Deloitte Cyprus has been accused of signing off on faked documents that enabled sanctioned Russian billionaire Roman Abramovich to conceal around $672 million.
Europe
Posted inTechnology
European regulators warn about prediction markets, showing divergence from the US
Prediction markets may have become a booming industry in the United States, but the EU and UK remain reluctant to embrace them because of the inherent risks of supervising them and the potential harm they could cause consumers.
Posted inRegulatory Policy
EU introduces digital portal for documenting temporary staff transfers within EU states
Companies that transfer staff from one EU member state to work temporarily in another will benefit from a new digital portal designed to simplify official worker declarations and related administration.
Posted inRisk Management
Compliance must counter rising third-party financial crime risks with risk-based, integrated due diligence
Third-party risks around financial crime are accelerating and becoming more complex. Evolving sanctions rules, a renewed focus in the EU and UK on money laundering, bribery and corruption, and the UK’s Failure to Prevent Fraud criminal offense all put the onus on companies to understand exactly who their third parties are, who is behind them, and how they expose them to risk.
Posted inBanking
EU banking regulator issues new TPRM guidelines for large banks, FS firms
The European Union’s key banking regulator has issued guidelines to help large banks manage the risk of disruption if an important IT provider has an outage or a third party cannot continue to supply critical services.
Posted inSanctions
Why the rise of countersanctions is increasing compliance risks on multiple fronts
Compliance teams in global companies are already grappling with constantly evolving sanctions regimes in the US, UK, and EU. Now, they must also watch countersanctions emerging in countries including Russia and China.
Posted inArtificial Intelligence
EU’s financial regulator prioritizes AI, tokenization as key risks for 2027
The EU’s main financial regulator has made AI and tokenization—where assets are traded on blockchains rather than through traditional financial markets—key priorities for banking regulators in EU member states to focus on for 2027.
Posted inData Privacy
Future GDPR fines set to be more equal across EU
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.
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.