All Germany articles
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News Brief3M to pay $9.6M over Iran sanctions lapses
The Office of Foreign Assets Control ordered multinational conglomerate 3M to pay more than $9.6 million over apparent Iran sanctions violations by its subsidiary and a U.S. employee of a separate subsidiary.
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PremiumLarge companies in crosshairs early under German Supply Chain Act
Amazon, IKEA, and Volkswagen were among the companies targeted in the first round of complaints under the German Supply Chain Due Diligence Act—an early indication nongovernmental organizations will seek to hold big businesses accountable for alleged human rights violations.
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News BriefReports: Germany targeting 2024 for new AML agency
Germany is set to establish its new Federal Bureau of Financial Intelligence as the country’s office overseeing monitoring and analysis of money laundering and sanctions enforcement, according to multiple reports.
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News BriefGerman regulator extends AML order at N26
Germany’s market regulator BaFin announced the extension of mandates it ordered at mobile bank N26 in 2021 to require the bank to address observed weaknesses in its anti-money laundering controls.
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PremiumIs ChatGPT the privacy problem? Or is GDPR?
Scrutiny into ChatGPT has reignited concerns the General Data Protection Regulation is either stifling innovations in technology or that the legislation is not flexible enough to keep pace with technological advances. Experts weigh in.
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PremiumGood faith not good enough in navigating global supply chain laws
Differences in the level of duty of vigilance among supply chain legislation in countries including the United States, United Kingdom, and Germany mean best efforts to root out and stop slave labor and other worker exploitation are not enough, according to experts.
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ArticleDOJ declines to prosecute Safran over alleged FCPA violations
The U.S. Department of Justice informed French aircraft equipment manufacturer Safran that the company would not face prosecution regarding alleged bribes paid by employees at two subsidiaries to a China-based consultant.
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ArticleDeutsche Bank efforts to meet BaFin order reflective of EU’s AML struggles
Deutsche Bank said it is about “two-thirds” of the way toward meeting Germany’s financial regulator’s demands for tighter controls to combat money laundering and terrorist financing—an area of weakness many banks across the European Union are confronting.
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ArticleGermany strives for coordination in enhanced AML efforts
Germany has unveiled plans to tackle financial crime more effectively by creating a new federal authority to strengthen enforcement and improve coordination among the country’s current supervisors, of which there are more than 300.
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ArticleVolkswagen fined $1.1M under GDPR for unauthorized data collection
Volkswagen has agreed to pay €1.1 million (U.S. $1.1 million) to resolve allegations of violating the General Data Protection Regulation when a camera on one of its test vehicles recorded nearby drivers without their knowledge.
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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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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.
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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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ArticleVolkswagen not resting on laurels post-monitorship
Volkswagen CCO Kurt Michels shared how the company has intensified business partner due diligence in the wake of completing its three-year U.S. monitorship during a fireside chat at CW’s virtual Europe event.
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ArticleGDPR enforcement roundup: Austrian Post facing new record fine
The Austrian Post is once again appealing what would be a record GDPR fine in the country after successfully defending itself in the first instance. Other recent decisions under the law provide further enforcement trends.
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ArticleGermany’s N26 fined $5M for AML lapses
Mobile bank N26 revealed it paid a €4.25 million (U.S. $5 million) fine ordered by Germany’s market regulator regarding deficiencies in its reporting of suspicious activities “in the area of anti-money laundering.”
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ArticleNord Stream 2 a study in sanctions complexity
The construction of Nord Stream 2 and the accompanying geopolitics at play illustrate how difficult it can be for compliance to respond to evolving sanctions risks.
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ArticleGerman AML deficiencies in spotlight ahead of election
A recent raid by German prosecutors of the country’s finance and justice ministries has once again put a spotlight on Germany’s apparent failings in tackling financial crime.
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ArticleHamburg DPA warns Zoom incompatible with GDPR
The Hamburg data protection authority has warned local government departments to stop using Zoom because it believes the videoconferencing app is not compliant with the General Data Protection Regulation.
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ArticleResource demand to enforce GDPR weighing heavy on EU authorities
A new report from the European Data Protection Board has found an overwhelming majority of data protection authorities believe they are under-resourced to deal with the demands of the General Data Protection Regulation.