Satnam Lehal, chief compliance officer of Danske Bank, announced he will leave the bank in early 2024 after playing a pivotal role in helping steer it through the aftermath of one of the world’s largest money laundering scandals.
Europe
Posted inEurope
FCA orders GT Bank to pay $9.4M for ‘reckless’ AML weaknesses
The U.K. Financial Conduct Authority fined Guaranty Trust Bank approximately £7.67 million (U.S. $9.4 million) for weaknesses in its anti-money laundering systems and controls that spanned a five-year period.
Posted inEurope
FCA fines Al Rayan Bank nearly $5M for AML failings
The U.K. Financial Conduct Authority fined Al Rayan Bank more than £4 million (U.S. $4.9 million) for its lack of adequate anti-money laundering controls.
Posted inEurope
Meta fined $414M for targeted advertising GDPR breaches
The Irish Data Protection Commission fined Meta Ireland a total of €390 million (U.S. $414 million) for breaching the General Data Protection Regulation by forcing users to agree their personal data can be used for targeted advertising to access Facebook and Instagram.
Posted inEurope
Danfoss to pay $4.4M in OFAC sanctions settlement
Danish manufacturer Danfoss agreed to pay nearly $4.4 million to settle allegations a subsidiary violated U.S. sanctions by running payments from customers based in Iran, Sudan, and Syria through the foreign branch of a U.S. financial institution.
Posted inEurope
Lessons in preventing AML failures
Anybody working in financial services will know enormous effort is made to ensure their institution is on the right side of the law. Why, then, do such failures continue to exist? And crucially, what can be done to prevent their recurrence?
Posted inEurope
Irish DPC probing Twitter over breach affecting 5.4M users
The Irish Data Protection Commission is investigating whether Twitter violated the European Union’s General Data Protection Regulation regarding a data breach alleged to have affected 5.4 million users.
Posted inAnti-Bribery
DOJ declines to prosecute Safran over alleged FCPA violations
The U.S. Department of Justice informed French aircraft equipment manufacturer Safran that the company would not face prosecution regarding alleged bribes paid by employees at two subsidiaries to a China-based consultant.
Posted inEurope
ESG in 2023: CSRD to put new pressures on EU businesses
Corporate reporting on everything from climate change to workers’ rights is set for a shake-up in the European Union, and companies should use 2023 to prepare for new regulations and stakeholder expectations.
Posted inAccounting & Auditing
Deloitte fined $1.1M for SIG audit lapses
Deloitte received a penalty of £906,250 (U.S. $1.1 million) from the U.K. Financial Reporting Council for evidence failures regarding supplier rebates and cash uncovered in its 2015 and 2016 financial year audits at specialist building product distributor SIG.
