Neil Hodge
Neil Hodge is a freelance business journalist and photographer based in Nottingham, United Kingdom. He writes on insurance and risk management, corporate governance, internal audit, compliance, and legal issues for a wide range of publications in the United Kingdom and United States.
ArticleExperts: New AI laws pose risk of overlap with data protection mandates
Companies are at serious risk of facing multiple fines for the same offense under different sets of legislation if the artificial intelligence technologies they employ misuse personal data or cause harm to consumers, according to legal experts.
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Audit exam cheating findings spark concern of endemic trend
Recent penalties against Big Four audit firms KPMG, PwC, and EY over allegations of widespread exam cheating have raised concerns prompting regulators to investigate the extent of the practice.
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Good 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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WhatsApp fined $5.9M for lawful processing GDPR violations
The Irish Data Protection Commission announced a fine of €5.5 million (U.S. $5.9 million) against WhatsApp under the General Data Protection Regulation for forcing users to consent to updated terms and conditions or lose access to the service.
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FCA orders GT Bank to pay $9.4M for ‘reckless’ AML weaknesses
The U.K. Financial Conduct Authority fined Guaranty Trust Bank approximately £7.67 million (U.S. $9.4 million) for weaknesses in its anti-money laundering systems and controls that spanned a five-year period.
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FCA fines Al Rayan Bank nearly $5M for AML failings
The U.K. Financial Conduct Authority fined Al Rayan Bank more than £4 million (U.S. $4.9 million) for its lack of adequate anti-money laundering controls.
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Meta fined $414M for targeted advertising GDPR breaches
The Irish Data Protection Commission fined Meta Ireland a total of €390 million (U.S. $414 million) for breaching the General Data Protection Regulation by forcing users to agree their personal data can be used for targeted advertising to access Facebook and Instagram.
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ESG in 2023: CSRD to put new pressures on EU businesses
Corporate reporting on everything from climate change to workers’ rights is set for a shake-up in the European Union, and companies should use 2023 to prepare for new regulations and stakeholder expectations.
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‘Period of uncertainty’ projected as U.K. embarks on ‘Edinburgh Reforms’
The “Edinburgh Reforms” aim to establish a smarter regulatory framework for the United Kingdom that is agile, less costly, and more responsive to emerging trends. Experts weigh in on the proposed changes.
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TSB Bank fined $59.2M for governance lapses in botched IT migration
TSB Bank was fined £48.65 million (U.S. $59.2 million) by U.K. regulators after a disastrous IT migration left customers unable to access cash or use online accounts for weeks.
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Abanca fined $3.3M for missing 2-hour breach reporting deadline
The European Central Bank fined Spanish bank Abanca €3.145 million (U.S. $3.3 million) after it “knowingly failed” to report a major cyber breach within the prescribed two-hour time limit.
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Deutsche 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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Santander UK fined $132M for poor AML controls
The U.K. arm of Santander was fined approximately £107.8 million (U.S. $132 million) by the Financial Conduct Authority for “serious and persistent” gaps in its anti-money laundering controls.
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Glencore to pay $180M in DRC corruption case
Commodity trading and mining company Glencore agreed to pay $180 million to the government of the Democratic Republic of the Congo to settle claims arising from alleged corrupt practices that took place for more than a decade.
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Barclays fined $10.2M over EU interchange fee violations
Barclays was fined £8.4 million (U.S. $10.2 million) by the U.K.’s Payment Systems Regulator for failing to provide retailers with complete information about the costs of the card services it supplied.
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Experts: AML efforts dealt blow by CJEU beneficial ownership ruling
Determining the true owner of a company might become more difficult after Europe’s top court ruled automatic access to registers of beneficial ownership conflicted with the right to privacy.
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Meta fined $274M under GDPR for data scraping breach
Meta Platforms Ireland was fined €265 million (U.S. $274 million) for failing to put in place adequate measures to protect users’ data after a leak compromised the personal details of more than half a billion individuals.
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Ex-BP trader’s failed whistleblower claim to raise U.K. reporting bar?
A U.K. employment tribunal’s ruling that a former BP employee was not entitled to whistleblower protection has shone a spotlight on the legal issues workers must consider ahead of speaking up.
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CW Europe panelists: ESG reporting still in ‘immature’ phase
Companies are continuing to fail in their efforts to improve environmental, social, and governance reporting, while compliance functions are finding it tough to keep up with demands for better assurance in the area, according to experts.
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CW Europe: Compliance challenges in 2023 and beyond will look a bit different
Dealing with risks relating to artificial intelligence; diversity, equity, and inclusion; and shortfalls in staff, training, and expertise are set to be among the biggest challenges for compliance officers in 2023 and the years ahead, say practitioners.
