The U.K.’s Department for Business and Trade named 524 businesses found to have failed to pay the national minimum wage, ahead of wage hikes for certain workers that will take effect April 1.
Europe
Posted inEurope
FCA warns CEOs over firm AML failings
The U.K. Financial Conduct Authority warned the chief executive officers of approximately 1,000 financial institutions it supervises regarding common failures in anti-money laundering procedures it observed during recent assessments.
Posted inAccounting & Auditing
KPMG fined $1.9M by FRC over M&C Saatchi audit lapses
KPMG agreed to pay a reduced penalty of nearly £1.5 million (U.S. $1.9 million) assessed by the U.K. Financial Reporting Council addressing admitted failings in the Big Four audit firm’s financial year 2018 work at advertising services company M&C Saatchi.
Posted inEurope
Swedbank says Estonia money laundering probe closed
The Estonian branch of Swedbank is no longer under investigation regarding suspected money laundering and other criminal activities.
Posted inBoards & Shareholders
Best practices for determining need for a human rights policy
Does your business need a human rights policy? An increasing number of organizations believe they do, according to research firm Gartner.
Posted inEurope
FCA vows transparency, faster case outcomes in new enforcement strategy
The U.K. Financial Conduct Authority will rein in its enforcement focus and commit to providing more updates on its ongoing investigations as part of a revamped strategy designed to quicken the pace and increase the deterrent impact of its cases.
Posted inEurope
FCA calls attention to continued trade manipulation tactics
Financial firms continue to flout rules designed to protect investors from being misled about the true value of financial products, according to a recent bulletin from the U.K.’s Financial Conduct Authority.
Posted inEurope
New European AML agency to be based in Germany
The European Union’s recently approved Anti-Money Laundering Authority will be based in Frankfurt, Germany, and begin operations in 2025.
Posted inEthics & Culture
Compliance’s role in managing challenges related to employee side hustles
Employees engaging in side businesses—part-time jobs or new company creations—can introduce a myriad of risks for a company.
Posted inEurope
Experts: No easy fix for U.K. senior manager accountability shortcomings
Legal experts generally agree the U.K.’s record for prosecuting board-level executives for financial and economic crime could be better. But some believe there is a problem criticizing poor enforcement when the legislation in place has its own shortcomings.