A panel of experts discussed trending topics in the compliance space, including the debate over whether humans or machines will lead future efforts to fight financial crime, during the opening keynote at Compliance Week’s Europe conference in London.
Europe
Posted inAccounting & Auditing
Spanish labor ministry continues working condition crusade with Big Four fines
Spain’s labor ministry fined the Big Four accountancy firms at least €1.4 million (U.S. $1.5 million) total for overworking and underpaying their respective employees, continuing a recent trend in the country of the government cracking down on apparent labor violations.
Posted inEurope
EOS Matrix battles back against Croatian DPA in $5.8M GDPR case
Debt collector EOS Matrix said it will challenge a General Data Protection Regulation penalty levied against it by the Croatian data protection authority after finding the data in question in the case does not match the data in its database.
Posted inAccounting & Auditing
FRC fines KPMG $26M for ‘damning’ Carillion audit failings
KPMG accepted the conclusions and record penalties levied against it by the U.K. Financial Reporting Council for the “exceptional” level of deficiencies found to have taken place during the Big Four audit firm’s work at collapsed construction company Carillion.
Posted inEurope
FCA fines, bans ex-Barclays CEO Staley over misrepresented Epstein ties
Former Barclays CEO Jes Staley was fined £1.8 million (U.S. $2.2 million) and banned from serving in a senior management role in the financial services industry by the U.K. Financial Conduct Authority for allegedly misleading the regulator regarding his ties to Jeffrey Epstein.
Posted inEurope
FCA censures London Capital & Finance over misleading promos
Insolvent credit broker London Capital & Finance dodged a “substantial financial penalty” from the U.K. Financial Conduct Authority regarding promotions it used to market minibonds to investors.
Posted inEthics & Culture
U.K. financial regulators pressure firms to step up D&I considerations
The U.K.’s Financial Conduct Authority and Prudential Regulation Authority set out proposals to ensure firms treat nonfinancial misconduct, such as bullying, racist behavior, and sexual harassment, as strictly as other regulatory offenses.
Posted inEurope
HSBC unit fined $2M by FINRA over long-running disclosure lapses
HSBC Securities (USA) agreed to pay $2 million as part of a settlement with the Financial Industry Regulatory Authority addressing alleged inaccurate disclosures related to conflicts of interest.
Posted inBoards & Shareholders
Lessons from Danske Bank CCO: Four pillars to successful remediation
Outgoing Danske Bank CCO Satnam Lehal shares with Compliance Week lessons learned from addressing deficiencies in the bank’s compliance program while managing the expectations of regulators, the board, employees, customers, analysts, investors, and the public.
Posted inEurope
U.K.-based ADM unit fined $7.9M for historic AML shortcomings
ADM Investor Services International was ordered to pay nearly £6.5 million (U.S. $7.9 million) by the U.K. Financial Conduct Authority for not timely addressing anti-money laundering systems and controls deficiencies first alleged by the regulator in 2014.
