All articles by Neil Hodge – Page 12
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ArticleHSBC hit with $84M penalty over AML failings
The U.K. Financial Conduct Authority fined HSBC Bank £63,946,800 (U.S. $84.3 million) for failings in its anti-money laundering processes over an eight-year period.
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ArticleBiden corruption strategy puts FCPA in spotlight overseas
President Joe Biden’s strategy on countering corruption shows tackling corporate abuses overseas is firmly back on the U.S. agenda. As such, European companies and executives should beware: The Foreign Corrupt Practices Act is likely to get a dusting off.
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ArticleSFO integrity questioned after Unaoil conviction overturned
The Serious Fraud Office will be investigated by the U.K. Attorney General’s Office after a court said the agency denied a convicted former oil and gas executive the right to a fair trial.
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ArticleFRC 2022 reviews to focus on climate risks, fraud
The U.K. Financial Reporting Council will prioritize climate-related financial disclosures in company accounts and climate risks in audits as key areas of supervisory focus for 2022/23.
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ArticleGreensill report: British Business Bank loan approvals lacked due diligence
The British Business Bank failed to carry out sufficient due diligence when it gave collapsed lender Greensill Capital approval to hand out £350 million (U.S. $465 million) under the government’s pandemic support program, according to a U.K. Parliament report.
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ArticleClearview AI facing $22.6M fine over U.K. privacy violations
The U.K. Information Commissioner’s Office has warned Clearview AI it could face a £17 million (U.S. $22.6 million) fine over its use of people’s data to power its facial recognition software.
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ArticleU.K. Corporate Governance Code gaps remain despite reporting improvements
U.K. companies have improved corporate reporting—particularly on environmental and social issues—despite more instances of noncompliance with the Corporate Governance Code, according to the Financial Reporting Council’s latest review.
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ArticleCWE panel: EU Whistleblowing Directive a test for company procedures
Multiple weak points identified with the upcoming EU Whistleblowing Directive could put the burden on companies to determine how to best implement the law, experts discussed during CW’s virtual Europe event.
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ArticleFRC report sets quality expectations for U.K. audit firms
The U.K. Financial Reporting Council published a blueprint for how it wants audit firms to perform to ensure they deliver high-quality audits.
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ArticleCWE panel: GDPR ‘the start of a culture of data protection’
Belgian Data Protection Authority head David Stevens and Member of European Parliament Axel Voss discussed ways the General Data Protection Regulation could be improved for the future during a keynote at CW’s virtual Europe event.
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ArticleU.K. Supreme Court decision on Google deals blow to class actions
Legal experts weigh in on the U.K. Supreme Court’s rejection of a claim that sought billions of pounds in damages from Google over alleged illegal tracking of millions of iPhones and what it means for future collective actions.
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ArticleEx-FIFA president facing fresh fraud charges
Former FIFA officials Sepp Blatter and Michel Platini have been charged with fraud, forging documents, and other offenses following a six-year investigation into a controversial CHF 2 million (U.S. $2.2 million) payment made out to Platini a decade ago.
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ArticleBarclays CEO Jes Staley steps down over Jeffrey Epstein links
Barclays CEO Jes Staley stepped down after a probe by British financial regulators looks to have found evidence his friendship with disgraced sex offender Jeffrey Epstein was closer than he had originally made out.
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ArticleFRC reporting review: COVID-19 disclosures lacking, new climate-related mandates
In its annual review of corporate reporting, the U.K. Financial Reporting Council found companies are struggling to provide stakeholders with enough detail about COVID-19 disruptions. The regulator also announced new requirements for climate-related disclosures.
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ArticleIAPP report: Privacy spend rising, with further growth expected
Corporate spending on managing privacy risks has risen significantly since last year, with 6 of 10 privacy professionals believing budgets will continue to increase over the coming year, according to the latest IAPP survey.
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ArticleFacebook fined $70M for compliance breaches in Giphy probe
Facebook was fined £50 million (U.S. $69 million) for allegedly breaking U.K. competition rules while the firm is under investigation over its acquisition of Giphy. A separate penalty of £500,000 (U.S. $690,000) was also assessed related to CCO appointments.
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ArticleGlobal Privacy Assembly takeaways: ‘Time to get real’ on cross-border cooperation
Privacy regulators believe there must be a push toward greater international cooperation and enforcement if failure to ensure data protection is to be taken as seriously as other corporate offenses.
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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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Article‘Soft-hearted’ Irish DPC proposes $42M GDPR fine against Facebook
The Irish Data Protection Commission has set out plans to fine Facebook between €28 million and €36 million (U.S. $32 million and $42 million) for violations of the General Data Protection Regulation.
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ArticleLate surge expected to comply with EU Whistleblowing Directive
European companies are expected to rush to comply with new whistleblower protection rules only when they take effect in December, meaning workers are not adequately protected for any disclosures they make in the meantime.