All Germany articles – Page 2
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Article
German 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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Article
Hamburg 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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Article
Resource 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.
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Article
Study: Financial crime compliance costs climb 18 percent in 2020
Projected costs for financial crime compliance among financial services companies worldwide reached nearly $214 billion last year, according to the latest survey from LexisNexis Risk Solutions.
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Article
Deutsche 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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Article
German 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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Article
German 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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Article
SAP to pay over $8M for admitted Iran sanctions violations
German software company SAP SE agreed to pay more than $8 million in combined penalties issued by three U.S. agencies after admitting to committing numerous violations of sanctions against Iran.
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Article
Local laws proving to be roadblocks for GDPR harmonization
Recent cases in Germany, France, and Austria underscore the difficulty of getting EU members on the same page regarding GDPR enforcement—particularly when other local laws take priority.
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Article
Popular Clubhouse app being probed for GDPR violations
France’s data privacy watchdog adds to a growing list of regulators that have launched investigations into Alpha Exploration, the publisher of the Clubhouse application, regarding measures it has taken (or not taken) to comply with the GDPR.
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Video
Video: Lawsuit calls out Tesla general counsel carousel
Aly McDevitt praises several German companies for taking initiative ahead of an impending law mandating female representation on boards, while Kyle Brasseur reviews a shareholder lawsuit that criticizes Tesla’s instability at the general counsel position.
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Article
GDPR dealt blow as German court drops $17.2M Deutsche Wohnen fine
A €14.5 million (U.S. $17.2 million) fine against Deutsche Wohnen has been dropped after a German court found under German law the company could not be held responsible for violating the GDPR unless blame could be attached to a specific individual or executive.
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Article
More Wirecard fallout: Top brass out at German finance regulator
Continuing fallout from the Wirecard scandal has led Germany’s finance minister to oust the top two officials at the country’s financial regulator, the Federal Financial Supervisory Authority (BaFin).
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Article
German laptop retailer fined $12.7M under GDPR for employee surveillance
A German data regulator fined an online laptop and electronic goods retailer €10.4 million (U.S. $12.7 million) for video-monitoring employees for at least two years without legal basis.
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Article
German court cuts 1 & 1 Telecom GDPR fine by 90 percent
Continuing a recent trend of massive fine reductions under the General Data Protection Regulation, 1 & 1 Telecom in Germany had its €9.55 million penalty issued last year reduced to €900,000 (U.S. $1.06 million) by a German court.
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Article
EU data authorities take different approaches to Privacy Shield ruling
It appears Europe’s data authorities are prepared to interpret a key court judgement as they see fit in the absence of definitive guidance from the bloc’s primary privacy regulator.
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Article
What the Wirecard story tells us about red flags, healthy skepticism
How we came to learn about the fraud allegedly perpetrated by Wirecard offers important lessons in compliance and corporate governance, writes financial crime expert Martin Woods.
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Article
Report: Trading activity by German regs spiked ahead of Wirecard collapse
Staff members of Germany’s financial regulator, BaFin, were reportedly buying and selling Wirecard shares at a suspiciously higher rate leading up to the collapse of the FinTech firm.
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Article
McDonald’s handling of ex-CEO scandal gets compliments, criticism
A fresh podcast from the Theranos whistleblower and a new compliance association for Black practitioners get a round of applause from us this week, while a complicated case involving McDonald’s lands the company on both the “Nailed It” and “Failed It” lists.
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Article
SARs 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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