App firms, adtech industry in firing line over possible GDPR violations
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.
Germany hits pesticides wholesalers with large fines
Seven pesticide wholesalers have been fined a total of €155 million (U.S. $173 million) for operating a 17-year price-fixing cartel.
British retailer Dixons fined for pre-GDPR breach
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.
FRC calls for better reporting to improve trust
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.
UK Finance slams overregulation in financial services sector
UK Finance, the U.K. regulator responsible for the financial services sector, is offering recommendations to curb the abundance of intersecting rules in FS.
ICO hands out first GDPR fine as BA, Marriott cases linger
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.
Compliance playing an increasingly important role in ESG disclosure
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 confirms DPA with Güralp Systems after three acquitted
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.
Top EU advisor: Clauses used for EU-U.S. data transfers ‘valid’
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.
France Telecom execs jailed over workplace bullying
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.
Review urges changes to U.K. audit profession
The latest report to examine the shortcomings of the U.K. audit market recommends separating audit from the accountancy profession, among other suggested changes.
SFO charges two former Serco directors with fraud, false accounting
The U.K. Serious Fraud Office has charged two individuals with fraud and false accounting concerning Serco’s electronic monitoring contract with the Ministry of Justice.
Reinvigorated British PM Johnson pushes for January Brexit
U.K. Prime Minister Boris Johnson gained a majority in Parliament on Thursday, meaning there could finally be an end in sight for Brexit.
International banking regulator: Big Tech ‘may pose risks to financial stability’
Big technology firms like Amazon, Facebook, Twitter, and Google are a potential risk if they get more heavily involved in providing financial services, says the Financial Stability Board.
Morgan Stanley fined $22.2M for manipulating bond prices
France’s financial market regulator has fined Morgan Stanley €20 million (U.S. $22.2 million) for manipulating the price of French and Belgian government bonds in June 2015.
1 & 1 Telecom fined $10.6M for GDPR violations; company fights back
A German federal privacy watchdog has fined 1 & 1 Telecom €9.55 million (U.S. $10.6 million) for violations of the EU’s General Data Protection Regulation, but the company says it won’t accept the penalty.
Swedbank announces governance overhaul, launches culture probe
Swedbank CEO Jens Henriksson announced the financial institution is making some major organizational changes “to create simpler and clearer decision-making structures to facilitate the realization of the bank’s strategy.”
SFO latest to investigate Glencore over bribery concerns
Glencore announced it is under investigation by the U.K. Serious Fraud Office over suspicions of bribery, making it the third investigation the multinational commodity trading and mining company is now facing.
Study: Spike in OFAC sanctions pose compliance challenges
Some companies might scramble to comply with more—and sometimes quickly shifting—sanctions requirements as the U.S. government chalks up record enforcement levels.
EBRD debars GE Power Sweden for record six years in corruption case
The European Bank for Reconstruction and Development has imposed a record six-year term of debarment on GE Power Sweden concerning a long-running corruption scheme at 2015 acquisition Alstom Power Sweden.
ICO draft guidance helps U.K. firms clarify AI choices
The U.K. Information Commissioner’s Office has released guidance that lays out four principles—based on the GDPR—companies must consider when applying AI to their systems.
Vestager once again takes aim at digital giants
Margrethe Vestager, European commissioner for competition, once again rallied against Big Tech in a Nov. 29 speech. The politician has promised more oversight of search engines, online marketplaces, social media networks, and app sites to ensure fair markets.
PRA fines Citigroup for regulatory disclosure failure
The Bank of England has hit Citigroup with a record £44 million (U.S. $56.5 million) fine after it found three of its U.K. units failed to submit complete and accurate regulatory information about the lender’s capital and liquidity levels.
Uber stripped of London license for ‘pattern of failures’
Uber has been stripped of its London operating license after the city’s transportation regulator identified a “pattern of failures” by the company, including several safety breaches that placed passengers at risk. It is appealing the ruling.
Alstom U.K. fined $20.8M for role in long-running bribery case
Alstom Network U.K., the British subsidiary of the French rail and power company, has been ordered to pay a total of £16.4 million (U.S. $20.8 million) for bribes it paid to win a contract to supply trams in Tunisia.
Regulators need experts in AI, too
Machine learning isn’t something that’s going to happen—it’s already happened. Ali Shah, head of tech policy at the U.K. Information Commissioner’s Office, discusses how artificial intelligence will impact regulators.
Hong Kong, Singapore regulators fine UBS $59M for client overcharges
Swiss bank UBS will pay $59 million in total civil penalties in resolutions with both Hong Kong and Swiss regulators for overcharging clients for over a decade.
Ireland vs. Big Tech: The wait continues
It’s been 18 months since the General Data Protection Regulation went into effect, and still no violations have come out of Ireland. Is the Emerald Isle dragging its feet? CW Editor in Chief Dave Lefort attempts to answer that question.
Microsoft updates cloud contract privacy amid EDPS probe
Microsoft has updated the privacy provisions of its commercial cloud contracts amid a European Data Protection Supervisor investigation that revealed “serious concerns” in its preliminary findings.
Photos: Compliance Week Europe 2019
We came, we saw, we complied. Check out some of the sights from Compliance Week’s 2019 European conference in Amsterdam!
Survey: Workplace equality issues top of mind for European employers
Improving workplace equality is on the list of concerns and priorities for European employers, with many moving to address equal pay and workplace harassment, according to the findings of a newly released survey.
FRC review of IFRS 16 disclosures highlights weak spots
Companies applying the new standard on lease accounting need to provide more information on its effects, according to a new review by the U.K. Financial Reporting Council, which highlights where it expects companies to provide more comprehensive disclosure in their upcoming annual reports.
FRC reveals key trends in U.K. accountancy profession
A new report from the U.K.’s Financial Reporting Council says the Big Four increased their combined “total fee income” by 4.7 percent—even amid a year fraught with accounting scandal.
European Commission probing two retailers for possible collusion
The European Commission announced it has opened a formal antitrust investigation to assess whether two French groups of retailers—Casino Guichard-Perrachon and Les Mousquetaires—have coordinated their conduct in the market in breach of EU competition rules.
Big Four stranglehold on U.K. audit market widens
The Big Four’s dominance of the U.K. audit market has grown even further in the past year, according to the Financial Reporting Council’s latest report.
Data protection compliance lessons from UniCredit breach
UniCredit announced its cyber-security team has identified a data breach that compromised the personal records of approximately three million clients in Italy, highlighting critical compliance lessons for those in the financial services industry.
EY accused in U.K. gold-laundering scheme
Big Four audit firm EY has been accused of covering up evidence of smuggling by an organized crime gang that was laundering British drug money through gold dealings, according to an investigation by the BBC.
Third Brexit delay approved: What’s next?
The countdown clock for the United Kingdom’s exit from the European Union has been reset to January 2020, giving PM Boris Johnson a set of new options to pursue in order to facilitate a deal.
Seven takeaways: Privacy, Big Tech in spotlight at ICDPPC
The International Conference of Data Protection and Privacy Commissioners offered varying perspectives on the latest in data privacy and technology from the likes of regulators, experts, and campaigners.
Risk management tips from Tullett Prebon compliance woes
The U.K. Financial Conduct Authority fined Tullett Prebon (Europe) Limited £15.4 million (U.S. $19.8 million) after its compliance department failed to implement adequate risk management systems.
Microsoft president: Tech companies must embrace privacy regs
At a recent data privacy event, Microsoft’s president and chief legal officer discussed the evolution of data protection rules and how new technology needs to better align with privacy regulation.
PM Boris Johnson forced to ask for Brexit delay
Confusion surrounds the latest on the Brexit front, with beleaguered PM Boris Johnson sending two contradictory letters to European leaders—one asking for a delay and the other suggesting they ignore this request.
EC uses ‘interim measures’ on Broadcom to curb anticompetitive behavior
The European Commission has ordered Broadcom to cut out harsh contract terms with six TV and modem manufacturers because they may infringe antitrust rules. It’s the first time the agency has imposed “interim measures” in 18 years
SFO closes long-running LIBOR manipulation investigation
The U.K. Serious Fraud Office has closed its investigation into manipulation of the London Interbank Offered Rate (LIBOR), ending a probe that began more than seven years ago.
Oxfam slams U.K. supermarkets over worker abuses in supply chains
In an effort to cut costs and raise revenue, U.K. supermarkets are endangering employees with such abuses as a lack of toilets, unsafe drinking water, and illnesses resulting from exposure to pesticides, says a new report from Oxfam.
U.K.’s ‘no deal’ Brexit readiness report puts onus on businesses
The U.K. government this week released details about the steps it will take to ensure business continues to operate smoothly if the country leaves the European Union on Oct. 31 without a deal.
EU whistleblower protection law gets go-ahead
Whistleblower protections against dismissal, demotion, and other forms of retaliation will come into effect in the European Union within the next two years, according to an agreement signed recently by EU leaders.
BDO warns about state of ‘broken’ U.K. audit market
The head of one of the United Kingdom’s biggest accountancy firms has said the audit market is “clearly broken” and “trust needs to be restored,” though how that should be done is “not clear.”
FRC investigates EY over Thomas Cook’s books
The U.K. Financial Reporting Council is investigating EY over the audit work it carried out at travel firm Thomas Cook, which recently declared bankruptcy.
FCA fines Prudential $26.4M in misselling scandal
The U.K. Financial Conduct Authority has hit Prudential with a £23.8 million (U.S. $26.4 million) fine for misleading 17,000 customers into accepting a deal with the insurance firm when they might have done better on the open market.