Deutsche Bank said it is about “two-thirds” of the way toward meeting Germany’s financial regulator’s demands for tighter controls to combat money laundering and terrorist financing—an area of weakness many banks across the European Union are confronting.
Neil Hodge
Neil Hodge is a freelance business journalist and photographer based in Nottingham, United Kingdom. He writes on insurance and risk management, corporate governance, internal audit, compliance, and legal issues for a wide range of publications in the United Kingdom and United States.
Posted inEurope
Santander UK fined $132M for poor AML controls
The U.K. arm of Santander was fined approximately £107.8 million (U.S. $132 million) by the Financial Conduct Authority for “serious and persistent” gaps in its anti-money laundering controls.
Posted inAnti-Bribery
Glencore to pay $180M in DRC corruption case
Commodity trading and mining company Glencore agreed to pay $180 million to the government of the Democratic Republic of the Congo to settle claims arising from alleged corrupt practices that took place for more than a decade.
Posted inEurope
Barclays fined $10.2M over EU interchange fee violations
Barclays was fined £8.4 million (U.S. $10.2 million) by the U.K.’s Payment Systems Regulator for failing to provide retailers with complete information about the costs of the card services it supplied.
Posted inEurope
Experts: AML efforts dealt blow by CJEU beneficial ownership ruling
Determining the true owner of a company might become more difficult after Europe’s top court ruled automatic access to registers of beneficial ownership conflicted with the right to privacy.
Posted inEurope
Meta fined $274M under GDPR for data scraping breach
Meta Platforms Ireland was fined €265 million (U.S. $274 million) for failing to put in place adequate measures to protect users’ data after a leak compromised the personal details of more than half a billion individuals.
Posted inAnti-Bribery
Ex-BP trader’s failed whistleblower claim to raise U.K. reporting bar?
A U.K. employment tribunal’s ruling that a former BP employee was not entitled to whistleblower protection has shone a spotlight on the legal issues workers must consider ahead of speaking up.
Posted inEurope
CW Europe panelists: ESG reporting still in ‘immature’ phase
Companies are continuing to fail in their efforts to improve environmental, social, and governance reporting, while compliance functions are finding it tough to keep up with demands for better assurance in the area, according to experts.
Posted inEthics & Culture
CW Europe: Compliance challenges in 2023 and beyond will look a bit different
Dealing with risks relating to artificial intelligence; diversity, equity, and inclusion; and shortfalls in staff, training, and expertise are set to be among the biggest challenges for compliance officers in 2023 and the years ahead, say practitioners.
Posted inAnti-Bribery
Glencore Energy’s $324M fine for bribery comes with warning to others
Glencore Energy UK was ordered to pay nearly £281 million (U.S. $314 million) in fines and costs after an investigation by the U.K.’s Serious Fraud Office (SFO) found it paid $29 million in bribes to gain preferential access to oil in Africa to boost profits.