Amid Google’s recent antitrust debacle and the intense competition among some U.S. tech giants in Europe, the call for an EU strategy to monitor the digital economy has never been louder. If implemented, according to reports, a pan-European digital regulator will supervise “systemic digital actors” and will have the authority to intervene when disputes occur. An EU-wide strategy to create a digital single market will be announced in May. Details inside.
Aarti Maharaj
Posted inRegulatory Enforcement
Belgium’s Robust AML Regime
While Belgium has made significant progress in tracking down anti-money laundering and counter-terrorist financial (AML/CFT) activities, a lot more work needs to be done, says a recent report by the Financial Action Task Force. In April, the European Union approved new draft rules that reflect the need of its member states to take into account the development of technology and other solutions at the disposal of criminals. More inside.
Posted inRegulatory Enforcement
Gazprom Faces Antitrust Trouble in Europe
The European Commission plans to file formal antitrust charges against Gazprom, as the Russian energy giant is suspected of abusing its power in the natural gas sector by preventing some countries—such as Lithuania and Poland—from re-exporting gas they purchased from the company. If the Commission succeeds, Gazprom will face a multibillion-dollar fine. Details inside.
Posted inEurope
EU to Postpone Capital Rules on EU Banks
The European Union is again planning to postpone new capital rules on EU banks to hold more capital when trading derivatives with unapproved foreign exchanges. In response to the financial crisis, the United States formulated its own trading guidelines without giving European regulators sufficient opportunity to weigh in, experts say. More inside.
Posted inRegulatory Enforcement
U.K. Regulator Slaps Major Banks With Hefty Fines
The Financial Conduct Authority has fined Bank of New York Mellon £126 million for the lack of compliance monitoring during the financial crisis. In a separate case this week, the regulator also imposed a record fine on Clydesdale Bank for “serious failings in payment protection insurance complaint handling,” the FCA said. Details inside.
Posted inRegulatory Enforcement
Google Faces Antitrust Charges in Europe
Image: The European Commission is expected to file a formal case against Google for abusing its dominance in the digital marketplace. Google now faces the possibility of being hit with $6 billion in fines, according to reports. Earlier this month, Competition Commissioner Margrethe Vestager made a pledge to “remove remaining barriers to ecommerce” to benefit European citizens and businesses. Details inside.
Posted inUncategorized
ECB Says Financial Sector Regaining its Momentum
Eurozone banks are expecting to provide more loans to companies in the coming months—a move that puts the banking sector back in the spotlight amid a downturn in recent years. The European Central Bank (ECB) said in its quarterly Bank Lending Survey that “there have been substantial improvements in the level of credit standards compared with banks’ indications one year ago.” More inside.
Posted inRisk Management
Shop Talk: Managing Vendor Risk
Pop quiz: Try to name a recent example of corporate misconduct that did not somehow include a company’s vendors or third parties. It’s not easy, and third parties are now a huge part of the compliance officer’s responsibility. In our latest Compliance Week executive forum, we gathered a dozen CCOs to talk about vendor risks and building a systematic approach to handling them. The full conversation is inside.
Posted inAnti-Bribery
France Lags Behind in Global Corruption Fight
France has drawn international attention amid a string of scandals that engulfed some of the country’s largest companies. When compared to the United States, experts believe that French authorities are more lenient on wrongdoing. The Organization of Economic Cooperation and Development is “seriously concerned” by the country’s “lackluster response” toward corporate misconduct. Details inside.
Posted inEurope
New Disclosures for U.K. Companies on Owner Registry
The British Parliament recently signed off on new legislation that calls for more information about the true owners behind U.K. companies. According to Transparency International, the U.K.’s property market is a conduit for “corrupt capital stolen from around the world.” Current regulations allow U.K. properties to be owned by secret offshore companies. More inside.