The agreement on a new framework for transatlantic data flows between the United States and European Union could be finalized this year. Whether it can stand legal scrutiny is the real question.
Europe
Posted inEurope
Italian DPA fines Edison Energia $5.2M over GDPR lapses
The Italian data protection authority penalized electric utility company Edison Energia for multiple alleged violations of the General Data Protection Regulation regarding marketing communications and data processing transparency.
Posted inEurope
FINMA: Credit Suisse ‘seriously breached’ duty regarding Greensill
Poor risk management by Credit Suisse’s asset management company kept the bank mostly unaware of the risky nature of lending procedures used by Lex Greensill that would lead to the collapse of Greensill Capital, according to Switzerland’s Financial Market Supervisory Authority.
Posted inAnti-Bribery
Ericsson searching for CCO successor amid extended compliance monitorship
Ericsson announced the departure of Chief Compliance Officer Laurie Waddy as the Swedish telecommunications company braces for another year under an independent compliance monitorship.
Posted inAnti-Bribery
EU handbook touts diverse practices for combating corruption
The European Commission published a collection of best practices from each European Union member state that companies and compliance officers might find useful to combat corruption.
Posted inEurope
Raiffeisen confirms OFAC probe into Russia, Ukraine business
Raiffeisen Bank International said it received a request for information from the Treasury Department’s Office of Foreign Assets Control regarding its business activities related to Russia and Ukraine.
Posted inEurope
GDPR push for privacy by design still ‘a long way off’
Italy’s data protection authority banned U.S.-based AI chatbot creator Replika from processing the personal data of Italian users because of risks the service posed to minors and vulnerable people—the latest example of a tech company’s product running afoul of the GDPR.
Posted inAccounting & Auditing
FRC probing PwC audits at collapsed property group Intu
The U.K. Financial Reporting Council launched an investigation into Big Four firm PwC’s audit work at collapsed real estate investment trust Intu Properties.
Posted inEurope
Amigo Loans dodges $89M fine over IT system lending lapses
Amigo Loans faced a penalty of £72.9 million (U.S. $88.7 million) after the U.K. Financial Conduct Authority found it used automated decision-making to drive sales over ensuring whether customers posed credit risks.
Posted inEurope
Report: FCA probing Barclays over AML controls
Barclays Bank is reportedly being investigated by the U.K. Financial Conduct Authority for failures regarding its anti-money laundering procedures and controls.
