS of mocravimod, which is being developed as an adjunctive treatment in acute myeloid leukemia (AML) to enhance the curative potential of allogeneic hematopoietic cell transplantation (allo-HCT).
Dr. Hasskarl brings over two decades of international leadership experience in clinical development, translational science and medical affairs across top-tier pharma, biotech and academic institutions. Most recently, he served as CMO at Advesya AG, where he led the strategic development of novel immunotherapies in haemato-oncology and autoimmunity. He previously held senior executive roles at Tigen Pharma, Celgene and Novartis, where he was instrumental in the development and global approval of multiple cellular therapies including Breyanzi®, Abecma® and Kymriah®.
"Jens' deep expertise in hematology, cellular therapy and translational drug development, combined with his entrepreneurial mindset and proven track record in leading successful global clinical programs, make him the ideal fit," said Florent Gros, Co-Founder and CEO of Priothera. "His insight and leadership will be critical as we prepare for the final phase of clinical execution and regulatory engagement for mocravimod. We would like to thank Dr. Elisabeth Kueenburg, Priothera's former CMO, for her contributions and wish her every success in her future endeavors."
'I am thrilled to join Priothera during such an exciting phase,' said Dr. Hasskarl, CMO of Priothera. 'The company's science-driven approach and commitment to improving outcomes for patients with AML aligns perfectly with my focus on advancing innovation in hematology. I look forward to working closely with the team to bring this promising therapy to patients worldwide.'
Dr. Hasskarl holds an MD and PhD from Heidelberg University and the German Cancer Research Center. He completed a postdoctoral fellowship at Harvard Medical School and holds a diploma in Health Economics. He is a board-certified Internist with a specialty in hematology and oncology and continues to lecture at Freiburg Medical School in Germany.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
an hour ago
- Yahoo
Eaton Reports Record Second Quarter 2025 Results, with Strong Organic Growth, Accelerating Orders and Backlog Growth
Second quarter earnings per share of $2.51, a second quarter record and up 1% over 2024, and record quarterly adjusted earnings per share of $2.95, up 8% over 2024 8% organic sales growth, at the high end of guidance, and strong year-over-year backlog growth of 15% in Electrical and 16% in Aerospace Second quarter record segment margins of 23.9%, at the high end of guidance Twelve-month rolling average orders acceleration in Electrical Americas to up 2%, driven by data center momentum, with strong Aerospace order growth, up 10% Total book-to-bill ratio of 1.1 for the combined Electrical sector and Aerospace segment on a rolling twelve-month basis For full year 2025, earnings per share expected to be between $10.41 and $10.61, up 11% at the midpoint over 2024, and adjusted earnings per share expected to be between $11.97 and $12.17, up 12% at the midpoint over 2024 DUBLIN, August 05, 2025--(BUSINESS WIRE)--Intelligent power management company Eaton Corporation plc (NYSE:ETN) today announced that second quarter 2025 earnings per share were $2.51, a second quarter record and up 1% over the second quarter of 2024. Excluding charges of $0.25 per share related to intangible amortization, $0.14 per share related to acquisitions and divestitures, and $0.05 per share related to a multi-year restructuring program, adjusted earnings per share of $2.95 were a quarterly record and up 8% over the second quarter of 2024. Sales in the quarter were $7.0 billion, a quarterly record and up 11% from the second quarter of 2024. The sales increase consisted of 8% growth in organic sales, 2% growth from acquisitions, and 1% from positive currency translation. Segment margins were 23.9%, a second quarter record and a 20-basis point improvement over the second quarter of 2024. Operating cash flow was $918 million and free cash flow was $716 million. Paulo Ruiz, Eaton chief executive officer, said, "I'm proud to share Eaton's strong second quarter results, reflecting our team's commitment to leading and executing on our strategy to become the world's premier power management company. We see sustained demand in the acceleration of orders and increase in our backlog, powering our organic growth. We continue this momentum by investing for growth in technology, acquisitions and partnerships in fast-growing, high-margin markets. We are confident in our strategy and remain well positioned to capitalize on megatrends including digitalization, electrification, reindustrialization and increased defense spending." Guidance For the full year 2025, the company anticipates: Organic growth of 8.5-9.5% Segment margins of 24.1-24.5% Earnings per share between $10.41 and $10.61, up 11% at the midpoint over the prior year Adjusted earnings per share between $11.97 and $12.17, up 12% at the midpoint over the prior year For the third quarter of 2025, the company anticipates: Organic growth of 8-9% Segment margins of 24.1-24.5% Earnings per share between $2.58 and $2.64 Adjusted earnings per share between $3.01 and $3.07 Business Segment Results Sales for the Electrical Americas segment were a record $3.4 billion, up 16% from the second quarter of 2024. The sales increase consisted of 12% growth in organic sales and 5% growth from acquisitions, which was partially offset by 1% from negative currency translation. Operating profits were a record $987 million, up 15% over the second quarter of 2024, and operating margins in the quarter were 29.5%. The twelve-month rolling average of orders in the second quarter was up 2% organically. Backlog at the end of June remained strong and was up 17% over June 2024. Sales for the Electrical Global segment were a quarterly record $1.8 billion, up 9% from the second quarter of 2024. Organic sales were up 7%, and positive currency translation added 2%. Operating profits were a quarterly record $353 million, up 16% over the second quarter of 2024. Operating margins of 20.1% were a second quarter record, up 110 basis points over the second quarter of 2024. The twelve-month rolling average of orders in the second quarter was down 1% organically. Backlog at the end of June was up 1% over June 2024. On a rolling twelve-month basis, the book-to-bill ratio for the Electrical businesses remained greater than 1.0. Aerospace segment sales were a record $1.1 billion, up 13% from the second quarter of 2024. Organic sales were up 11%, and positive currency translation added 2%. Operating profits were a quarterly record $240 million, up 17% over the second quarter of 2024. Operating margins in the quarter were 22.2%, up 70 basis points over the second quarter of 2024. The twelve-month rolling average of orders in the second quarter was up 10% organically. The backlog at the end of June was up 16% over June 2024. On a rolling twelve-month basis, the book-to-bill ratio for the Aerospace segment remained strong at 1.1. The Vehicle segment posted sales of $663 million, down 8% from the second quarter of 2024, driven entirely by organic sales decline. Operating profits were $113 million and operating margins in the quarter were 17.0%. eMobility segment sales were $182 million, down 4% from the second quarter of 2024. Organic sales declined 7%, which was partially offset by 3% from positive currency translation. The segment recorded an operating loss of $10 million. Eaton is an intelligent power management company dedicated to protecting the environment and improving the quality of life for people everywhere. We make products for the data center, utility, industrial, commercial, machine building, residential, aerospace and mobility markets. We are guided by our commitment to do business right, to operate sustainably and to help our customers manage power ─ today and well into the future. By capitalizing on the global growth trends of electrification and digitalization, we're helping to solve the world's most urgent power management challenges and building a more sustainable society for people today and generations to come. Founded in 1911, Eaton has continuously evolved to meet the changing and expanding needs of our stakeholders. With revenues of nearly $25 billion in 2024, the company serves customers in more than 160 countries. For more information, visit Follow us on LinkedIn. Notice of conference call: Eaton's conference call to discuss its second quarter results is available to all interested parties today as a live audio webcast at 11 a.m. United States Eastern time via a link on Eaton's home page. This news release can be accessed under its headline on the home page. Also available on the website before the call will be a presentation on second quarter results, which will be covered during the call. This news release contains forward-looking statements concerning third quarter and full year 2025 earnings per share, adjusted earnings per share, organic growth and segment margins; anticipated capital deployment; as well as anticipated multi-year restructuring program charges and savings. These statements should be used with caution and are subject to various risks and uncertainties, many of which are outside the company's control. The following factors could cause actual results to differ materially from those in the forward-looking statements: a global pandemic; geopolitical tensions or war, unanticipated changes in the markets for the company's business segments; unanticipated downturns in business relationships with customers or their purchases from us; competitive pressures on sales and pricing; supply chain disruptions, unanticipated changes in the cost of material, labor, and other production costs, or unexpected costs that cannot be recouped in product pricing; the introduction of competing technologies; unexpected technical or marketing difficulties; unexpected claims, charges, litigation or dispute resolutions; strikes or other labor unrest at Eaton or at our customers or suppliers; natural disasters; the performance of recent acquisitions; unanticipated difficulties completing or integrating acquisitions; new laws and governmental regulations; interest rate changes; changes in tax laws or tax regulations; stock market and currency fluctuations; and unanticipated deterioration of economic and financial conditions in the United States and around the world. We do not assume any obligation to update these forward-looking statements. Financial Results The company's comparative financial results for the three months ended June 30, 2025, are available on the company's website, EATON CORPORATION plc CONSOLIDATED STATEMENTS OF INCOME Three months endedJune 30 Six months endedJune 30 (In millions except for per share data) 2025 2024 2025 2024 Net sales $ 7,028 $ 6,350 $ 13,404 $ 12,293 Cost of products sold 4,431 3,940 8,361 7,665 Selling and administrative expense 1,149 1,021 2,197 2,046 Research and development expense 192 196 390 385 Interest expense - net 71 29 103 59 Other income - net (1 ) (32 ) (10 ) (58 ) Income before income taxes 1,186 1,195 2,363 2,195 Income tax expense 203 201 415 379 Net income 982 994 1,947 1,816 Less net income for noncontrolling interests (1 ) (1 ) (2 ) (2 ) Net income attributable to Eaton ordinary shareholders $ 982 $ 993 $ 1,945 $ 1,814 Net income per share attributable to Eaton ordinary shareholders Diluted $ 2.51 $ 2.48 $ 4.96 $ 4.52 Basic 2.52 2.49 4.97 4.54 Weighted-average number of ordinary shares outstanding Diluted 391.4 401.0 392.5 401.5 Basic 390.3 399.2 391.2 399.6 Reconciliation of net income attributable to Eaton ordinary shareholders to adjusted earnings Net income attributable to Eaton ordinary shareholders $ 982 $ 993 $ 1,945 $ 1,814 Excluding acquisition and divestiture charges, after-tax 54 8 61 20 Excluding restructuring program charges, after-tax 18 12 33 61 Excluding intangible asset amortization expense, after-tax 101 83 185 167 Adjusted earnings $ 1,155 $ 1,096 $ 2,225 $ 2,062 Net income per share attributable to Eaton ordinary shareholders - diluted $ 2.51 $ 2.48 $ 4.96 $ 4.52 Excluding per share impact of acquisition and divestiture charges, after-tax 0.14 0.02 0.16 0.05 Excluding per share impact of restructuring program charges, after-tax 0.05 0.03 0.08 0.15 Excluding per share impact of intangible asset amortization expense, after-tax 0.25 0.20 0.47 0.42 Adjusted earnings per ordinary share $ 2.95 $ 2.73 $ 5.67 $ 5.14 See accompanying notes. EATON CORPORATION plc BUSINESS SEGMENT INFORMATION Three months endedJune 30 Six months endedJune 30 (In millions) 2025 2024 2025 2024 Net sales Electrical Americas $ 3,350 $ 2,877 $ 6,360 $ 5,567 Electrical Global 1,753 1,606 3,362 3,105 Aerospace 1,080 955 2,059 1,826 Vehicle 663 723 1,280 1,447 eMobility 182 189 343 348 Total net sales $ 7,028 $ 6,350 $ 13,404 $ 12,293 Segment operating profit (loss) Electrical Americas $ 987 $ 859 $ 1,891 $ 1,644 Electrical Global 353 305 653 578 Aerospace 240 206 466 407 Vehicle 113 130 209 246 eMobility (10 ) 2 (15 ) (2 ) Total segment operating profit 1,682 1,502 3,204 2,873 Corporate Intangible asset amortization expense (129 ) (106 ) (235 ) (212 ) Interest expense - net (71 ) (29 ) (103 ) (59 ) Pension and other postretirement benefits income 5 9 10 20 Restructuring program charges (24 ) (15 ) (42 ) (78 ) Other expense - net (277 ) (166 ) (471 ) (349 ) Income before income taxes 1,186 1,195 2,363 2,195 Income tax expense 203 201 415 379 Net income 982 994 1,947 1,816 Less net income for noncontrolling interests (1 ) (1 ) (2 ) (2 ) Net income attributable to Eaton ordinary shareholders $ 982 $ 993 $ 1,945 $ 1,814 See accompanying notes. EATON CORPORATION plc CONDENSED CONSOLIDATED BALANCE SHEETS (In millions) June 30, 2025 December 31, 2024 Assets Current assets Cash $ 398 $ 555 Short-term investments 186 1,525 Accounts receivable - net 5,486 4,619 Inventory 4,581 4,227 Prepaid expenses and other current assets 1,246 874 Total current assets 11,897 11,801 Property, plant and equipment 4,032 3,729 Other noncurrent assets Goodwill 15,790 14,713 Other intangible assets 5,227 4,658 Operating lease assets 709 806 Deferred income taxes 621 609 Other assets 2,230 2,066 Total assets $ 40,507 $ 38,381 Liabilities and shareholders' equity Current liabilities Short-term debt $ 1,111 $ — Current portion of long-term debt 1,134 674 Accounts payable 3,762 3,678 Accrued compensation 529 670 Other current liabilities 3,058 2,835 Total current liabilities 9,594 7,857 Noncurrent liabilities Long-term debt 8,751 8,478 Pension liabilities 758 741 Other postretirement benefits liabilities 161 164 Operating lease liabilities 587 669 Deferred income taxes 280 275 Other noncurrent liabilities 1,728 1,667 Total noncurrent liabilities 12,265 11,994 Shareholders' equity Eaton shareholders' equity 18,606 18,488 Noncontrolling interests 41 43 Total equity 18,647 18,531 Total liabilities and equity $ 40,507 $ 38,381 See accompanying notes. EATON CORPORATION plcNOTES TO THE SECOND QUARTER 2025 EARNINGS RELEASE Amounts are in millions of dollars unless indicated otherwise (per share data assume dilution). Columns and rows may not add and the sum of components may not equal total amounts reported due to rounding. Note 1. NON-GAAP FINANCIAL INFORMATION This earnings release includes certain non-GAAP financial measures. These financial measures include adjusted earnings, adjusted earnings per ordinary share, and free cash flow, each of which differs from the most directly comparable measure calculated in accordance with generally accepted accounting principles (GAAP). A reconciliation of each of these financial measures to the most directly comparable GAAP measure is included in this earnings release. Management believes that these financial measures are useful to investors because they provide additional meaningful financial information that should be considered when assessing our business performance and trends, and they allow investors to more easily compare Eaton Corporation plc's (Eaton or the Company) financial performance period to period. Management uses this information in monitoring and evaluating the on-going performance of Eaton and each business segment. The Company's third quarter and full year net income per ordinary share and adjusted earnings per ordinary share guidance for 2025 is as follows: Three months ended September 30, 2025 Year ended December 31, 2025 Net income per share attributable to Eaton ordinary shareholders - diluted $2.58 - $2.64 $10.41 - $10.61 Excluding per share impact of acquisition and divestiture charges, after tax 0.06 0.26 Excluding per share impact of restructuring program charges, after tax 0.11 0.31 Excluding per share impact of intangible asset amortization expense, after tax 0.26 0.99 Adjusted earnings per ordinary share $3.01 - $3.07 $11.97 - $12.17 A reconciliation of net income attributable to Eaton ordinary shareholders per share to adjusted earnings per ordinary share is as follows: Year ended December 31, 2024 Net income per share attributable to Eaton ordinary shareholders - diluted $ 9.50 Excluding per share impact of acquisition and divestiture charges, after tax 0.06 Excluding per share impact of restructuring program charges, after tax 0.40 Excluding per share impact of intangible asset amortization expense, after tax 0.84 Adjusted earnings per ordinary share $ 10.80 A reconciliation of operating cash flow to free cash flow is as follows: (In millions) Three months endedJune 30, 2025 Operating cash flow $ 918 Capital expenditures for property, plant and equipment (202 ) Free cash flow $ 716 Note 2. ACQUISITIONS OF BUSINESSES Acquisition of Exertherm On May 20, 2024, Eaton acquired Exertherm, a U.K.-based provider of thermal monitoring solutions for electrical equipment. Exertherm is reported within the Electrical Americas business segment. Acquisition of a 49% stake in NordicEPOD AS On May 31, 2024, Eaton acquired a 49 percent stake in NordicEPOD AS, which designs and assembles standardized power modules for data centers in the Nordic region. Eaton accounts for this investment on the equity method of accounting and it is reported within the Electrical Global business segment. Acquisition of Fibrebond Corporation On April 1, 2025, Eaton acquired Fibrebond Corporation (Fibrebond) for $1.45 billion, net of cash acquired. Fibrebond is a U.S. based designer and builder of pre-integrated modular power enclosures for data center, industrial, utility and communications customers. Fibrebond had sales of approximately $378 million for the twelve months ended February 28, 2025, and is reported within the Electrical Americas business segment. As part of the acquisition, Eaton assumed $240 million of employee transaction and retention awards. Awards vest in six equal annual installments starting in the second quarter of 2025, subject to continued employment with Eaton. Forfeited employee awards are paid to former Fibrebond shareholders annually. Eaton recognizes compensation expense for the awards over the requisite service period and any employee forfeitures owed to former Fibrebond shareholders are expensed immediately in Other income - net. During the second quarter of 2025, compensation expense of $34 million, $11 million and $2 million were included in Costs of products sold, Selling and administrative expense, and Other income - net, respectively. Agreement to Acquire Ultra PCS Limited On June 16, 2025, Eaton signed an agreement to acquire Ultra PCS Limited (Ultra PCS), which is headquartered in the United Kingdom with operations in the U.K. and the United States. Ultra PCS produces electronic controls, sensing, stores ejection and data processing solutions, enabling mission success for global aerospace customers in the air and on the ground. Under the terms of the agreement, Eaton will pay $1.55 billion for Ultra PCS. The transaction is subject to customary closing conditions and regulatory approvals and is expected to close in the first half of 2026. Ultra PCS will be reported within the Aerospace business segment. Agreement to Acquire Resilient Power Systems Inc. On July 11, 2025, Eaton signed an agreement to acquire Resilient Power Systems Inc., a leading North American developer and manufacturer of innovative energy solutions, including solid-state transformer-based technology. Under the terms of the agreement, Eaton will pay $55 million of cash at closing and contingent future consideration and other payments that could reach $95 million based on 2025 through 2028 revenue performance, achievement of technology-based milestones, and in certain cases subject to management's continued employment with Eaton. The transaction is subject to customary closing conditions and is expected to close in the third quarter of 2025. Resilient Power Systems Inc. will be reported within the Electrical Americas business segment. Note 3. ACQUISITION AND DIVESTITURE CHARGES Eaton incurs integration charges and transaction costs to acquire and integrate businesses, and transaction, separation and other costs to divest and exit businesses. Eaton also recognizes gains and losses on the sale of businesses. A summary of these Corporate items is as follows: Three months endedJune 30 Six months endedJune 30 (In millions except for per share data) 2025 2024 2025 2024 Acquisition integration, divestiture charges and transaction costs $ 70 $ 10 $ 80 $ 27 Income tax benefit 16 3 19 7 Total after income taxes $ 54 $ 8 $ 61 $ 20 Per ordinary share - diluted $ 0.14 $ 0.02 $ 0.16 $ 0.05 Acquisition integration, divestiture charges and transaction costs in 2025 are primarily related to the acquisitions of Fibrebond and Exertherm, transactions completed prior to 2023, and other charges to acquire and exit businesses. Costs in 2025 include $47 million of employee transaction and retention award compensation expense related to the acquisition of Fibrebond. Acquisition integration, divestiture charges and transaction costs in 2024 are primarily related to acquisitions completed prior to 2023, and include other charges and income to acquire and exit businesses. These charges were included in Cost of products sold, Selling and administrative expense, Research and development expense, or Other income - net. In Business Segment Information, the charges were included in Other expense - net. Note 4. RESTRUCTURING CHARGES During the first quarter of 2024, Eaton implemented a multi-year restructuring program to accelerate opportunities to optimize its operations and global support structure. These actions will better align the Company's functions to support anticipated growth and drive greater effectiveness throughout the Company. Since the inception of the program, the Company has incurred charges of $244 million. This restructuring program is expected to be completed in 2026 and is expected to incur additional expenses related to workforce reductions of $164 million and plant closing and other costs of $67 million, resulting in total estimated charges of $475 million for the entire program. The Company expects mature year benefits of $375 million when the multi-year program is fully implemented. A summary of restructuring program charges is as follows: Three months endedJune 30 Six months endedJune 30 (In millions except for per share data) 2025 2024 2025 2024 Workforce reductions $ 7 $ 9 $ 19 $ 68 Plant closing and other 17 7 23 11 Total before income taxes 24 15 42 78 Income tax benefit 5 3 9 18 Total after income taxes $ 18 $ 12 $ 33 $ 61 Per ordinary share - diluted $ 0.05 $ 0.03 $ 0.08 $ 0.15 Restructuring program charges related to the following segments: Three months endedJune 30 Six months endedJune 30 (In millions) 2025 2024 2025 2024 Electrical Americas $ 9 $ 1 $ 10 $ 8 Electrical Global 5 4 19 27 Aerospace — — — 8 Vehicle 2 4 4 27 eMobility 2 — 2 — Corporate 6 7 7 7 Total $ 24 $ 15 $ 42 $ 78 These restructuring program charges were included in Cost of products sold, Selling and administrative expense, Research and development expense, or Other income - net, as appropriate. In Business Segment Information, these restructuring program charges are treated as Corporate items. Note 5. INTANGIBLE ASSET AMORTIZATION EXPENSE Intangible asset amortization expense is as follows: Three months endedJune 30 Six months ended June 30 (In millions except for per share data) 2025 2024 2025 2024 Intangible asset amortization expense $ 129 $ 106 $ 235 $ 212 Income tax benefit 28 23 50 45 Total after income taxes $ 101 $ 83 $ 185 $ 167 Per ordinary share - diluted $ 0.25 $ 0.20 $ 0.47 $ 0.42 View source version on Contacts Eaton Corporation plcJennifer TolhurstMedia Relations+1 (440) 523-4006jennifertolhurst@ Yan JinInvestor Relations+1 (440) 523-7558 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Forbes
an hour ago
- Forbes
AI-Driven AML Compliance For RIAs Under New FinCEN Rule
Madhu Nadig is co-founder & CTO of Flagright - building the AML compliance infrastructure for Financial Institutions. Registered investment advisors (RIAs) in the U.S. face a new anti-money laundering (AML) reality. Starting January 1, 2026 (now potentially delayed until January 1, 2028), RIAs will be required to comply with FinCEN's final AML rule, which mandates robust programs for transaction monitoring, suspicious activity reporting, customer due diligence (CDD) and more. For many advisory firms, which often have lean operations with limited compliance staff, meeting these requirements poses significant staffing and cost pressures. The good news is that AI-powered regtech platforms and automation offer a path to leaner compliance. Instead of building large teams and manually policing transactions, RIAs can leverage smart technology to satisfy regulators efficiently. FinCEN's New AML Rule: Additional Compliance Burdens For RIAs FinCEN's final rule brings RIAs squarely under Bank Secrecy Act requirements for the first time. Nearly all SEC-registered investment advisors must implement written AML/CFT compliance programs by the deadline. These programs must cover core elements long required of banks and broker-dealers: • Internal Policies And Controls: Written procedures to prevent and detect money laundering and terrorist financing • AML Compliance Officer: A designated individual responsible for overseeing the program • Staff Training: Ongoing training on AML duties for relevant personnel • Independent Testing: Periodic audits of the program's effectiveness by an independent party • Customer Due Diligence: Risk-based procedures to verify clients' identities and understand account purposes • Suspicious Activity Reporting: Processes to identify and file suspicious activity reports (SARs) with FinCEN for qualifying suspicious transactions RIAs will now be treated as "financial institutions" under the law, with obligations to screen clients, monitor transactions and report red flags, just like banks. The Securities and Exchange Commission (SEC) will examine RIA compliance with these rules, and non-compliance isn't an option: Penalties can reach up to $25,000 for willfully failing to implement required AML programs. This mandate closes a regulatory gap and significantly raises the stakes for advisory firms. It's truly a compliance game-changer, especially considering the size of the industry now under AML obligations. There are over 15,000 RIAs in the U.S. managing about $125 trillion in client assets, a sector previously outside the scope of the Bank Secrecy Act (BSA), now coming under intense oversight. Staffing And Cost Challenges In Building An AML Program Building an AML/CFT program from scratch is resource-intensive. RIAs now face the challenge of assembling people and tools to fulfill FinCEN's requirements: • Limited Staff And Expertise: Many RIAs have minimal in-house compliance personnel. Unlike large banks, an advisory firm can't easily redeploy dozens of analysts to AML duties. Hiring new AML specialists or consultants is expensive and time-consuming. Industry groups warned that smaller advisors (e.g., under 20 employees) would struggle to absorb these compliance burdens, even urging FinCEN to exempt the smallest advisors due to the outsized impact. • New Ongoing Workflows: The AML rule imposes continuous processes that firms must maintain. This includes monitoring transactions daily for suspicious patterns, conducting thorough CDD at client onboarding, periodically screening clients against sanctions/watchlists, investigating any alerts or unusual activities and drafting and filing SARs when required. Each task can be labor-intensive if done manually and will require clear policies, procedures and allocation of responsibilities. • Costly Manual Processes: Compliance labor is a major cost driver. Salaries for experienced AML compliance officers or analysts can easily exceed six figures. Beyond salaries, there are costs in training staff, managing false-positive alerts and ensuring quality control. • Independent Audits And Technology Investments: The rule requires independent testing of the AML program's effectiveness. Many RIAs will need to outsource this to external auditors or compliance consultants (introducing another new cost). These challenges make it clear that a 'business as usual' approach won't work. RIAs must find ways to meet the regulatory requirements without simply throwing bodies and money at the problem. This is where planning and technology come in. Preparing For Compliance: Actionable Steps For RIAs With the deadline looming, whether in 2026 or 2028, what should investment advisors be doing now? Below are key steps to prepare for FinCEN's AML rule, drawn from regulatory guidance and industry best practices: 1. Conducting A Risk Assessment And Gap Analysis: Start by evaluating your current compliance framework against the new rule's requirements. 2. Developing Or Updating Your AML Program: Using the gap analysis results, update your written policies and procedures to align with FinCEN's rule. This includes drafting an AML compliance manual if you don't have one, or revising your existing one to cover the five pillars (internal controls, AML officer, training, testing, CDD) in depth. 3. Implementing Supporting Technology And Automation: Given the volume of monitoring and reporting required, leverage technology tools to streamline processes wherever possible. For instance, use an AML software platform for transaction monitoring that can automatically flag unusual patterns, and a sanctions screening tool to check clients against watchlists. 4. Training Your Team And Testing The Program: Even the best policy document won't work if your employees don't know how to execute it. Plan comprehensive training for all relevant staff on the new AML procedures and their responsibilities—not just once, but on an ongoing basis. 5. Planning For Day-One Compliance And Ongoing Improvement: By Q4, aim to have all pieces in place, policies approved, systems implemented, staff trained and initial testing done so that by January 1, 2026 (or 2028), you are fully operational with AML monitoring and reporting. From that point, compliance will be an ongoing effort. Each of these steps will help ensure you're not scrambling at the last minute. Importantly, they also illustrate that you don't necessarily need a large staff to comply; rather, you need a smart plan and the right tools. By starting early and following a structured roadmap, even smaller advisors can meet the new AML obligations without being overwhelmed. Conclusion As you plan your program, remember that regulators focus on outcomes—timely SAR filings, effective monitoring and thorough due diligence—not whether those results were delivered by a team of 10 or by two people using a smart platform. An AI-powered AML solution can be a force multiplier for a small firm's compliance officer, handling routine checks and flagging the issues that truly need human judgment. Forbes Technology Council is an invitation-only community for world-class CIOs, CTOs and technology executives. Do I qualify?
Medscape
an hour ago
- Medscape
Meet Barbie's Secret Weapon Against Type 1 Diabetes
Mattel, the US-based company behind the Barbie brand, launched its first Barbie doll designed with features of type 1 diabetes ( T1D). 'Introducing a Barbie doll with T1D marks an important step in our commitment to inclusivity and representation,' said Krista Berger, senior vice president of Barbie and global head of Dolls. 'Barbie helps shape children's early perceptions of the world, and by reflecting medical conditions like T1D, we ensure more kids can see themselves in the stories they imagine and the dolls they love.' Rising Numbers T1D is a chronic autoimmune condition that affects millions of individuals, including children and adolescents, worldwide. To ensure that the new Barbie doll accurately represents the lived experience of individuals managing this condition, Mattel partnered with Aide aux Jeunes Diabétiques, a French charity that supports young people with diabetes, and Breakthrough T1D (formerly JDRF), a global organisation focused on research, advocacy, and improving care for people with T1D. These collaborations helped ensure that the doll's features, including the use of real-world medical devices such as a continuous glucose monitor and insulin pump, reflected the current standards in diabetes management. The aim was to promote inclusion and awareness by representing the everyday reality of children with T1D. The new Barbie doll features: Continuous glucose monitor: The doll wears a continuous glucose monitor on her arm to support blood glucose management in T1D. These small, wearable devices measure glucose levels continuously throughout the day. The sensor is secured with heart-shaped medical tape in Barbie pink, and the doll includes a phone that displays a monitoring app used to track glucose levels in real time. The doll wears a continuous glucose monitor on her arm to support blood glucose management in T1D. These small, wearable devices measure glucose levels continuously throughout the day. The sensor is secured with heart-shaped medical tape in Barbie pink, and the doll includes a phone that displays a monitoring app used to track glucose levels in real time. Insulin pump: Attached at her waist, the insulin pump is a small wearable device that delivers insulin automatically, as needed. This method of insulin administration is widely used by individuals with T1D to maintain stable blood glucose levels. Attached at her waist, the insulin pump is a small wearable device that delivers insulin automatically, as needed. This method of insulin administration is widely used by individuals with T1D to maintain stable blood glucose levels. Blue polka dot outfit: The doll wears a polka dot top and matching ruffled skirt. Both the blue colour and circular print are recognised global symbols for diabetes awareness, including the blue circle associated with World Diabetes Day. The doll wears a polka dot top and matching ruffled skirt. Both the blue colour and circular print are recognised global symbols for diabetes awareness, including the blue circle associated with World Diabetes Day. Pastel blue handbag: The doll carries a pastel blue handbag intended for essential items, such as diabetes supplies or snacks. This detail reflects the everyday practical needs of individuals managing T1D, including the need to prevent or treat hypoglycaemia when away from home. Ambassadors To launch its Barbie doll featuring T1D, Mattel chose the French karate champion, Alizée Agier, as ambassador. Agier won the world championship in 2014 and European titles in 2019 and 2024. She was diagnosed with T1D at the age of 19 years and has since become a strong advocate for awareness and inclusion. 'It's not diabetes that defines me, but what I do with it. As the campaign's ambassador, she inspires thousands of young people — whether ill or not — to believe in their potential,' Agier said. Mattel also honoured two global role models and T1D advocates: Peloton instructor Robin Arzón in the US and model Lila Moss in the UK with personalised Barbie dolls. Arzón is known internationally for her work as a fitness leader and author, while Moss is a fashion model and daughter of the British supermodel Kate Moss. Both women live with T1D and use their public platforms to raise awareness and improve visibility of the condition. Arzón presented a new Barbie doll with T1D, along with her custom Barbie doll, during an event at Peloton Studios in New York City. Members of the T1D community welcomed the event as a positive step towards inclusion. 'After being diagnosed with T1D a decade ago, I've found a lot of purpose in advocating for people with the condition and educating others about it because knowledge is power — especially for young minds,' said Arzón. 'It's an absolute honour to receive a Barbie doll as a part of the brand's efforts to grow awareness and representation surrounding T1D so that we can help show kids that all types of challenges give us all the more reason to push forward and achieve our dreams.' Moss said, 'I am proud to use my platform to educate around T1D and show that being different is cool. Receiving messages from people who see my patches and feel represented means everything to me. To be able to now see Barbie dolls with T1D, and to receive a Barbie doll that visibly looks like me, even wearing her patches, is both surreal and special.' The Barbie Fashionistas line now includes more than 175 dolls, offering a wide range of skin tones, eye colours, hair textures, body types, fashion styles, and medical conditions. The collection featured dolls with visual impairment, dolls with Down syndrome, and dolls with hearing aids. In 2020, Barbie began a multiyear research collaboration with Cardiff University to explore how doll play supports children's development. According to the company, early findings suggest that playing with dolls may help children develop empathy, build social skills, and imagine a future in which everyone has equal opportunities. Details are reported on the Mattel corporate website.
