All Europe articles – Page 14
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News Brief
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.
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Privacy Shield replacement on track, though hurdles remain
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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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Societe Generale says SEC probing employee off-channel comms
French bank Société Générale is the latest financial institution to be swept up in U.S. regulators’ crackdown on the use of personal cellphones and private apps by employees to conduct official business.
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SFO’s Balli Steel win latest to leverage international cooperation
The Serious Fraud Office secured the convictions of two executives at failed British steel trading business Balli Steel on six counts of fraud. Legal experts examine whether “record-breaking” international cooperation in the case served as a crutch for the U.K. regulator.
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European labor laws showing teeth in crackdown on gig economy
Recent enforcement cases against food delivery company Glovo and online retailer Amazon in Spain have shone a spotlight on the compliance difficulties associated with engaging workers as freelancers rather than full-time employees.
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Experts: New AI laws pose risk of overlap with data protection mandates
Companies are at serious risk of facing multiple fines for the same offense under different sets of legislation if the artificial intelligence technologies they employ misuse personal data or cause harm to consumers, according to legal experts.
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In Touch Games fined $7.6M for AML failures by U.K. Gambling Commission
U.K. online gaming company In Touch Games was fined £6.1 million (U.S. $7.6 million) by the country’s Gambling Commission for a series of anti-money laundering failures—its third such penalty since 2019.
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Audit exam cheating findings spark concern of endemic trend
Recent penalties against Big Four audit firms KPMG, PwC, and EY over allegations of widespread exam cheating have raised concerns prompting regulators to investigate the extent of the practice.
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Good faith not good enough in navigating global supply chain laws
Differences in the level of duty of vigilance among supply chain legislation in countries including the United States, United Kingdom, and Germany mean best efforts to root out and stop slave labor and other worker exploitation are not enough, according to experts.
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WhatsApp fined $5.9M for lawful processing GDPR violations
The Irish Data Protection Commission announced a fine of €5.5 million (U.S. $5.9 million) against WhatsApp under the General Data Protection Regulation for forcing users to consent to updated terms and conditions or lose access to the service.
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FRC probing EY audit of Veolia unit
The U.K. Financial Reporting Council launched an investigation into Big Four audit firm EY’s work at Scotland-based Stirling Water Seafield Finance.