All Europe articles – Page 23
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ArticleCourt rules Lafarge to face crimes against humanity charges
A French court ruled Lafarge should face charges of complicity in crimes against humanity after its subsidiary allegedly paid up to €13 million (U.S. $14 million) to armed groups—including the Islamic State—to keep its Syrian cement factory running between 2012-14.
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ArticleGDPR enforcement roundup: Spain stays on Vodafone, record fine in Poland
Vodafone running up its fine total in Spain and a record-setting action against a marketing firm in Poland highlight a roundup of notable enforcements announced under the General Data Protection Regulation during the first five months of 2022.
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ArticleFour years of GDPR: New tech testing data privacy law’s longevity?
It has been four years since the European Union’s flagship data privacy legislation came into force, but concerns are already being raised about whether the General Data Protection Regulation is being outpaced by technological developments and their use of data.
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ArticleGlencore fined $1B, placed under 3-year monitorship for FCPA violations
Glencore International AG, one of the world’s largest commodity traders, will be placed under a three-year compliance monitorship and pay more than $1 billion to resolve multiple investigations into alleged bribes paid in several countries over more than a decade.
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ArticleSpanish DPA fines Google $10.6M for GDPR violations
Spain’s data protection authority has issued a record fine of €10 million (U.S. $10.6 million) against Google for two “serious infractions” of the EU’s General Data Protection Regulation regarding its sharing information with U.S. legal database Lumen.
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ArticleKPMG facing $17.6M fine following Carillion tribunal
KPMG is set to pay a reduced fine of £14.4 million (U.S. $17.6 million) from the U.K. Financial Reporting Council over its botched audits at collapsed construction company Carillion and software firm Regenersis.
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ArticleFCA fines, bans director over unauthorized compliance duties
Thomas Ward, a former head of compliance at an investment management firm who once worked as a compliance inspector for a U.K. regulator, was fined 416,558 pounds (U.S. $513,000) and banned from working in the financial services sector following a tribunal ruling.
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ArticleCost of business? EU energy firms weigh bypassing Russian sanctions to secure gas
Russia’s squeeze on European energy companies to pay for gas in rubles might be about to pay off as some of the continent’s largest suppliers appear to be working out sanctions-compliant solutions to secure gas flows.
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ArticleReport: European AML compliance efforts remain substandard
European governments need to step up their efforts to combat money laundering and terrorist financing because their current capabilities are below par, according to a report by the Council of Europe’s Moneyval unit.
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ArticleWhy beneficial ownership is crucial in supporting current sanctions
To ensure Russian money is controlled, and for sanctions to work, it is imperative the beneficial owners of sanctioned firms are identified. But determining beneficial owners is not always straightforward.
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ArticleFRC report findings suggest overhaul needed for Modern Slavery Act
The U.K. Modern Slavery Act has often been described as “world leading,” yet companies are still failing to meet requirements by providing a statement outlining what they are doing to prevent modern slavery in their businesses and supply chains.
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ArticleDeutsche Bank confirms AML raid at German headquarters
Deutsche Bank confirmed its Frankfurt headquarters were raided by German prosecutors in relation to a money laundering probe regarding suspicious activity reports filed by the bank.
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ArticleFCA cracking down on challenger banks after review
Challenger banks must improve how they assess financial crime risk following a review by the U.K. Financial Conduct Authority that found some fail to carry out even basic customer checks.
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ArticleDanske Bank, authorities in ‘initial discussions’ regarding AML scandal resolution
Danske Bank has entered “initial discussions” with U.S. and Danish authorities on resolution regarding one of the world’s largest money laundering scandals that took place at its Estonia branch.
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ArticleCredit Suisse continues executive shakeup with new general counsel
Credit Suisse announced its latest series of executive-level changes, including the appointment of UBS veteran Markus Diethelm as its new group general counsel.
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ArticleFCA puts U.K. fintech firms on notice with QPay forfeiture
The U.K. Financial Conduct Authority used its powers under the Proceeds of Crime Act to force fintech firm QPay Europe to forfeit £2 million (U.S. $2.5 million) alleged to be linked to a U.S.-based wire fraud conspiracy.
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ArticleDeloitte to pay $1.8M for goodwill testing failures in Mitie Group audit
The U.K. Financial Reporting Council announced a reduced penalty of 1.45 million pounds (U.S. $1.8 million) against Deloitte regarding goodwill testing failures during its audit of facility management company Mitie Group for fiscal year 2016.
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ArticleExperts assess risks to weigh as companies confront exit from Russia
As sanctions against Russia continue to come down from the United States, European Union, and other countries, companies must ensure they have the means to comply instantly—even if ceasing business dents their financials and puts them at legal risk for breaching contract.
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ArticleDOJ eyeing PetroNor board chairman in corruption probe
The Department of Justice has become involved in a corruption investigation focused on individuals at Oslo-listed oil and gas exploration and production company PetroNor that has grown to include Board Chairman Eyas Alhomouz, a U.S. citizen.
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ArticleEU industries put to test as Russian invasion of Ukraine persists
Less than two months since Russia invaded Ukraine, a range of industries across Europe have issued stark warnings about supply chain shortages, production shutdowns, and price hikes. The worst may still be yet to come, particularly in Germany.