Between changes in technology and regulation and worsening geopolitical tensions, the compliance officer is being tested like never before. Those who will succeed in this environment are the ones that will be open to change, a panel discussed at Compliance Week’s Europe conference in London.
Europe
Posted inEthics & Culture
Merged UBS, AI on FINMA’s risk radar
A year of significant change in the Swiss banking sector, including the acquisition of Credit Suisse by UBS, has the country’s financial regulator prioritizing new risk areas on its radar.
Posted inEurope
Axpo Italia fined $10.5M in GDPR case over data processing
Axpo Italia, a producer and trader of renewable energy products, was penalized under the General Data Protection Regulation by the Italian data protection authority for processing inaccurate and outdated personal data of customers.
Posted inEurope
FCA review finds fraud victim support lacking
Payment service providers could do more to support victims of fraud, including through better communication procedures, a review by the U.K. Financial Conduct Authority found.
Posted inEurope
FCA’s Staley decision a bold move. Are more needed?
The U.K. Financial Conduct Authority’s decision to ban Jes Staley, the former CEO of Barclays, for misrepresenting his relationship with Jeffrey Epstein has seemingly reaffirmed the notion that everyone—even the boss—is accountable for their actions.
Posted inEurope
Supply chain due diligence must go beyond self-assessments
So many companies rely on suppliers to self-certify they comply with buyers’ codes of business conduct that the practice is “almost useless,” a panel of experts discussed at Compliance Week’s Europe conference in London.
Posted inEurope
FATF’s AML/CFT watchlist adds Bulgaria, drops 4 others
Bulgaria is the latest country to be identified by the Financial Action Task Force as a jurisdiction under increased monitoring for money laundering and terrorist and proliferation financing.
Posted inEurope
CFTC, French AMF reaffirm collaboration on market oversight
The Commodity Futures Trading Commission and France’s Autorité des marchés financiers signed a new agreement to continue collaboration regarding the supervision and oversight of firms that operate on a cross-border basis in the United States and France.
Posted inEurope
FCA flags potential regulatory breaches at NatWest regarding Farage scandal
An independent review into how NatWest handled the closure of politician Nigel Farage’s Coutts account uncovered potential regulatory breaches by the bank that are on the radar of the U.K. Financial Conduct Authority.
Posted inEurope
Companies House set for ‘biggest shakeup’ under U.K. corporate transparency bill
The United Kingdom adopted the Economic Crime and Corporate Transparency Act, which aims to stem the flow of dirty money coming into the country through enhancements to government agency capabilities and law enforcement.
