All Europe articles – Page 31
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ArticleOFAC bills Bulgarian sanctions as ‘single largest action targeting corruption’
Calling it the “single largest action targeting corruption to date,” the Office of Foreign Assets Control sanctioned three prominent Bulgarian individuals along with their network of 64 companies for their “extensive roles” in corruption in Bulgaria.
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ArticleEU probes of Microsoft, Amazon reignite calls for new Privacy Shield
European investigations into whether Amazon and Microsoft’s cloud-based services infringe EU privacy rules have once again shone a spotlight on how—and when—the United States and the European Union intend to come up with a new Privacy Shield.
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ArticleJulius Baer pays $80M in FIFA corruption settlement
Swiss bank Julius Baer entered a deferred prosecution agreement and will pay $80 million for its role in a money laundering conspiracy linked to world soccer federation FIFA, the Department of Justice announced.
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ArticleReport: GDPR fines more than doubled in Year 3
Data protection authorities issued 287 known GDPR fines between March 2020 and March 2021—a 120 percent increase in frequency, according to a new report from CMS.
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ArticleGDPR’s future: Fine amounts, transparency among top points of contention
Experts believe the GDPR is largely “future-proof,” though fine decisions that vary considerably from one EU country to the next and lack of transparency remain areas of concern for the privacy law three years in.
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ArticleThree years of GDPR: Many milestones, but calls for change increase
Despite its achievements, the General Data Protection Regulation’s flaws have become evident. Some are already questioning whether the regulation—and the way it is regulated—are fit for purpose and whether the law needs to be changed.
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ArticleDanske Bank adds new chief risk officer from SEB
Danske Bank announced the appointment of Magnus Agustsson as its new chief risk officer. Agustsson will join the bank from SEB, where he held the same position.
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Article
Nomura, UBS, UniCredit fined $453M total over EU cartel scheme
The European Commission fined Nomura, UBS, and UniCredit a total of €371 million (U.S. $453 million) for their participation in a cartel scheme through a group of traders. Bank of America, Natixis, NatWest, and Portigon were also each allegedly involved but not penalized.
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ArticleDeutsche Bank names new group AML officer amid enhanced scrutiny
Deutsche Bank named Joe Salama global head of anti-financial crime and group anti-money laundering officer less than a month after its AML controls were criticized by German financial regulator BaFin.
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PremiumChapter 5: Volkswagen’s path to winning back trust
Its monitorship now complete, Volkswagen’s new focus is to rebuild its reputation among its customer base. It’s a long process, says Board Member Hiltrud Werner, one supported by a shift in strategy.
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PremiumChapter 4: Tangible measures of cultural progress at Volkswagen
At the end of the day, how does an organization measure the effectiveness of company-wide cultural initiatives? Volkswagen has answers, utilizing perception workshops, mood barometers, and new diversity and inclusion initiatives as part of its culture rebuild post-Dieselgate.
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PremiumChapter 3: VW operationalizes its Dieselgate monitorship
A revamped code of conduct and the Together4Integrity campaign stood out as significant milestones for Hiltrud Werner & Co. as Volkswagen began to embrace its Dieselgate monitorship as a way to improve company culture.
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ArticleGerman supply chain draft legislation expected to have far-reaching effect
Companies of a certain size with ties to Germany must soon establish robust due diligence procedures to prevent human rights and environmental abuses both within the course of their own business activities and within their global supply chains.
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PremiumChapter 2: Volkswagen monitorship falls in line under Hiltrud Werner
While Larry Thompson assembled his team for the Dieselgate monitorship, Volkswagen countered with appointments of its own, including Hiltrud Werner as head of integrity and legal affairs. Their relationship would determine the success of the monitorship going forward.
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ArticleSwiss Life to pay $77.4M for tax evasion scheme
Swiss Life Holding and three of its subsidiaries entered a deferred prosecution agreement with the Justice Department and will pay $77.4 million for conspiring with U.S. taxpayers to conceal more than $1.4 billion in offshore insurance policies.
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ArticleCW presents: ‘Coming Clean: Volkswagen’s Dieselgate scandal and compliance monitorship’
Volkswagen’s recently concluded three-year monitorship is chronicled in CW’s latest in-depth case study, which spares no detail in following the world’s largest automaker’s comeback from its biggest mistake.
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PremiumChapter 1: Volkswagen’s Dieselgate scandal exposed; enter Larry Thompson
The Volkswagen Dieselgate scandal wasn’t the work of one executive who thought to install illicit software into diesel motor vehicles. It was born from a “chain of errors that was never broken,” forming the basis for one of the largest and most high-profile corporate compliance monitorships in history.
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ArticleDeutsche Bank’s continued AML struggles worth questioning
How is it Deutsche Bank can spend more than $1 billion on compliance enhancements but still be ordered to do more to improve its AML controls? Is the bank to blame or are regulators missing the big picture?
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ArticleGerman finance regulator orders N26 to improve AML controls
BaFin, Germany’s market regulator, has ordered mobile bank N26 to improve its anti-money laundering controls, taking the unusual move to appoint a “special commissioner” to monitor its progress.
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ArticleEricsson to pay Nokia $97M to settle FCPA-related damages claim
Swedish telecom giant Ericsson has reached a settlement of €80 million (U.S. $97 million) with Nokia relating to events that were the subject of a 2019 FCPA resolution with U.S. authorities.