Europe

 
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Outokumpu appoints general counsel

2024-06-14T22:07:00+01:00By

Sustainable stainless steel provider Outokumpu appointed Juhani Ristaniemi as executive vice president, general counsel and member of the Outokumpu leadership team.

Sanctions compliance TPRM

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Panelists break down robust sanctions landscape at TPRM Summit

2024-06-12T02:35:00+01:00By

Sanctions compliance officers face myriad challenges as complex geopolitical situations heighten risks worldwide, experts discussed during Compliance Week’s Third-Party Risk Management & Oversight Summit.

Blog

BSM announces chief sustainability officer

2024-06-10T13:39:00+01:00By

Bernhard Schulte Shipmanagement announced the appointment of Bjoern Sprotte as chief people and sustainability officer.

ESG

News Brief

EU agencies examine efforts to identify and monitor examples of greenwashing

2024-06-06T17:00:00+01:00By

The European Securities and Markets Authority, European Banking Authority, and European Insurance and Occupational Pensions Authority issued reports on greenwashing in the financial sector, describing how they plan to call out examples of false or misleading sustainability claims.

Blog

UBS announces group chief risk officer

2024-06-05T12:41:00+01:00By

Swiss bank UBS announced Damian Vogel will be appointed group chief risk officer.

Ericsson

News Brief

Ericsson completes DOJ-imposed compliance monitorship

2024-06-03T18:48:00+01:00By

Swedish telecommunications giant Ericsson announced the conclusion of the independent compliance monitorship imposed on the company following its 2019 settlement for violations of the Foreign Corrupt Practices Act.

Blog

Stellantis adds ex-Saint-Gobain CECO as corporate office head

2024-05-30T13:07:00+01:00By

Automaker Stellantis announced that Clara Ingen-Housz, who was previously Saint-Gobain’s group legal counsel and chief ethics and compliance officer, will be appointed head of the global corporate office and public affairs.

N26

News Brief

BaFin relaxes growth restrictions on N26 following AML improvements

2024-05-29T20:31:00+01:00By

German financial regulatory authority BaFin lifted growth restrictions on N26, after the digital bank made improvements to its anti-money laundering program.

N26 office

News Brief

N26 fined $9.6M for not timely filing AML reports to BaFin

2024-05-22T18:31:00+01:00By

Germany’s financial supervisory authority issued a fine of €9.2 million euros against mobile bank N26 for “systematically” submitting late anti-money laundering reports.

Volkswagen

News Brief

Senate report cites VW, BMW, JLR for potential forced labor violations

2024-05-20T19:16:00+01:00By

A U.S. Senate report found three European automakers—Volkswagen, BMW, and Jaguar Land Rover—sold cars in the United States with parts sourced from a supplier suspected of using forced labor from China’s Xinjiang region.

ESG money

News Brief

ESMA guidelines tackle greenwashing via fund names

2024-05-17T17:27:00+01:00By

The European Securities and Markets Authority published its final report containing guidance for the use of environmental, social, and governance- and sustainability-related terminology in fund names.

Blog

KfW names chief sustainability officer

2024-05-17T12:12:00+01:00By

Development bank KfW announced Jürgen Kern will be its chief sustainability officer.

Blog

FACC AG appoints chief sustainability officer

2024-05-06T14:55:00+01:00By

The supervisory board of German aerospace company FACC AG appointed Tongyu Xu as a new member of the FACC board of directors in the role of chief sustainability officer.

DOJ

News Brief

DOJ orders Hahn Air to pay $27M over travel fee false claims

2024-05-03T17:07:00+01:00By

Hahn Air Lines and its U.S. subsidiary agreed to pay $26.8 million to settle alleged violations of the False Claims Act over knowingly failing to provide remittance for travel fees it collected from commercial airline passengers flying into or within the United States.

GreenLaw

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EU charts green path forward with ECT withdrawal, new regs

2024-05-03T13:34:00+01:00By

The impending decision by the European Parliament to withdraw from the international Energy Charter Treaty and adopt further climate rules sets a clear direction for green regulations in the region.

GDPRgavel

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What’s the problem for GDPR repeat offenders?

2024-05-02T14:57:00+01:00By

The General Data Protection Regulation has been in force for nearly six years. Some industries—and some companies—have been more prone to fall foul of the rules than others.

Pav Gill 3x2

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Wirecard whistleblower laments EU speak-up protection inconsistencies

2024-04-29T11:39:00+01:00By

The European Union’s strong stance on whistleblower protection has been undermined by member states’ wildly different approaches to punishing organizations that fail to safeguard people who raise concerns, says Wirecard whistleblower Pav Gill.

TikTok

News Brief

TikTok scrutiny mounts across globe amid EU, U.S. crackdowns

2024-04-26T17:40:00+01:00By

TikTok is suspending new features amid an inquiry by the European Commission into its compliance with the Digital Services Act, all while responding to a U.S. ban just signed into law.

Avast

News Brief

Czech DPA fines Avast $15M over GDPR violations

2024-04-25T16:33:00+01:00By

The Czech Republic’s data protection authority issued a fine of 351 million Czech koruna (U.S. $15 million) against antivirus software vendor Avast for alleged violations of the General Data Protection Regulation.

Accounting

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Accountancy bodies urge ethical behavior amid exam cheating scandals

2024-04-25T12:50:00+01:00By

Trust in the integrity of corporate finance and auditing is vital, but repeated scandals over exam cheating at the largest multinational firms are denting faith in the system globally.

Blog

Amundi announces chief compliance officer

2024-04-24T13:05:00+01:00By

French asset management firm Amundi announced the appointment of Marc Noel as chief compliance officer.

Commerzbank

News Brief

BaFin fines Commerzbank $1.6M over supervision, AML lapses

2024-04-23T15:57:00+01:00By

Germany’s financial supervisory authority issued total fines of €1.45 million (U.S. $1.6 million) against Commerzbank AG to settle allegations of inadequate monitoring and anti-money laundering controls.

EU data flag

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EDPB decision sparks ‘consent or pay’ debate for Big Tech firms

2024-04-19T19:16:00+01:00By

Big Tech firms might need to rethink their plans to charge users for not selling their personal data for behavioral advertising following a decision by Europe’s primary data regulator.

Facial recognition scan

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Focused on consumer privacy? Don’t forget employees’ rights

2024-04-17T15:09:00+01:00By

The implications of a privacy rights case involving a U.K.-based Uber Eats driver underscore a popular belief that companies prioritize protecting the personal information of their customers over the data rights of their employees.

European Court of Human Rights

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ECHR ruling opens door to climate change litigation on basis of human rights

2024-04-15T13:47:00+01:00By

By holding the Swiss government accountable for failing to do more to limit climate change, a ruling by the European Court of Human Rights might have significant implications for legislators and organizations in other countries across the European Union.

KPMG

News Brief

KPMG Netherlands fined record $25M by PCAOB for exam cheating

2024-04-10T18:35:00+01:00By

KPMG Netherlands agreed to pay a record $25 million penalty levied by the U.S. Public Company Accounting Oversight Board for allegedly allowing widespread cheating by employees on internal training exams and misinforming regulators about the misconduct.

ESG

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Experts: ESG gone mainstream, but new regs still create headaches

2024-04-09T18:24:00+01:00By

Environmental, social, and governance goals have gained acceptance from senior leadership because of upward pressure from employees, investors, and customers, according to compliance leaders speaking at Compliance Week’s 2024 National Conference.

Agriculture

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U.K. border controls on EU goods evoke supply chain disruption concerns

2024-04-09T14:10:00+01:00By

The imposition of full border controls on goods entering the United Kingdom from the European Union will affect importers and their EU suppliers, and both are advised to prepare for increased checks, possible delays, and new charges.

Volkswagen

News Brief

SEC concludes VW emissions case with $48.8M judgment

2024-04-08T17:05:00+01:00By

Volkswagen Group of America Finance was ordered to pay $48.75 million as part of a final judgment obtained by the Securities and Exchange Commission to resolve historical violations related to the automaker’s emissions scandal.

CW2024 leadership panel

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CW2024 leadership panel on navigating scrutiny, prep for more change

2024-04-08T12:34:00+01:00By

The global political landscape should be high on the risk radar of compliance officers in 2024, according to compliance leaders speaking at Compliance Week’s 2024 National Conference, along with increased regulatory scrutiny toward forced labor, ESG, and M&A.

DOJ building

News Brief

​Ex-OneCoin compliance head jailed 4 years for fraud role

2024-04-05T15:04:00+01:00By

The former head of legal and compliance at OneCoin was sentenced to four years in prison after pleading guilty to fraud charges regarding her role in a cryptocurrency marketing scheme.

Blog

DITF appoints sustainability chief

2024-04-05T13:15:00+01:00By

The German Institutes of Textile and Fiber Research appointed Thomas Stegmaier as chief sustainability officer.

AI Act

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Need to know: How AI Act sets tone for AI regulation

2024-04-01T13:22:00+01:00By

The European Union’s AI Act follows a risk-based approach: the higher the risk the artificial intelligence poses, the stricter the rules. Understanding each category is key to compliance.

Ericsson

News Brief

Ericsson: Monitor certified anti-corruption program post-FCPA settlement

2024-03-29T18:46:00+00:00By

Swedish telecommunications company Ericsson announced its independent monitor appointed by the Department of Justice certified its compliance program satisfies the requirements ordered by the U.S. agency following its 2019 Foreign Corrupt Practices Act settlement.

Hodge_opinion

Opinion

New leadership no easy fix for Irish DPC’s GDPR woes

2024-03-29T13:41:00+00:00By

The Irish Data Protection Commission has a new leadership structure, but it is uncertain whether the changes can get the key privacy regulator caught up on enforcement of the General Data Protection Regulation.

Europe technology

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Big Tech practices draw early scrutiny under DSA, DMA

2024-03-27T13:27:00+00:00By

TikTok and X are under investigation related to their respective compliance with the European Union’s Digital Services Act, while the first three companies probed under the Digital Markets Act include Apple, Alphabet, and Meta.

Blog

TradeXBank AG appoints chief risk officer

2024-03-27T12:41:00+00:00By

Switzerland-based TradeXBank AG announced the appointment of Viviane Gabard as chief risk officer.

Energy efficiency

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EU regs for energy-efficient buildings raise questions for commercial property

2024-03-26T14:00:00+00:00By

Organizations with property in the European Union should be asking more questions about their sustainability and emissions in light of revised plans to decarbonize buildings across the region.

Epstein case study cover 3x2

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Chapter 4: Investigations into misconduct: What banks can do

2024-03-21T16:00:00+00:00By

Both JPMorgan Chase and Deutsche Bank retained their respective Jeffrey Epstein relationships for too long. Yet, there is a case to be made for why exiting a high-risk relationship too soon can become an inverse form of recklessness.

Blog

Fresenius appoints global legal, compliance head

2024-03-21T13:48:00+00:00By

Healthcare company Fresenius Medical Care announced the appointment of Jörg Häring as global head of legal, compliance, and human resources, effective June 1.

Epstein case study cover 3x2

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Chapter 3: Egregious failures: Customer due diligence and transaction monitoring

2024-03-20T16:00:00+00:00By

Why did JPMorgan Chase retain Jeffrey Epstein for more than a dozen years? How did the relationship persist despite glaring red flags? The “why” is straightforward; the “how” is more complicated.

Deutsche Bank

News Brief

Deutsche Bank dinged $54K over IT incident reporting

2024-03-20T15:44:00+00:00By

Deutsche Bank was assessed a penalty of €50,000 (U.S. $54,000) by Germany’s financial supervisory authority for its alleged miscommunication of a 2023 information technology security incident.

Blog

Halton Group names sustainability chief

2024-03-20T12:51:00+00:00By

Indoor air solutions technology provider Halton Group announced Riikka Paarma will join as chief sustainability officer.

Epstein case study cover 3x2

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Chapter 2: KYC shortfalls: JPMorgan and Deutsche Bank’s onboarding of Epstein

2024-03-19T16:00:00+00:00By

Jeffrey Epstein’s designation as a high-risk client should have subjected him to enhanced due diligence that never appeared to occur, most notably at Deutsche Bank. Instead, Epstein was allowed to continue his misconduct despite numerous red flags.

Epstein case study cover 3x2

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Chapter 1: Compliance v. complicity: The ‘underbelly’ of bank culture

2024-03-18T16:00:00+00:00By

Why were decisions made the way they were at the banks that serviced Jeffrey Epstein? Evidence points to a cultural tension: a tug-of-war between the allure of profit and the drag of compliance, with the former having all the pulling power.

Epstein case study cover 3x2

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Case study: ‘The Banks Behind the Epstein Enterprise’

2024-03-18T15:50:00+00:00By

This Compliance Week case study offers a deep dive into the anti-money laundering compliance failures—and alleged complicity—of JPMorgan Chase and Deutsche Bank, the two banks that enabled the Jeffrey Epstein enterprise to flourish for decades.

Sustainability metrics

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EU due diligence directive back on track, despite concession concerns

2024-03-18T14:57:00+00:00By

The future of the EU’s Corporate Sustainability Due Diligence Directive was thrown into doubt when the European Council failed to endorse proposals. The directive is back on track after being agreed upon, albeit in weaker form.

Supply chain

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Policy changes underscore need for enhanced child labor due diligence

2024-03-18T13:20:00+00:00By and

Rooting out potential child or forced labor violations in your company’s supply chain can have benefits beyond protecting reputation and being ethically sound. The process can also help your firm comply with pending child labor laws in other jurisdictions.

ABN AMRO

News Brief

Departing ABN AMRO risk chief says climate, cyber among priorities

2024-03-15T19:27:00+00:00By

Tanja Cuppen, chief risk officer of ABN AMRO, shared her view on the Dutch bank’s biggest risk focus areas and the accomplishments of her tenure a month ahead of her planned departure.

Privacy Shield

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Privacy by design a silver bullet for stemming AI risks?

2024-03-15T17:41:00+00:00By

The proliferation of artificial intelligence technologies—and their reliance on publicly available data—has reinforced the need for tech developers and the companies using their solutions to ensure privacy by design and by default is at the crux of any offering.