All Europe articles – Page 6
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News Brief
New European AML agency nearing adoption
A new agency to supervise high-risk financial institutions across the European Union regarding their anti-money laundering and countering the financing of terrorism activities gained provisional approval.
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Top ethics and compliance failures of 2023
A virtual currency exchange that sought to mislead regulators, banks failing after ignoring obvious risks, and a manufacturer that sold millions of its products in violation of U.S. export controls are among those that make up CW’s list of the biggest ethics and compliance fails of 2023.
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News Brief
Credit Suisse units to pay $10M in SEC mutual fund services case
Three entities of Swiss bank Credit Suisse agreed to pay more than $10 million combined as part of a settlement with the Securities and Exchange Commission for allegedly providing prohibited underwriting and advising services to mutual funds.
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Experts: More privacy rules, enforcement expected in 2024
Businesses can prepare for a bumpy ride as the 2024 global landscape of data privacy and other related laws and regulations begins to take shape.
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News Brief
New U.K. office eyeing 2024 to enforce trade sanctions
The U.K. government is set to establish a new agency to enforce trade sanctions and provide compliance guidance to businesses regarding the country’s sanctions regimes.
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News Brief
Unilever facing U.K. probe into green claims
Consumer goods company Unilever will be scrutinized by the U.K. Competition and Markets Authority regarding its marketing of certain products as environmentally friendly.
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News Brief
AI Act moves toward final approval
The European Union’s landmark legal framework to regulate artificial intelligence received political agreement, moving one step closer to official adoption.
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AI in 2024: More business use, more fraud risks
Use of generative artificial intelligence by businesses will ramp up in 2024, as will risk of AI-driven cyberattacks and fraud, according to experts.
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News Brief
Trafigura to reserve $127M for DOJ settlement over Brazil bribes
Singapore-based commodity trading company Trafigura said it will disclose a $127 million provision related to the resolution of a Department of Justice investigation into alleged improper payments made in Brazil by former employees.
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News Brief
SFO raids AOG Technics office in fraud probe
The U.K. Serious Fraud Office launched a fraud investigation into AOG Technics over allegations the company supplied fake airplane engine parts to major airlines across the globe.
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News Brief
Deutsche Wohnen earns CJEU win in high-profile GDPR appeal
German property company Deutsche Wohnen’s court win regarding a penalty levied against it for alleged violations of the General Data Protection Regulation carries notable ramifications for enforcement of the EU privacy law.
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Article
Consumer Duty: What are the next steps?
Matti Pekkola of investor services group IQ-EQ identifies key trends from the past year of working with regulated firms on U.K. Consumer Duty compliance.
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Companies must hold insurers to account on AI use
Insurers embracing artificial intelligence-based technologies might pose serious risks to companies buying insurance if the risk data used to price their insurance premiums is used to train AI algorithms or shared on commonly used chatbots like ChatGPT.
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One company’s voluntary self-disclosure, two companies’ FCPA settlements
Nicole Argentieri, acting head of the Department of Justice’s Criminal Division, explained how the actions of Jardine Lloyd Thompson Group Holdings coming forward helped bring about the agency’s recent FCPA enforcements against Tysers Insurance Brokers and H.W. Wood.
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News Brief
FCA adopts rule package aimed at thwarting greenwashing
The Financial Conduct Authority will implement a series of rules to minimize instances of “greenwashing” in the U.K. market.
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More companies enter ‘discovery phase’ of ESG reporting in 2023
Climate-related disclosure efforts are amplifying year over year, despite persistent and persnickety pain points, as more organizations widen the scope of their ESG journeys, our “Inside the Mind of the CCO” survey found.
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All eyes on Companies House in U.K. corporate transparency efforts
The success of the U.K.’s latest legislative efforts to tackle financial crime depends on the capability of transforming what is often regarded as one of the country’s most passive regulators into a proactive—even aggressive—prosecuting authority.
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No clear path for leniency for U.K. firms navigating Russian sanctions
U.K. companies might be wary of informing regulators they have potentially violated sanctions against Russia over fears they could be publicly criticized for even minor breaches.
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News Brief
British reinsurers Tysers, H.W. Wood settle with DOJ over Ecuador bribes
Two U.K.-based reinsurance brokers, Tysers Insurance Brokers and H.W. Wood, reached separate settlements with the U.S. Department of Justice addressing their participation in a wide-ranging scheme to pay bribes to Ecuadorian government officials.
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News Brief
French high court orders new trial into $2B fine against UBS
France’s top court struck down a fine of €1.8 billion (U.S. $2 billion) imposed on UBS in 2021 by a lower court, despite upholding a guilty verdict related to money laundering and tax fraud in the Swiss bank’s cross-border activities.