All Europe articles – Page 22
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ArticleFRC 2021/22 audit inspections: KPMG praised; BDO and Mazars rebuked
Improvements at KPMG resulted in each of the Big Four returning no audits requiring significant improvement during an inspection cycle for the first time in the last five years, according to the U.K. Financial Reporting Council’s latest quality review results.
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ArticleGrant Thornton UK to pay $1.6M over Sports Direct audit failings
Grant Thornton UK was fined a total of approximately £1.3 million (U.S. $1.6 million) by the Financial Reporting Council for failing to provide reasonable assurance during two separate audits at retailer Sports Direct International.
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ArticleClearview AI fined third time for GDPR violations
The Hellenic Data Protection Authority in Greece fined controversial facial image aggregator Clearview AI a record €20 million (U.S. $19.9 million) for unlawfully processing the biometric data of Greek citizens.
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ArticleEDPS: U.K. GDPR reforms could create friction with EU
The United Kingdom’s keenness to agree to its own data adequacy decisions with countries like the United States could become a contentious issue with the European Union, according to European Data Protection Supervisor Wojciech Wiewiórowski.
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ArticleFacebook fate in EU thrusts transatlantic data flows back in spotlight
Reports of a potential shutdown of Meta services Facebook and Instagram in the European Union that could take place as soon as this summer underscore what’s at stake as the region works with the United States to finalize a new agreement on how to handle transatlantic data flows.
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ArticleU.K. data reform plan seeks to reduce ‘unnecessary burdens’ of GDPR
The U.K. government announced plans to reform the country’s data privacy laws to simplify procedures for businesses and reduce red tape, but the proposals might clash with certain elements of the EU’s General Data Protection Regulation.
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ArticleCredit Suisse money laundering verdict start of new era of Swiss enforcement?
Credit Suisse became the first major Swiss bank to be prosecuted for money laundering in the country after the Federal Criminal Court of Switzerland found the bank guilty of washing money connected to a Bulgarian drug smuggling syndicate.
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ArticleExperts: How to move forward with the GDPR
Data privacy experts speaking at an industry event believe the mechanisms in place under the General Data Protection Regulation to ensure compliance, enforcement, and redress need revisiting—and quickly.
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ArticleFATF adds Gibraltar to AML/CFT watchlist; Malta removed
The Financial Action Task Force added Gibraltar to its list of jurisdictions working with the organization to improve the countering of money laundering, terrorist financing, and proliferation financing within their borders.
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ArticleEuropean Commission assessing GDPR improvements, not overhaul
Three key members of the European Commission believe the General Data Protection Regulation should be enhanced by targeting aspects of data privacy through other laws rather than revamping the GDPR itself.
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ArticleGDPR blame game: Who’s at fault for spotty enforcement record?
Regulators and privacy experts speaking at the European Data Protection Supervisor’s conference homed in on the flaws of the General Data Protection Regulation and what improvements need to be made to ensure more consistent enforcement of the law.
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ArticleFCA fines Ghana International Bank $7.1M for AML failings
The U.K. Financial Conduct Authority fined Ghana International Bank £5.8 million (U.S. $7.1 million) for deficiencies in its anti-money laundering controls over its correspondent banking activities.
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ArticleFCA fines JLT Specialty $9.7M for financial crime control lapses
The U.K. Financial Conduct Authority fined a unit of insurance broker Jardine Lloyd Thompson Group 7.9 million pounds (U.S. $9.7 million) for failing to control financial crime within its South and Central American subsidiaries.
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ArticleLaw Commission proposals put heat on U.K. execs
The United Kingdom might make it easier for executives and senior managers to be held directly accountable for corporate crimes under reform proposals put forward by the body that reviews U.K. law.
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ArticleGoogle fine in Spain prompts revisit of GDPR effect on tech
Google’s latest fine for violations of the General Data Protection Regulation reignites the discussion around why Big Tech firms have not been more frequently penalized under the EU’s stringent privacy law.
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ArticleTepid reception to ‘half-hearted’ U.K. audit reform measures
The U.K. government’s confirmed plans to shake up the audit market and improve corporate governance for the country’s biggest companies has received mixed response, with some key stakeholders lamenting “missed” opportunities.
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ArticlePwC fined $6.2M over Galliford Try, Kier Group audit lapses
PwC will pay a total of nearly £5 million (U.S. $6.2 million) as part of a pair of enforcement actions announced by the U.K. Financial Reporting Council regarding deficiencies in the Big Four firm’s audits at construction companies Galliford Try and Kier Group.
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ArticleFormer Danske Bank CCO Philippe Vollot resigns
Danske Bank Chief Administrative Officer Philippe Vollot, who was promoted to the position from chief compliance officer in November, has resigned, the Danish bank announced.
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ArticleDeutsche Bank asset management head resigns amid greenwashing probe
Asoka Woehrmann, chief executive of DWS Group, has resigned amid an investigation by German officials into allegations of greenwashing within the asset management unit’s investment portfolio.
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ArticleLaw firm Dechert, SFO criticized in ENRC case ruling
A High Court judge found the U.K. Serious Fraud Office induced a lawyer from Dechert acting for Eurasian Natural Resources Corp. to provide it with privileged and unauthorized information.