All articles by Aarti Maharaj – Page 3
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Blog
French Data Regulator Rejects Google’s ‘Right To Be Forgotten’ Appeal
Big news this week from France as the Commission Nationale de I’Informatique et des Libertes (CNIL) rejected Google’s appeal against the enforcement of “right to be forgotten.” If Google fails to comply with CNIL’s order, the company may be hit with sanctions, including a €300,000 fine, which could increase to ...
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Blog
Swiss Authorities to Unveil New ‘Lex-FIFA’ Anti-Corruption Reform
A new draft anti-corruption law in Switzerland, named after scandal-ridden football organization FIFA, will treat bribery as a criminal offence and allow Swiss authorities to launch corruption probes against the country’s international sporting federations without tip-offs from inside the organization in question. Some members of Swiss Parliament argue that the ...
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Blog
BoE: More ‘Debate’ Around Tougher Capital Rules Needed
Image: The Bank of England’s chief economist, Andy Haldane, is calling for debate around whether financial institutions should set aside more capital to help them weather any potential losses. “[Capital requirements] will be 10x higher than pre-crisis. Should they be higher still? Right question for tomorrow. We need that debate,” ...
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Article
Getting a Better Read on ‘Conduct Risk’
Image: “Conduct risk” is a phrase uttered by many regulators these days and a menace compliance officers in banking circles worry about more and more. Still, putting a precise definition on it isn’t easy. “Conduct risk frequently demands that a firm address the widest range of policies, processes … and ...
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Blog
Tougher Regulations Lead to Structural Overhaul in Europe’s Biggest Banks
The size and number of European investment banks is shrinking, due to tighter regulations that are causing some big banks to retreat from expansion plans. The move comes as financial firms anxiously await final ring-fencing rules from the U.K. Prudential Regulation Authority. More inside.
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Blog
Bulgaria’s Anti-Graft Bill Failed to Win Parliamentary Approval
The Bulgarian government’s plan to create a special anti-corruption unit designed to tackle high-level corruption cases through anonymous reporting has failed to gain parliamentary approval as the fight to end corruption across Europe intensifies. In 2014, Bulgaria was ranked as one of the most corrupt EU countries, according to Transparency ...
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Blog
Google Facing Some Intense Heat in Europe
Image: European companies may now find it easier to file potential damages suits against Google, thanks to an independent platform calling on individuals and entities to proffer any civil claims regarding Google’s anticompetitive behavior. The “Google Redress and Integrity Platform” comes at a time when Google is facing several investigations ...
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Blog
Banks Fear EU Privacy Rules Will Make Fraud Harder to Detect
Image: Bankers are claiming new EU privacy laws may end up doing more harm than good, as they will prevent banks from detecting fraud and terrorist financing. Consumer rights groups disagree, arguing that the updated laws will pave the way for more transparency and force banks to behave more responsibly ...
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Blog
Podcast: Conducting Internal Investigations in Europe
Image: In light of increased enforcement activities across Europe, particularly increased enforcement cooperation among foreign jurisdictions and around the world, European corporations are subjected to overlapping and often similar—but not identical—regulatory requirements. In our latest podcast, we talk to Tiffany Moseley, partner in Kaye Scholer’s litigation practice, about internal investigations ...
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Blog
Banks Are Concerned Over New EU Bonus Rules
Image: New EU legislation covering banker pay that will be applied across all member states is causing some rift in the industry. Wim Mijs, chief executive of the European Banking Federation, said the rules may lead to a “heavy administrative burden.” He is calling on the European commissioner responsible for ...
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Podcast
Podcast: Conducting Internal Investigations in Europe
The steady rise in internal investigations stems from changes in corporate attitudes that view strong compliance processes as critical for the success of any business. As a result of the increased enforcement activities, particularly increased enforcement cooperation between foreign jurisdictions across Europe and around the world, European corporations are ...
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Blog
U.K. Banks on the Lookout for Civil Claims in Forex Scandal
The foreign markets manipulation debacle may drag on, with no end in sight. In the wake of a recent landmark legal settlement where top banks, including the Royal Bank of Scotland, UBS, and Barclays, agreed to a £1.28 billion settlement in the rate-rigging scandal, lawyers and analysts are warning it’s ...
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Blog
ECB Delays Review of Banks’ Risk Models
The European Central Bank has extended its review of banks’ internal risk models up to four years. The banking supervisor plans on conducting a thorough examination on how some of the Eurozone’s biggest banks are calculating its capital. Deutsche Bank, Santander, and Société Générale are some of the financial institutions ...
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Blog
U.K. Financial Regulator Explains the New Accountability Rules
Image: The Financial Conduct Authority released “near final rules” which shows how it will apply the new accountability regimes that hold employees accountable for misconduct in U.K. branches of overseas banks. These rules further explain the FCA’s accountability reform announcement last month that zeroes in on top executives at U.K. ...
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Blog
Standard Chartered Bolsters Its Financial Crime Unit Amid Regulatory Trouble
Standard Chartered is adding more staff to its financial crimes team, following a probe by U.S. regulators for an alleged breach in sanctions laws that resulted in a $400 million fine in 2012. In its first-half results announced last week, the bank said, “There is a range of potential penalties ...
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Article
CCOs Playing a Stronger Role in Data Privacy Practices
Image: As data privacy laws proliferate, they are creating a web that traps how corporations use personal data in their operations. The challenge for compliance officers: how to play a more strategic role and ensure your business doesn’t get stuck. “The inclusion of the CCO function in defining controls related ...
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Blog
Report: U.K. Regulator’s Victory in the Libor Scandal
Image: Tom Hayes, once a “star trader” at UBS and Citigroup and the first to stand trial in the Libor scandal, has been charged with eight counts of conspiracy to manipulate Libor and will serve 14 years in prison. This case serves as a major turning point for the U.K. ...
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Blog
Nordea Bank Tackles AML Compliance Amid Hefty Fine
Nordea Bank AB, a major financial institution for the Nordic region, is re-establishing its anti-money laundering program to correct flaws in its processes that resulted in the company paying up to $5.9 million in fines. This is not the first time Nordea has been put in the spotlight for poor ...
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Blog
Banks Need to Manage Risks Better, U.K. Regulator Says
Image: A review by the U.K. Financial Conduct Authority found that banks need to take the risks associated with benchmark rates more seriously. FCA believes that financial institutions should learn from the recent scandals that rocked the industry and ensure that such misconduct does not happen again. The watchdog says ...
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Blog
Europe Faces Growing Criticism Over Sacked CEOs
The movement of executives at top financial institutions is back in the spotlight but this time the action is in Europe. Following the 2008-09 financial crisis banks were losing their chief executives faster than many expected. Now with post-meltdown regulatory reforms in full force, the turnover rate among executives has ...