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European Compliance

Compliance issues in the Eurozone are more pressing than ever, amid major changes such as data privacy, Brexit, global commerce, and the need to harmonize various international regulatory regimes. Compliance Week sees compliance not as an issue of any one nation or region, which is why we spotlight the regulatory, governance, compliance and ethics issues in Europe as part of our effort to bring you the most important information and insight from around the world.

Global Glimpses Blog

ICO takes action for failure to pay new data protection fee

Jaclyn Jaeger | October 5, 2018

The U.K. Information Commissioner’s Office has taken formal enforcement action against 34 organizations that have failed to pay the new data protection fee.

Global Glimpses Blog

SFO set to recover proceeds from Uzbekistan corrupt deals

Jaclyn Jaeger | October 5, 2018

The U.K. Serious Fraud Office said it has issued a claim for civil recovery in the High Court under Part 5 of the Proceeds of Crime Act 2002.

Global Glimpses Blog

ICO issues first formal GDPR enforcement action

Jaclyn Jaeger | October 5, 2018

Canadian data analytics firm AggregateIQ Data Services has become the first company to face a formal enforcement action by the U.K. Information Commissioner’s Office for violations of the EU General Data Protection Regulation and the U.K. Data Protection Act.

Global Glimpses Blog

World Bank Group issues first Sanctions System Annual Report

Jaclyn Jaeger | October 3, 2018

The World Bank Group debarred 78 firms and individuals during fiscal year 2018, according to its inaugural Sanctions System Annual Report, issued on Oct. 3.

Global Glimpses Blog

U.K. retailer details what comes next for no-deal Brexit prep

Paul Hodgson | October 3, 2018

A no-deal Brexit could have serious consequences for the corporate realm, but few companies appear armed for the challenges. In contrast is U.K. retailer Next, which has published a paper on its preparations that could help others face a no-deal Brexit possibility.

Global Glimpses Blog

SFO General Counsel to join Kingsley Napley

Scuttlebutt | September 24, 2018

Alun Milford, general counsel for the U.K. Serious Fraud Office, will be leaving the agency to join law firm Kingsley Napley as a partner.

Global Glimpses Blog

Deutsche Bank latest to come under fire for lax AML controls

Jaclyn Jaeger | September 24, 2018

Deutsche Bank has become the fourth bank in the past month to get into regulatory trouble for having lax anti-money laundering controls in place, joining Danske Bank, ING, and Credit Suisse.

News Article

No easy answers for breaking up Big Four in U.K.

Paul Hodgson | September 21, 2018

The last time the U.K.’s Competition and Markets Authority attempted to break up what is widely referred to as an oligopoly of the audit market by the Big Four audit firms—EY, PwC, Deloitte and KPMG—its actions had the opposite effect. 

Global Glimpses Blog

FINMA finds deficiencies in AML processes at Credit Suisse

Jaclyn Jaeger | September 17, 2018

The Swiss Financial Market Supervisory Authority FINMA has concluded two enforcement procedures against Credit Suisse. In the first procedure, FINMA identified deficiencies in the bank’s adherence to anti-money laundering due diligence obligations. The second procedure relates to a significant business relationship for the bank with a politically exposed person.

News Article

EU proposes new money laundering rules

Neil Hodge | September 14, 2018

The European Commission wants to strengthen supervision over banks and other financial institutions to toughen up its fight against money laundering and terrorist financing after admitting that present measures have “failed all too often.”