The EU’s main data regulator has issued new guidelines so that fines under the General Data Protection Regulation are in line from one EU country to the next.
Europe
Posted inManufacturing
Manufacturers of EU digital products must now report cyber incidents within 24 hours
If you make or sell digital products in the EU, you must now report all exploited vulnerabilities and “severe” incidents that impact their security within 24 hours of becoming aware of them. These rules apply to every sector that produces products with a digital element – from baby monitors to smart watches and apps.
Posted inData Privacy
Uber’s driver-blocking algorithm draws nearly $1 billion Dutch privacy penalty
The Dutch data protection authority has fined Uber $959.2 million for using automatic decision-making tech to deactivate drivers’ accounts if they received poor customer reviews.
Posted inRegulatory Policy
EU anti-corruption directive raises questions over compliance and enforcement
The EU is clamping down on corruption. Its anti-corruption directive came into force and significantly raises the bar, with measures to close enforcement gaps and improve cross-border cooperation.
Posted inSanctions
Inconsistent sanctions programs leave compliance struggling, while shadow fleet ships slip beneath the radar
Russian “shadow-fleet” ships are using simple tactics to evade sanctions from the U.S., U.K, and EU.
Posted inArtificial Intelligence
New transparency rules come into force for AI-generated content under EU’s AI Act
Key transparency rules aimed at informing consumers when they are interacting with AI or are exposed to AI-generated content came into effect from August 2 across the EU.
Posted inCryptocurrency and Digital Assets
Thousands of crypto firms miss EU license deadline
Less than 10 percent of crypto firms that were operating in the European Union up until new rules came in on July 1 have been authorized to continue. The rest—an estimated 3,000—are supposed to cease servicing EU clients from within the single market with immediate effect.
Posted inBanking
ECB wants top bank CEOs to set out plans for AI-related cyber risks
The European Central Bank has written to the CEOs of Europe’s top banks to ask what plans they have in place to deal with potential AI-related cybersecurity threats.
Posted inOpinion
Malta AML expert discusses how country is staying ahead of EU AML rules
Elena Tabone of Malta’s FIAU discusses AML/CFT supervision priorities as the unit prepares for AMLA’s 2028 rollout, new EU rules in 2027, a MONEYVAL evaluation, and rising AI-enabled fraud risks.
Posted inFinancial Services
Review into EU fund managers highlights compliance, internal audit ‘vulnerabilities’
Feedback from regulators across the EU has found that some fund managers’ compliance and internal audit functions could be sidelined, under-resourced, and lack independence.
