All Europe articles – Page 37
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ArticleWithout guidance, U.S. companies in limbo after Privacy Shield scrapped
Despite a recent court ruling to scrap the EU-U.S. Privacy Shield, the program is apparently still alive and well in the United States. It’s time to move on, writes Aaron Nicodemus.
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ArticleDespite pandemic, ‘time to act is now’ on LIBOR transition
Focus on LIBOR transition may have slipped during the coronavirus pandemic, but the recent conversation among regulators is once again looking toward life after the soon-expiring reference rate.
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ArticleSFO confiscates $7M from ex-Afren execs in fraud case
The U.K. Serious Fraud Office announced it has secured orders confiscating £5.45 million (U.S. $7 million) from two former executives of oil and gas exploration company Afren.
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ArticleU.K. issues maritime guidance for reducing sanctions risk
The United Kingdom has become just the second country to issue guidance for companies in the maritime shipping industry alerting them about common illicit and suspicious practices used to evade sanctions.
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ArticleFive tips for EU-U.S. data transfers post-Privacy Shield
As the fallout from the demise of the Privacy Shield continues to play out, here are a handful of steps companies can take to protect themselves from potential GDPR violations when transferring data between the European Union and the United States.
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ArticleBritish Airways banking on drastic reduction of record GDPR fine
British Airways has hinted that it will qualify for a nearly 90 percent reduction of its original GDPR fine (U.S. $230 million) and end up paying just $26 million.
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ArticleCredit Suisse combines risk and compliance, adds sustainable investing unit
Credit Suisse has combined separate risk and compliance heads into one board-level position, part of a shakeup of the bank’s corporate structure that includes a renewed emphasis on sustainable investing.
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ArticleSFO charges Airbus subsidiary for corrupt acts in Saudi Arabia
The U.K. Serious Fraud Office announced charges against GPT Special Project Management and three individuals concerning a criminal investigation that began eight years ago into allegations of misconduct in Saudi Arabia.
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ArticleSARs overload slowing efforts to combat financial crime
For the global AML community, there is a need to recognize too much valuable time is spent filing too many low-value suspicious activity reports that will never become the subject of any law enforcement action, writes Martin Woods.
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ArticleCompanies paying price for EU-U.S. Privacy Shield removal
The legal and financial burden for companies to comply with the recent ruling to invalidate the EU-U.S. Privacy Shield might actually be worse than first thought, if an FAQ from the European Data Protection Board is any indication.
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ArticleAccounting execs arrested as Wirecard probe continues
German prosecutors arrested three Wirecard executives, including the former CFO and head of accounting, as an investigation into the company’s inflated balance sheet and a missing $2 billion continues to expand.
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Article
FRC adds general counsel
The U.K. Financial Reporting Counsel announced the hiring of Alex Kuczynski as general counsel amid a series of executive appointments.
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ArticleU.K.’s Russia report underscores need to question big money
The U.K.’s long-awaited report on Russian interference in the country stresses the importance for big money to be subject to enhanced levels of due diligence, writes financial crime expert Martin Woods.
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ArticleNew U.K. regime targets human rights abusers
The United Kingdom issued its first wave of sanctions this month under a new regime targeting those who commit human rights abuses, with the promise of many more sanctions to come.
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ArticleUsing data to fight fraud fire with fire
When it comes to ferreting out and thwarting fraud, one must think like the fraudster, advises financial crime expert Martin Woods, who offers tips on using data to make your firm a hostile environment for bad actors.
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ArticleCommerzbank fine demonstrates danger of AML lapses
The Financial Conduct Authority’s fine of £37.8 million (U.S. $47.5 million) on Commerzbank’s London branch is a reminder that the most fundamental risk-based AML controls are still not being implemented at some financial services firms.
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ArticleEurope’s top court strikes down U.S.-EU data transfer rule
In a surprise decision that will have a major impact on trans-Atlantic data transfers, Europe’s top court ruled Thursday that a mechanism used by thousands of companies to send data to the United States is unlawful.
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ArticleBoohoo complaints put spotlight on supply chains and working practices
Recent reports of underpaid workers at suppliers for U.K. fashion retailers Boohoo and Quiz shed light on inherent weaknesses in companies’ monitoring of their supply chains.
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ArticleFRC closes accounting investigation into Mitie Group
The U.K. Financial Reporting Council announced the closure of its nearly three-year-long investigation into the financial statements of facility management firm Mitie Group for the year ended March 31, 2016.
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ArticleItalian telecom fined $18.6M for violating GDPR data collection rules
Italian telecommunications operator Wind Tre S.p.A has been fined approximately €16.7 million (U.S. $18.6 million) for violating data collection provisions of the EU’s General Data Protection Regulation.