All Europe articles – Page 24
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ArticleICA Insight: Russia sanctions frequently asked questions
Jake Plenderleith of the International Compliance Association answers selected questions from attendees of a recent ICA webinar on Russian sanctions intended to help provide clarity on what firms can do to protect themselves from exposure.
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ArticleFRC probing Deloitte over Go-Ahead audits
The U.K. Financial Reporting Council has launched an investigation into Deloitte regarding its audits performed at passenger transport company Go-Ahead Group.
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ArticleExperts: P&O Ferries’ exposure of U.K. law weaknesses sets dangerous precedent
P&O Ferries’ dismissal of 800 workers with immediate effect via prerecorded video before consulting unions or employees has united U.K. politicians of all parties to condemn the company. One problem: Its actions appear to be largely legal.
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ArticleBank of Ireland fined $504K for credit rating data breaches
Bank of Ireland was fined €463,000 (U.S. $504,000) after an investigation by the Irish Data Protection Commission found customer data was accidentally altered in a way that could have damaged credit ratings and prevented getting loans.
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ArticleDanske Bank fined $1.5M for data processing failures under GDPR
The Danish Data Protection Agency has reported Danske Bank to the police and fined it 10 million Danish kroner (U.S. $1.47 million) over its failure to erase customers’ personal data in its systems in violation of the General Data Protection Regulation.
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ArticleCredit Suisse: Risk chief, executive board ‘extremely surprised’ by Greensill collapse
Credit Suisse shared further information regarding its exposure to the collapse of U.K. supply chain finance startup Greensill Capital in March 2021 and how the bank was caught off guard.
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ArticleReported SEC probe of Big Four taking page from U.K. breakup plans?
The Securities and Exchange Commission is reportedly investigating whether large audit firm consulting services affect auditor independence. Any action taken might mirror the United Kingdom’s ongoing actions to break up the Big Four’s dominance.
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ArticleExperts optimistic, though wary, toward Privacy Shield successor
Legal and data privacy experts have expressed cautious optimism regarding the announcement that the United States and European Union have reached an agreement in principle to resume transatlantic data flows.
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ArticleThird time’s the charm? Agreement in principle reached on U.S.-EU data flows
The United States and European Union have reached an agreement in principle on how to handle transatlantic data flows, a thorny issue that has resulted in two prior frameworks being scrapped by the EU’s top court.
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ArticleSFO dealt blow after second Unaoil conviction overturned
The U.K. Serious Fraud Office was dealt another blow after Paul Bond, a former sales manager at Dutch energy services company SBM Offshore, had his 42-month jail sentence overturned because the agency failed to disclose vital evidence in its Unaoil case.
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ArticleNew ICO head strives for reassurance in first speech
John Edwards, head of the U.K. Information Commissioner’s Office, said he wants to bring greater certainty for companies regarding their data compliance needs, especially if the government’s drive to reduce regulatory burdens results in the EU withdrawing its data adequacy decision.
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ArticleMomentum building toward Privacy Shield replacement?
Recent comments by EU and U.S. lawmakers and insights from privacy experts suggest a new mechanism to replace the defunct Privacy Shield and ensure safe transatlantic data transfers might soon be introduced.
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ArticleEricsson mum on Iraq misconduct amid ‘comprehensive review’
Ericsson has launched a sweeping review into evidence it uncovered regarding misconduct in Iraq and the subsequent disclosure of those findings after the Department of Justice warned the Swedish telecom of a second breach of its 2019 deferred prosecution agreement.
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ArticleCredit Suisse recruits outgoing Wells Fargo risk chief to board
Credit Suisse announced a handful of proposed changes to its board of directors, including the appointment of Wells Fargo’s outgoing Chief Risk Officer Amanda “Mandy” Norton to fill an open seat.
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ArticleHow EU regulators are warning of Russian data protection threats
Regulators in Norway, Germany, Lithuania, Estonia, Denmark, and Sweden address how companies can prepare for increased data protection and cybersecurity risks in the wake of Russia’s invasion of Ukraine.
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ArticleEmbattled Ericsson reshuffles compliance function with new hire
Ericsson named Scott Dresser to lead its compliance division. The appointment comes the same month the Swedish telecom was notified by the Department of Justice of a second breach of its 2019 deferred prosecution agreement with the agency.
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ArticleMeta fined $18.6M under GDPR for 2018 data breaches
The Irish Data Protection Commission fined Meta’s Irish subsidiary 17 million euros (U.S. $18.6 million) for a series of personal data breaches that took place nearly four years ago.
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Swedbank Estonia named suspect in money laundering investigation
The Estonian branch of Swedbank has been summoned for interrogation as part of a probe into suspected money laundering and other criminal activities.
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ArticleLearning points from HSBC’s fine for AML failings
Significant investment in systems has not been fully effective in mitigating financial crime risk. A fine of nearly £64 million (then-U.S. $84 million) imposed on HSBC by the U.K. Financial Conduct Authority in December is a particularly potent example.
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ArticleDeutsche Bank monitorship extended after breach of DPA
Deutsche Bank disclosed the Department of Justice determined it breached its obligations under a 2021 deferred prosecution agreement. As a result, the term of an independent compliance monitor at the bank has been extended until February 2023.