All Europe articles
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PremiumCW Europe preview: An Amsterdam discussion on increased role of CCOs
Compliance Week and its sister organization the International Compliance Association will bring together more than 200 GRC professionals for Compliance Week Europe Oct. 15-16 in Amsterdam to discuss how they’re making sense of the constantly changing regulatory landscape.
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PremiumAll hands on deck needed to get ESG disclosures right, report finds
Multiple emerging environmental, social, and governance and disclosure standards pose legal and operational risks to many companies, but also opportunities to improve reporting and get ahead of requirements, a new report found.
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PremiumDORA set to enhance cyber resilience requirements for EU financial firms
The European Union’s Digital Operational Resilience Act, which is set to take effect next year, will require financial services firms to implement stronger measures to protect not only themselves from disruption caused by cyberattacks but also the sector as a whole.
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News BriefLithuanian DPA orders Vinted to pay $2.6M over GDPR violations
The data protection authority of Lithuania levied a fine of 2.4 million euros (U.S. $2.6 million) against Vinted UAB, an online clothing trading and exchange platform, for alleged violations of the European Union’s General Data Protection Regulation.
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News BriefEuropean Commission informs X it may be in breach of Digital Services Act
The European Commission informed X, formerly Twitter, that it may be the first company found to be in violation of the European Union’s Digital Services Act in areas “linked to dark patterns, advertising transparency, and data access for researchers.”
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News BriefEU agencies examine efforts to identify and monitor examples of greenwashing
The European Securities and Markets Authority, European Banking Authority, and European Insurance and Occupational Pensions Authority issued reports on greenwashing in the financial sector, describing how they plan to call out examples of false or misleading sustainability claims.
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PremiumReignited calls to tighten up AML in London, crown dependencies
Despite repeated interventions, fines, and negative publicity, money laundering is rife in U.K. financial services firms, according to Deputy Foreign Secretary Andrew Mitchell.
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PremiumBig Tech data for finance: Will FCA plans set trend?
Plans in the United Kingdom to share Big Tech data with financial services firms could prompt other industry regulators to follow suit or result in “unintended consequences” that see Meta, Google, and others growing market share.
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News BriefEricsson completes DOJ-imposed compliance monitorship
Swedish telecommunications giant Ericsson announced the conclusion of the independent compliance monitorship imposed on the company following its 2019 settlement for violations of the Foreign Corrupt Practices Act.
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PremiumExperts express skepticism toward ‘challenging’ SFO strategy
The U.K. Serious Fraud Office last month published its five-year strategic plan outlining how it intends to improve information gathering and international cooperation, as well as its enforcement record.
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News BriefBaFin relaxes growth restrictions on N26 following AML improvements
German financial regulatory authority BaFin lifted growth restrictions on N26, after the digital bank made improvements to its anti-money laundering program.
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News BriefHSBC fined $8M by FCA for mishandling customers in default
The U.K. Financial Conduct Authority fined HSBC nearly £6.3 million (U.S. $8 million) for failing to properly consider the financial position of customers who missed payments.
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News BriefN26 fined $9.6M for not timely filing AML reports to BaFin
Germany’s financial supervisory authority issued a fine of €9.2 million euros against mobile bank N26 for “systematically” submitting late anti-money laundering reports.
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News BriefCiti unit fined $78.6M by U.K. regs for trading control failures
The Financial Conduct Authority and Prudential Regulation Authority combined to fine a London-based Citigroup subsidiary approximately £61.7 million (U.S. $78.6 million) for control failures related to its trading system.
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PremiumSurvey: Social media remains vexing issue for financial firms
A recent survey by surveillance technology firm SteelEye found most financial institutions do not monitor their employees’ use of social media or factor in market risks exacerbated by social media posts.
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News BriefSenate report cites VW, BMW, JLR for potential forced labor violations
A U.S. Senate report found three European automakers—Volkswagen, BMW, and Jaguar Land Rover—sold cars in the United States with parts sourced from a supplier suspected of using forced labor from China’s Xinjiang region.
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News BriefESMA guidelines tackle greenwashing via fund names
The European Securities and Markets Authority published its final report containing guidance for the use of environmental, social, and governance- and sustainability-related terminology in fund names.
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News BriefCrowe U.K. dinged $181K by FRC for Aseana Properties audit failures
Crowe U.K. was assessed a penalty of £144,000 (U.S. $181,000) by the U.K. Financial Reporting Council for failures in its audit of Aseana Properties Limited’s financial statements for the year ended Dec. 31, 2019.
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News BriefFRC fines PwC, EY for London Capital & Finance audit failings
Big Four firms PwC and EY were each penalized by the Financial Reporting Council for alleged shortcomings during their respective audits at collapsed investment firm London Capital & Finance.
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News BriefDOJ orders Hahn Air to pay $27M over travel fee false claims
Hahn Air Lines and its U.S. subsidiary agreed to pay $26.8 million to settle alleged violations of the False Claims Act over knowingly failing to provide remittance for travel fees it collected from commercial airline passengers flying into or within the United States.