All Europe articles – Page 12
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News BriefFCA to review treatment of U.K.-based PEPs
The Financial Conduct Authority announced the scope of its review into the treatment of U.K.-based politically exposed persons, the latest development in response to the Nigel Farage “debanking” scandal.
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PremiumLarge companies in crosshairs early under German Supply Chain Act
Amazon, IKEA, and Volkswagen were among the companies targeted in the first round of complaints under the German Supply Chain Due Diligence Act—an early indication nongovernmental organizations will seek to hold big businesses accountable for alleged human rights violations.
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News BriefSwedish DPA fines Trygg-Hansa $3.2M for GDPR breaches
Sweden’s data protection authority issued a penalty of 35 million Swedish krona (U.S. $3.2 million) against insurance company Trygg-Hansa for alleged security flaws that made customer insurance information accessible on the internet.
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News BriefWise Payments cited for Russia sanctions breaches in landmark OFSI action
U.K.-based foreign exchange service Wise Payments was cited for breaching the country’s sanctions levied against Russia as part of the Office of Financial Sanctions Implementation’s first use of its disclosure enforcement powers acquired last year.
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News BriefFINMA guidance calls out Swiss bank failings on AML risk analysis
Switzerland’s Financial Market Supervisory Authority published new guidance to improve banks’ money laundering risk analysis after repeatedly identifying shortcomings during on-site supervisory reviews.
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PremiumExpert views mixed on proposed U.K. AML reforms
Experts share differences of opinion over whether future anti-money laundering supervision in the United Kingdom should be industry specific and whether a single regulator would be more effective than multiple bodies.
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ArticleA day in the life of an MLRO
Discover the key responsibilities and skills of a money laundering reporting officer from Jason Holt, global head of financial crimes compliance at U.K-based investment manager abrdn.
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News BriefU.K. regulator fines Morgan Stanley $6.8M for off-channel comms
The U.K.’s Office of Gas and Electricity Markets fined Morgan Stanley £5.4 million (U.S. $6.8 million) for allegedly failing to record and retain electronic communications by its wholesale energy traders over two years.
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PremiumDutch banks’ innovative AML collaboration ready to take next step
ABN AMRO, ING, Rabobank, Triodos Bank, and de Volksbank are each participating in a first-of-its-kind collaboration to shine light on the estimated €16 billion worth of illicit funds coursing through the Netherlands’ banking system every year.
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News BriefFRC fines Mazars $92K over missed material misstatement
The U.K. Financial Reporting Council fined audit firm Mazars £72,000 (U.S. $92,000) for “wide-ranging failings” in its audit of an unnamed market traded company.
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News Brief
UBS to pay $1.4B over financial crisis-era fraud
UBS and several of its U.S. affiliates agreed to pay $1.44 billion as part of a settlement with the Department of Justice regarding the underwriting and issuance of residential mortgage-backed securities in the lead up to the 2008 financial crisis.
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News BriefSEC fines Crowe U.K. $750K over deficient Akazoo audit
The U.K. arm of audit firm Crowe agreed to pay $750,000 as part of a settlement with the Securities and Exchange Commission for alleged professional care and skepticism failures regarding its 2018 audit of music streaming subscription company Akazoo.
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PremiumKPMG survey: ESG-related concerns in M&A derailing deals
Material findings related to environmental, social, and governance due diligence have disrupted mergers and acquisitions, forcing companies in the United States and abroad to back out of deals, according to a study from KPMG.
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News BriefDubai financial regulator fines Mirabaud unit $3M for weak AML controls
A Middle Eastern unit of international banking group Mirabaud was ordered to pay a $3 million fine for inadequate anti-money laundering controls by the Dubai Financial Services Authority.
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News BriefFormer NatWest compliance officer awarded $112K in unfair dismissal case
A former risk and compliance officer at National Westminster Bank was awarded nearly £88,000 (U.S. $112,000) after a U.K. employment tribunal found she was unfairly dismissed and discriminated against during her sick leave for colon cancer.
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ArticleFinancial crime investigations: Leveling up
The drive toward upskilling in the field of investigations is not exclusive to the law enforcement and intelligence communities. Investigations knowledge and expertise among those working within industry will also become an increasingly valued commodity.
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PremiumPressure on DPAs to ensure success of GDPR cross-border proposal
Plans to speed up General Data Protection Regulation cases against the likes of Big Tech firms by improving cooperation among the European Union’s data regulators have been largely welcomed by experts.
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News BriefBNP Paribas nearing settlements with SEC, CFTC over off-channel comms
BNP Paribas disclosed it reached proposed settlements with the Securities and Exchange Commission and Commodity Futures Trading Commission regarding alleged use of off-channel communications for business by employees.
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News BriefReports: Germany targeting 2024 for new AML agency
Germany is set to establish its new Federal Bureau of Financial Intelligence as the country’s office overseeing monitoring and analysis of money laundering and sanctions enforcement, according to multiple reports.
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News BriefFed fines UBS $269M for Credit Suisse’s Archegos failures
The Federal Reserve Board fined UBS $268.5 million regarding recent acquisition Credit Suisse’s credit risk management failures at collapsed U.S. hedge fund Archegos Capital Management. UBS also settled matters with U.K. and Swiss authorities.