Credit Suisse will merge with UBS in a move approved by Swiss banking regulators after a proposed cash injection from the Swiss National Bank failed to stabilize Credit Suisse’s rapidly declining finances.
Europe
Posted inEurope
Danske Bank to name audit exec new chief compliance officer
Danske Bank will appoint Chief Audit Executive Dorthe Tolborg to serve as its chief compliance officer after current CCO Satnam Lehal announced he would depart the bank in early 2024.
Posted inAccounting & Auditing
Credit Suisse discloses ICFR ‘not effective’ in 2022
Credit Suisse Group disclosed in its annual report its internal control over financial reporting was “not effective” for the fiscal year ending December 2022.
Posted inEurope
Swedbank reserves $3.7M for OFAC settlement
Swedbank said it expects to pay 40 million Swedish krona (U.S. $3.7 million) as part of a settlement with the U.S. Treasury’s Office of Foreign Assets Control related to apparent sanctions violations.
Posted inEurope
U.K. moves forward with GDPR reform bill
The U.K. government formally introduced a bill to reform the country’s data privacy laws in a manner projected to save British businesses “billions.”
Posted inEthics & Culture
Corporate conformity and ‘blame culture’
Conformity can be a powerful force for good, but the same urge to conform can also lead to a toxic culture with an unhealthy atmosphere for employees and customers alike.
Posted inEurope
U.K. push for GDPR reprimand transparency draws mixed reviews
The U.K. Information Commissioner’s Office began publishing the details of cases where organizations breached the General Data Protection Regulation but were not fined. Legal experts share their take on the initiative.
Posted inAccounting & Auditing
Flutter Entertainment to pay $4M for legacy FCPA violations
Ireland-based gaming and sports betting company Flutter Entertainment will pay a $4 million fine to resolve SEC charges payments made to Russian consultants by a company it acquired violated the Foreign Corrupt Practices Act.
Posted inAccounting & Auditing
SEC orders Rio Tinto to pay $15M over FCPA violations
U.K.-based mining and minerals company Rio Tinto will pay a $15 million fine to settle charges of violating the Foreign Corrupt Practices Act when it entered into a scheme with a consultant in 2011 to bribe government officials in Guinea.
Posted inAccounting & Auditing
Ericsson to pay $207M for breaches of 2019 DPA over FCPA violations
Swedish telecommunications company Ericsson agreed to pay nearly $207 million following two breaches of its 2019 deferred prosecution agreement with U.S. authorities.
