Europe


Money laundering

Study: Europe blows U.S. away in financial crime spending

2020-04-07T14:44:00+01:00By

A new report found financial institutions spent $181 billion on financial crime compliance worldwide last year, with European firms spending three to four times more than their counterparts in North America.

KPMG

FRC sanctions KPMG, former senior partner for audit failings

2020-04-06T15:46:00+01:00By

The U.K. Financial Reporting Council has reprimanded and fined KPMG and one of its former senior partners for a failure to exercise “sufficient professional skepticism” and for failure to obtain “sufficient appropriate audit evidence.”

StandardCharteredFeature

Standard Chartered fined $24.9M for Ukraine sanctions breaches

2020-03-31T17:19:00+01:00By

The U.K. Office of Financial Sanctions Implementation hit Standard Chartered Bank for a record fine relating to loans the bank made to Russian financial institutions in violation of the EU’s sanction regime.

SEB

Swedish regulator delays SEB money laundering probe

2020-03-26T20:28:00+00:00By

Sweden’s financial regulator announced it will wait until June to conclude its money laundering investigation into Scandinavian Enskilda Banken AB (SEB) due to the coronavirus pandemic.

EuropeLockdownCOVOID-19

8 compliance challenges facing European companies in coronavirus crisis

2020-03-26T18:13:00+00:00By

Due diligence, data, solvency, and supply chain management risks are just some of the issues Europe’s employers are struggling with as normal business has come to a standstill during the coronavirus pandemic.

Swedbank

Swedbank cuts ex-CEO’s severance following AML probe

2020-03-23T16:22:00+00:00By

Swedbank has canceled the severance pay of its former CEO and accepted a record fine of 4 billion Swedish Krona (U.S. $390 million) in the wake of the findings of an independent investigation into its anti-money laundering deficiencies.

/web/img/field/image/privacy.jpg

Confusion around GDPR during coronavirus prompts EDPB response

2020-03-20T18:32:00+00:00By

The European Data Protection Board has released a statement attempting to clarify how personal data can be processed by companies during the ongoing coronavirus pandemic.

Data money

U.K. AML report: Data analysis of risks lacking

2020-03-20T16:57:00+00:00By

Implementation of risk-based processes and the data analysis that sits behind them are among the biggest weaknesses laid out in a review of AML efforts in the accounting and legal sectors conducted by the U.K.’s financial watchdog.

Swedbankcrop

Swedish regulator fines Swedbank record $390M for AML deficiencies

2020-03-20T15:07:00+00:00By

Swedbank AB has been issued a record 4 billion Swedish Krona (U.S. $390 million) administrative fine for what Sweden’s financial watchdog called “serious deficiencies in its management of the risk of money laundering in its Baltic operations.”

EmptyCourtroom

Coronavirus disrupts hearings in England, Wales, Scotland

2020-03-19T18:43:00+00:00By

The Presidents of the Employment Tribunals in England and Wales and Scotland announced starting next week all in-person hearings will be converted to a case management hearing by telephone or other electronic means.

Cyber locks

Study: Fear of data breaches stifling bank innovation

2020-03-19T15:20:00+00:00By

Research by consultancy firm Accenture shows companies in financial services are more concerned with guarding themselves against the impact of a data breach than realizing any financial benefits of using the data.

Italy flag

Analysis: Cyber-attacks spike in Italy linked to coronavirus

2020-03-18T15:03:00+00:00By

Italy, a region in quarantine, is experiencing a spike in attempted cyber-attacks to capture the login credentials of employees working remotely. But not all the attacks have been successful, and that’s where the lessons lie.

Swedbank_Automat

Swedbank announces new risk chief as probe nears end

2020-03-17T16:31:00+00:00By

Swedbank announced the appointment of Rolf Marquardt as chief risk officer just over a week prior to the expected announcement of the findings of a probe into its AML shortcomings conducted by law firm Clifford Chance.

Swedbank

Swedbank notifies OFAC of potential sanctions violations

2020-03-16T18:24:00+00:00By

Swedbank announced it has reported approximately $4.8 million worth of transactions that might be subject to U.S. sanctions to the Treasury Department’s Office of Foreign Assets Control.

UKCoronavirus

Advice for European compliance officers dealing with coronavirus

2020-03-16T17:49:00+00:00By

Although the coronavirus situation is constantly changing, lawyers say there are several areas of corporate life that are going to test compliance officers and which management will need greater assurance on.

Data

EDPB chair: Processing personal data in the context of coronavirus

2020-03-16T14:58:00+00:00By

The chair of the European Data Protection Board addresses things companies need to consider as they process different types of personal data in the context of the coronavirus.

Google building

Swedish watchdog fines Google $7.6M for GDPR non-compliance

2020-03-12T19:02:00+00:00By

Google has received its second fine to date for violating Europe’s General Data Protection Regulation; Sweden’s Data Protection Authority fined the internet giant 75 million Swedish Kroner (U.S. $7.6 million).

Virgin Media

​Virgin Media could face GDPR pressure after data breach

2020-03-06T17:54:00+00:00By

Virgin Media is likely to be in the GDPR crosshairs after disclosing a recent breach that affected approximately 900,000 customers to the U.K.’s data regulator.

Climate

FCA seeks comment on proposed climate-related disclosure requirements

2020-03-06T17:50:00+00:00By

The U.K. Financial Conduct Authority is asking for comment on newly published proposals outlining climate-related disclosure requirements for premium listed issuers.

Cathay Pacific

U.K.’s ICO fines Cathay Pacific for pre-GDPR breach

2020-03-04T18:37:00+00:00By

The U.K. Information Commissioner’s Office has fined airline Cathay Pacific £500,000 (U.S. $643,000) for failing to protect the personal data of millions of customers.

Barclays

Three former Barclays execs acquitted of fraud charges

2020-02-28T17:52:00+00:00By

The Serious Fraud Office suffered another major setback in the U.K.’s first trial against bank executives for misconduct during the 2008 financial crisis, after three former executives of Barclays were acquitted of fraud charges.

PennedLetter

FRC sends letter to Big Four outlining ‘operational separation’

2020-02-27T18:04:00+00:00By

The U.K. Financial Reporting Council penned a letter to the Big Four outlining expectations for how the auditors should go about separating their audit work from their consultancy business.

SoccerWhistleEuro

Fictitious soccer players at center of money laundering scheme

2020-02-25T17:31:00+00:00By

Europol, the European Union’s law enforcement agency, announced it has uncovered more than €10 million (U.S. $11 million) from fictitious soccer player transfers in a money laundering and tax evasion scheme.

Data sharing

Proposed EU data strategy spells big changes for Big Tech

2020-02-21T18:56:00+00:00By

The European Commission unveiled its long-awaited plans about how it wants to regulate artificial intelligence as well as promote greater data sharing throughout the EU to stimulate further growth and competition in digital services.

Climate

FRC to review how U.K. companies, auditors address climate change

2020-02-21T16:02:00+00:00By

The U.K. Financial Reporting Council announced it will begin reviewing the extent to which U.K. companies and auditors are responding to the impact of climate change to ensure reporting requirements are being met.

Money laundering

Compliance lessons from Julius Baer’s ‘serious AML failings’

2020-02-21T15:52:00+00:00By

Compliance officers can learn a lot from the anti-money laundering compliance shortcomings at Julius Baer Group, as well as from what the bank is now doing to enhance its risk management and AML compliance controls.

GDPR

Ireland GDPR caseload nearly doubled in 2019

2020-02-20T21:48:00+00:00By

The Irish Data Protection Commission received 7,215 complaints during the first full year the General Data Protection Regulation was in force, representing a 75 percent increase on 2018’s figures of just over 4,000.

Facebook Dating

Ireland raid over privacy concerns jilts Facebook Dating

2020-02-13T21:38:00+00:00By

Facebook wants to play Cupid in Europe, but the Irish Data Protection Commission got its arrow in the tech giant first.

google_0

Google begins argument to try to overturn $9B in EU fines

2020-02-12T21:51:00+00:00By

Attorneys for Google, seeking to overturn $9 billion in EU antitrust fines, argued in a European court Wednesday that the tech giant should not be forced to prop up its competitors in the course of promoting facets of its own business.

Airbus

Airbus contractors feeling ripple effect from record fine

2020-02-12T20:34:00+00:00By

Airbus is free to go about its business after paying a record fine to three anti-corruption agencies for widespread bribery, but the trouble is only beginning for some of its implicated contractors.

Brexit star

Experts weigh in on Brexit consequences for GDPR, AML, more

2020-02-10T18:40:00+00:00By

The wheels to the United Kingdom’s exit from the European Union are finally in motion, but the hard work still remains as to what kind of future trading relationship the country has with the single market.

Googlecrop

Ireland probing Google, Tinder for GDPR violations

2020-02-05T20:47:00+00:00By

Ireland’s data regulator has announced new investigations into Google and MTCH Technology Services—the company behind dating app Tinder—over complaints users’ personal data is being misused in violation of the GDPR.

Germany privacy

Germany’s dual approach to data regulation under the GDPR

2020-02-03T18:22:00+00:00By

Germany is staying ahead of the game with an advanced crackdown on data privacy and competition law violations.

Airbus

Airbus resolves global bribery scandal for record $4B

2020-01-31T22:18:00+00:00By

Airbus has agreed to pay a total of $4 billion in penalties split between the United States, United Kingdom, and France—the world’s largest global resolution for bribery.

NBC

NBCUniversal fined $15.9M for EEA sales restrictions

2020-01-31T19:45:00+00:00By

NBCUniversal has been fined €14.3 million (U.S. $15.9 million) by the European Commission for restricting traders from selling licensed merchandise within the European Economic Area to territories and customers beyond those allocated to them, marking the latest case in a wider enforcement trend.

Pharmaceuticals

Europe’s high court strikes blow to drug companies in ‘pay-for-delay’ case

2020-01-30T21:47:00+00:00By

The U.K. Competition and Markets Authority won a victory in a decision by Europe’s high court, ruling GlaxosmithKline’s entering of a financial deal with industry rivals to delay the generic version of its drugs violates EU competition law.

Money

Effective AML training: Four questions to answer

2020-01-30T18:45:00+00:00By Simone Jones, International Compliance Association

There are a multitude of factors that need to be established when determining training requirements. What is clear is that a one-size-fits-all approach doesn’t work.

LegalMicroscope

SFO guidance could help companies combat U.K. Bribery Act charges

2020-01-23T20:25:00+00:00By

New internal guidance from the U.K. Serious Fraud Office outlines what the regulator considers in determining if a company’s compliance procedures are adequate enough to defend against U.K. Bribery Act charges or qualify for a deferred prosecution agreement.

GDPR

Study expects GDPR fines to rise in 2020

2020-01-21T16:22:00+00:00By

DLA Piper’s latest data breach survey suggests the penalties handed out under the General Data Protection Regulation thus far are not as harsh as they could have been—though that could change in 2020.

AdobeStock_132649171

App firms, adtech industry in firing line over possible GDPR violations

2020-01-16T15:52:00+00:00By

The Norwegian Consumer Council, a consumer rights champion, has uncovered a serious no-no in the world of GDPR: popular apps sharing user data, such as religious beliefs and sexual preferences, to advertising and marketing firms in order to drive their own revenue.

SprayEuros

Germany hits pesticides wholesalers with large fines

2020-01-14T18:35:00+00:00By

Seven pesticide wholesalers have been fined a total of €155 million (U.S. $173 million) for operating a 17-year price-fixing cartel.

LockHoleNetwork

British retailer Dixons fined for pre-GDPR breach

2020-01-10T19:15:00+00:00By

The ICO has fined Dixons Carphone for failing to take “basic, commonplace” security measures that would have alerted it to one of the country’s worst cyber-attacks.

NeedsImprovement

FRC calls for better reporting to improve trust

2020-01-09T13:01:00+00:00By

U.K. regulator the Financial Reporting Council’s annual review shows many of Britain’s largest companies use a “tick-box” approach to compliance with the U.K. Corporate Governance Code—often providing scant explanations and little detail.

CutRedTape

UK Finance slams overregulation in financial services sector

2020-01-07T17:07:00+00:00By

UK Finance, the U.K. regulator responsible for the financial services sector, is offering recommendations to curb the abundance of intersecting rules in FS.

GDPR

ICO hands out first GDPR fine as BA, Marriott cases linger

2019-12-23T21:08:00+00:00By

The U.K. Information Commissioner’s Office has levied its first fine under the GDPR against a London-based pharmacy. Record-setting penalties announced by the ICO in July against British Airways and Marriott are still not finalized.

ESG

Compliance playing an increasingly important role in ESG disclosure

2019-12-23T18:27:00+00:00By

Environmental, social, and governance disclosures are becoming common practice, but equally pressing is the regulatory compliance risk associated with non-disclosure or disclosures that are not accurate, truthful, or complete.

SFO building

SFO confirms DPA with Güralp Systems after three acquitted

2019-12-23T15:30:00+00:00By

The founder and two former employees of Güralp Systems were acquitted of charges they conspired to bribe a South Korean public official, making it the latest corruption case in which the U.K. Serious Fraud Office failed to secure individual convictions.

Data transfers

Top EU advisor: Clauses used for EU-U.S. data transfers ‘valid’

2019-12-23T15:18:00+00:00By

Big Tech can breathe a sigh of a relief that the mechanisms it uses to transfer data outside of the European Union to “third countries” provide sufficient privacy protection, according to a key advisor to the EU’s top court.

Orange

France Telecom execs jailed over workplace bullying

2019-12-20T18:36:00+00:00By

The ex-chief executive of France Telecom and two other former executives have been jailed for pursuing a cost-cutting policy that was so severe it led to a spate of employee suicides.

Londoncrop

Review urges changes to U.K. audit profession

2019-12-18T20:22:00+00:00By

The latest report to examine the shortcomings of the U.K. audit market recommends separating audit from the accountancy profession, among other suggested changes.