All Europe articles – Page 22
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ArticleClarity lacking in tribunal report on KPMG’s Carillion, Regenersis failings
The release of the independent tribunal report into the misconduct of KPMG and five of its former employees for falsifying information in the audits of Carillion and Regenersis provides further details about how the work was doctored—but not why.
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ArticleCredit Agricole to pay $1.1M to settle sanctions violations by 2 subsidiaries
Paris-based Crédit Agricole Corporate and Investment Bank will pay a total of approximately $1.1 million to settle charges its subsidiaries violated U.S. sanctions in five sanctioned countries.
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ArticleU.K. bill would empower Companies House as AML regulator
The Economic Crime and Corporate Transparency Bill aims to stem the flow of dirty money coming into the United Kingdom by giving Companies House more power and resources to help combat money laundering.
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ArticleDeutsche Bank agrees to settle Jeffrey Epstein-related class action for $26.3M
Deutsche Bank agreed to pay $26.25 million to settle a class-action lawsuit filed by a group of the bank’s investors over anti-money laundering compliance failures and deficiencies related to certain clients, including Jeffrey Epstein and Danske Bank’s Estonia branch.
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ArticleTikTok facing $29M fine over U.K. children’s privacy violations
The Information Commissioner’s Office warned social media platform TikTok it could be fined £27 million (U.S. $29 million) for failing to protect children’s data in line with the U.K.’s version of the General Data Protection Regulation.
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ArticleIreland interpretations of GDPR criticized again in Instagram case
In fining Instagram a record €405 million (U.S. $405 million) for General Data Protection Regulation violations regarding the safeguarding of teenage users’ data, the Irish Data Protection Commission took some heat of its own.
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ArticleDanske Bank fined $1.8M over AML checks in Ireland
Danske Bank was fined €1.82 million (U.S. $1.82 million) by the Central Bank of Ireland for omitting customers from automated financial crime checks between 2010-19 and failing to notify the regulator.
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ArticleExperts: Europe’s AI Act to push companies to confront technology’s use
The Artificial Intelligence Act, along with upcoming EU rules addressing digital markets and services, should have companies considering their use of AI and other emerging technologies to determine how the laws might impact their business.
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ArticleGermany strives for coordination in enhanced AML efforts
Germany has unveiled plans to tackle financial crime more effectively by creating a new federal authority to strengthen enforcement and improve coordination among the country’s current supervisors, of which there are more than 300.
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ArticlePwC lawsuit prompts reconsideration of after-hour work events
Big Four audit firm PwC is being sued by one of its employees for more than £200,000 (U.S. $234,000) after he injured himself at a post-work drink event in 2019. The incident is not the first where “team-bonding” efforts have proven problematic.
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ArticleFRC: 12 best practices for better ESG data collection
The U.K. Financial Reporting Council released guidance on how companies can collect and use environmental, social, and governance data to inform better decision-making.
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ArticleInstagram facing record $401M fine over children’s privacy violations
Instagram is set to be fined €405 million (U.S. $401 million) by Ireland’s data protection regulator for failing to adequately secure teenage users’ data in line with the General Data Protection Regulation.
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ArticleEU countries take varied approaches to combating greenwashing
European regulators are taking greater steps to clamp down on companies’ misleading ESG claims, but experience shows different countries have differing priorities about tackling dishonest marketing.
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ArticleAccor fined $600K under GDPR after EDPB intervention
French hotel chain Accor had its initial fine for cross-border data privacy violations increased sixfold after one data regulator involved in the decision-making process complained an original penalty of €100,000 (U.S. $99,900) was too low.
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ArticleAdtech firm Criteo facing $61M GDPR fine in France
Adtech firm Criteo faces a proposed fine of €60 million (U.S. $61.4 million) from France’s data protection authority for noncompliance with the European Union’s General Data Protection Regulation.
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ArticlePwC fined $2.1M for audit failures regarding BT Group fraud disclosures
PwC will pay a reduced fine of 1.75 million pounds (U.S. $2.1 million) as part of sanctions against the Big Four firm for failures in its fiscal year 2017 audit at BT Group after the U.K. telecommunications company adjusted its financials to reflect a fraud scandal in Italy.
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ArticleBain banned from U.K. government contracts over South Africa corruption scandal
Global management consultancy Bain & Co. was barred from competing for U.K. government contracts for three years following its role in a corruption scandal involving South Africa’s national tax offices.
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ArticleOne year later, Amazon GDPR fine details remain clouded
It’s been one year since online retailer Amazon announced it was on the receiving end of a record €746 million (U.S. $758 million) fine under the General Data Protection Regulation, but details about the decision—as well as the actual complaint—remain sketchy.
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ArticleEx-Carillion execs to face market abuse claims
Three former executives at collapsed construction firm Carillion each face six-figure fines for market abuse for “recklessly” making misleadingly positive and inaccurate statements about the company’s financial health despite knowing it was in trouble.
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ArticleVolkswagen fined $1.1M under GDPR for unauthorized data collection
Volkswagen has agreed to pay €1.1 million (U.S. $1.1 million) to resolve allegations of violating the General Data Protection Regulation when a camera on one of its test vehicles recorded nearby drivers without their knowledge.