Credit Suisse

Credit Suisse money laundering verdict start of new era of Swiss enforcement?


Credit Suisse became the first major Swiss bank to be prosecuted for money laundering in the country after the Federal Criminal Court of Switzerland found the bank guilty of washing money connected to a Bulgarian drug smuggling syndicate.

GDPR EU flag

Experts: How to move forward with the GDPR


Data privacy experts speaking at an industry event believe the mechanisms in place under the General Data Protection Regulation to ensure compliance, enforcement, and redress need revisiting—and quickly.

Gibraltar flag

FATF adds Gibraltar to AML/CFT watchlist; Malta removed


The Financial Action Task Force added Gibraltar to its list of jurisdictions working with the organization to improve the countering of money laundering, terrorist financing, and proliferation financing within their borders.


European Commission assessing GDPR improvements, not overhaul


Three key members of the European Commission believe the General Data Protection Regulation should be enhanced by targeting aspects of data privacy through other laws rather than revamping the GDPR itself.


GDPR blame game: Who’s at fault for spotty enforcement record?


Regulators and privacy experts speaking at the European Data Protection Supervisor’s conference homed in on the flaws of the General Data Protection Regulation and what improvements need to be made to ensure more consistent enforcement of the law.

African currency

FCA fines Ghana International Bank $7.1M for AML failings


The U.K. Financial Conduct Authority fined Ghana International Bank £5.8 million (U.S. $7.1 million) for deficiencies in its anti-money laundering controls over its correspondent banking activities.


FCA fines JLT Specialty $9.7M for financial crime control lapses


The U.K. Financial Conduct Authority fined a unit of insurance broker Jardine Lloyd Thompson Group 7.9 million pounds (U.S. $9.7 million) for failing to control financial crime within its South and Central American subsidiaries.


Law Commission proposals put heat on U.K. execs


The United Kingdom might make it easier for executives and senior managers to be held directly accountable for corporate crimes under reform proposals put forward by the body that reviews U.K. law.

Google building

Google fine in Spain prompts revisit of GDPR effect on tech


Google’s latest fine for violations of the General Data Protection Regulation reignites the discussion around why Big Tech firms have not been more frequently penalized under the EU’s stringent privacy law.


Tepid reception to ‘half-hearted’ U.K. audit reform measures


The U.K. government’s confirmed plans to shake up the audit market and improve corporate governance for the country’s biggest companies has received mixed response, with some key stakeholders lamenting “missed” opportunities.

PwC building

PwC fined $6.2M over Galliford Try, Kier Group audit lapses


PwC will pay a total of nearly £5 million (U.S. $6.2 million) as part of a pair of enforcement actions announced by the U.K. Financial Reporting Council regarding deficiencies in the Big Four firm’s audits at construction companies Galliford Try and Kier Group.


Former Danske Bank CCO Philippe Vollot resigns


Danske Bank Chief Administrative Officer Philippe Vollot, who was promoted to the position from chief compliance officer in November, has resigned, the Danish bank announced.

Deutsche Bank

Deutsche Bank asset management head resigns amid greenwashing probe


Asoka Woehrmann, chief executive of DWS Group, has resigned amid an investigation by German officials into allegations of greenwashing within the asset management unit’s investment portfolio.

London dark

Law firm Dechert, SFO criticized in ENRC case ruling


A High Court judge found the U.K. Serious Fraud Office induced a lawyer from Dechert acting for Eurasian Natural Resources Corp. to provide it with privileged and unauthorized information.


Court rules Lafarge to face crimes against humanity charges


A French court ruled Lafarge should face charges of complicity in crimes against humanity after its subsidiary allegedly paid up to €13 million (U.S. $14 million) to armed groups—including the Islamic State—to keep its Syrian cement factory running between 2012-14.


GDPR enforcement roundup: Spain stays on Vodafone, record fine in Poland


Vodafone running up its fine total in Spain and a record-setting action against a marketing firm in Poland highlight a roundup of notable enforcements announced under the General Data Protection Regulation during the first five months of 2022.

GDPR gears

Four years of GDPR: New tech testing data privacy law’s longevity?


It has been four years since the European Union’s flagship data privacy legislation came into force, but concerns are already being raised about whether the General Data Protection Regulation is being outpaced by technological developments and their use of data.

Glencore HQ

Glencore fined $1B, placed under 3-year monitorship for FCPA violations


Glencore International AG, one of the world’s largest commodity traders, will be placed under a three-year compliance monitorship and pay more than $1 billion to resolve multiple investigations into alleged bribes paid in several countries over more than a decade.


Spanish DPA fines Google $10.6M for GDPR violations


Spain’s data protection authority has issued a record fine of €10 million (U.S. $10.6 million) against Google for two “serious infractions” of the EU’s General Data Protection Regulation regarding its sharing information with U.S. legal database Lumen.

KPMG building

KPMG facing $17.6M fine following Carillion tribunal


KPMG is set to pay a reduced fine of £14.4 million (U.S. $17.6 million) from the U.K. Financial Reporting Council over its botched audits at collapsed construction company Carillion and software firm Regenersis.


FCA fines, bans director over unauthorized compliance duties


Thomas Ward, a former head of compliance at an investment management firm who once worked as a compliance inspector for a U.K. regulator, was fined 416,558 pounds (U.S. $513,000) and banned from working in the financial services sector following a tribunal ruling.


Cost of business? EU energy firms weigh bypassing Russian sanctions to secure gas


Russia’s squeeze on European energy companies to pay for gas in rubles might be about to pay off as some of the continent’s largest suppliers appear to be working out sanctions-compliant solutions to secure gas flows.

AML Czech crowns

Report: European AML compliance efforts remain substandard


European governments need to step up their efforts to combat money laundering and terrorist financing because their current capabilities are below par, according to a report by the Council of Europe’s Moneyval unit.

Shadow business

Why beneficial ownership is crucial in supporting current sanctions

2022-05-03T20:02:00+01:00By Jason Morris, International Compliance Association

To ensure Russian money is controlled, and for sanctions to work, it is imperative the beneficial owners of sanctioned firms are identified. But determining beneficial owners is not always straightforward.

Dark street

FRC report findings suggest overhaul needed for Modern Slavery Act


The U.K. Modern Slavery Act has often been described as “world leading,” yet companies are still failing to meet requirements by providing a statement outlining what they are doing to prevent modern slavery in their businesses and supply chains.


Deutsche Bank confirms AML raid at German headquarters


Deutsche Bank confirmed its Frankfurt headquarters were raided by German prosecutors in relation to a money laundering probe regarding suspicious activity reports filed by the bank.

British pounds

FCA cracking down on challenger banks after review


Challenger banks must improve how they assess financial crime risk following a review by the U.K. Financial Conduct Authority that found some fail to carry out even basic customer checks.

Danske Bank

Danske Bank, authorities in ‘initial discussions’ regarding AML scandal resolution


Danske Bank has entered “initial discussions” with U.S. and Danish authorities on resolution regarding one of the world’s largest money laundering scandals that took place at its Estonia branch.

Credit Suisse sign

Credit Suisse continues executive shakeup with new general counsel


Credit Suisse announced its latest series of executive-level changes, including the appointment of UBS veteran Markus Diethelm as its new group general counsel.

London cityscape

FCA puts U.K. fintech firms on notice with QPay forfeiture


The U.K. Financial Conduct Authority used its powers under the Proceeds of Crime Act to force fintech firm QPay Europe to forfeit £2 million (U.S. $2.5 million) alleged to be linked to a U.S.-based wire fraud conspiracy.


​Deloitte to pay $1.8M for goodwill testing failures in Mitie Group audit


The U.K. Financial Reporting Council announced a reduced penalty of 1.45 million pounds (U.S. $1.8 million) against Deloitte regarding goodwill testing failures during its audit of facility management company Mitie Group for fiscal year 2016.

Abandoned Russian McDonalds

Experts assess risks to weigh as companies confront exit from Russia


As sanctions against Russia continue to come down from the United States, European Union, and other countries, companies must ensure they have the means to comply instantly—even if ceasing business dents their financials and puts them at legal risk for breaching contract.

DOJ wall

​DOJ eyeing PetroNor board chairman in corruption probe


The Department of Justice has become involved in a corruption investigation focused on individuals at Oslo-listed oil and gas exploration and production company PetroNor that has grown to include Board Chairman Eyas Alhomouz, a U.S. citizen.

Russia Europe

EU industries put to test as Russian invasion of Ukraine persists


Less than two months since Russia invaded Ukraine, a range of industries across Europe have issued stark warnings about supply chain shortages, production shutdowns, and price hikes. The worst may still be yet to come, particularly in Germany.


ICA Insight: Russia sanctions frequently asked questions

2022-04-13T17:58:00+01:00By Jake Plenderleith, International Compliance Association

Jake Plenderleith of the International Compliance Association answers selected questions from attendees of a recent ICA webinar on Russian sanctions intended to help provide clarity on what firms can do to protect themselves from exposure.


FRC probing Deloitte over Go-Ahead audits


The U.K. Financial Reporting Council has launched an investigation into Deloitte regarding its audits performed at passenger transport company Go-Ahead Group.

P&O Ferries

Experts: P&O Ferries’ exposure of U.K. law weaknesses sets dangerous precedent


P&O Ferries’ dismissal of 800 workers with immediate effect via prerecorded video before consulting unions or employees has united U.K. politicians of all parties to condemn the company. One problem: Its actions appear to be largely legal.

Bank of Ireland

Bank of Ireland fined $504K for credit rating data breaches


Bank of Ireland was fined €463,000 (U.S. $504,000) after an investigation by the Irish Data Protection Commission found customer data was accidentally altered in a way that could have damaged credit ratings and prevented getting loans.


Danske Bank fined $1.5M for data processing failures under GDPR


The Danish Data Protection Agency has reported Danske Bank to the police and fined it 10 million Danish kroner (U.S. $1.47 million) over its failure to erase customers’ personal data in its systems in violation of the General Data Protection Regulation.

Credit Suisse

Credit Suisse: Risk chief, executive board ‘extremely surprised’ by Greensill collapse


Credit Suisse shared further information regarding its exposure to the collapse of U.K. supply chain finance startup Greensill Capital in March 2021 and how the bank was caught off guard.

SEC office

Reported SEC probe of Big Four taking page from U.K. breakup plans?


The Securities and Exchange Commission is reportedly investigating whether large audit firm consulting services affect auditor independence. Any action taken might mirror the United Kingdom’s ongoing actions to break up the Big Four’s dominance.

Transatlantic data

Experts optimistic, though wary, toward Privacy Shield successor


Legal and data privacy experts have expressed cautious optimism regarding the announcement that the United States and European Union have reached an agreement in principle to resume transatlantic data flows.

EU US privacy

Third time’s the charm? Agreement in principle reached on U.S.-EU data flows


The United States and European Union have reached an agreement in principle on how to handle transatlantic data flows, a thorny issue that has resulted in two prior frameworks being scrapped by the EU’s top court.


SFO dealt blow after second Unaoil conviction overturned


The U.K. Serious Fraud Office was dealt another blow after Paul Bond, a former sales manager at Dutch energy services company SBM Offshore, had his 42-month jail sentence overturned because the agency failed to disclose vital evidence in its Unaoil case.

UK data

New ICO head strives for reassurance in first speech


John Edwards, head of the U.K. Information Commissioner’s Office, said he wants to bring greater certainty for companies regarding their data compliance needs, especially if the government’s drive to reduce regulatory burdens results in the EU withdrawing its data adequacy decision.

Privacy Shield

Momentum building toward Privacy Shield replacement?


Recent comments by EU and U.S. lawmakers and insights from privacy experts suggest a new mechanism to replace the defunct Privacy Shield and ensure safe transatlantic data transfers might soon be introduced.


Ericsson mum on Iraq misconduct amid ‘comprehensive review’


Ericsson has launched a sweeping review into evidence it uncovered regarding misconduct in Iraq and the subsequent disclosure of those findings after the Department of Justice warned the Swedish telecom of a second breach of its 2019 deferred prosecution agreement.

Credit Suisse

Credit Suisse recruits outgoing Wells Fargo risk chief to board


Credit Suisse announced a handful of proposed changes to its board of directors, including the appointment of Wells Fargo’s outgoing Chief Risk Officer Amanda “Mandy” Norton to fill an open seat.

GDPR EU flag

How EU regulators are warning of Russian data protection threats


Regulators in Norway, Germany, Lithuania, Estonia, Denmark, and Sweden address how companies can prepare for increased data protection and cybersecurity risks in the wake of Russia’s invasion of Ukraine.


Embattled Ericsson reshuffles compliance function with new hire


Ericsson named Scott Dresser to lead its compliance division. The appointment comes the same month the Swedish telecom was notified by the Department of Justice of a second breach of its 2019 deferred prosecution agreement with the agency.