Wise Payments


Naming and shaming? Fair approach? Expert views mixed on OFSI’s Wise Payments case


The recent decision by the U.K. Office of Financial Sanctions Implementation to disclose details of how Wise Payments failed to stop an individual from obtaining cash while subject to Russian sanctions has ignited debate about whether the agency is taking the right enforcement approach.

Deutsche Bank

News Brief

Deutsche Bank unit fined $25M in ESG, AML settlements


DWS Investment Management Americas agreed to pay $25 million in penalties across separate settlements with the Securities and Exchange Commission addressing alleged misstatements in environmental, social, and governance investments and anti-money laundering violations.


News Brief

3M to pay $9.6M over Iran sanctions lapses


The Office of Foreign Assets Control ordered multinational conglomerate 3M to pay more than $9.6 million over apparent Iran sanctions violations by its subsidiary and a U.S. employee of a separate subsidiary.



Experts: How ESG materiality assessments impact compliance


Transparency in environmental, social, and governance reporting has become an important goal, with materiality assessments impacting compliance outcomes, experts said during CW’s virtual ESG Summit.

Safe bank


Bank privacy processes questioned after U.K. ‘debanking’ scandal


The furor over NatWest Group’s decision to monitor and close the account of right-wing Brexit campaigner Nigel Farage—and then disclose the details to a journalist—has raised questions regarding whether other banks employ the same means to get rid of undesirable customers.

GHG emissions


Experts: SEC or not, Scope 3 GHG disclosure requirements coming


The actions of companies like Amazon and new legislation passed in California prove it’s no longer a question of if companies will be required to disclose their greenhouse gas emissions—it’s a question of when, experts told attendees at CW’s virtual ESG Summit.

TikTok building

News Brief

TikTok fined $368M in children’s privacy GDPR ruling


The Irish Data Protection Commission announced a penalty of €345 million (U.S. $368 million) against popular social media company TikTok over alleged violations of the General Data Protection Regulation during a five-month period in 2020.



Fallout from ‘debanking’ scandal suggests more U.K. bank reforms coming


The former CEO of NatWest’s decision to leak client details to the press regarding Nigel Farage is likely to cost the financial industry millions in new compliance checks as U.K. regulators prepare reviews into how banks treat people with extreme political views.

Oil barrels

News Brief

Greek shipper fined $2.5M in Iranian oil smuggling case


Empire Navigation pleaded guilty to violating the International Emergency Economic Powers Act by carrying nearly 1 million barrels of Iranian oil from the sanctioned Islamic Revolutionary Guard Corps to another country.



Five ways to build a top ethics and compliance team

2023-09-08T16:00:00+01:00By Luciane Mallmann, for International Compliance Association

Luciane Mallmann, head of ethics and compliance for U.K. and Ireland at real estate services company JLL, shares how embedding ethics and compliance into culture, strategy, and operations can add value to a business and its people.



Paying ransom to avoid GDPR fine an unwise gambit


Companies that think paying reduced ransomware demands would be a better move than informing regulators of a data breach and facing enforcement are playing with fire, according to experts.


News Brief

Switzerland floats AML reforms for beneficial ownership, legal advice


The Swiss government launched consultation proceedings on a series of reforms designed to combat money laundering and terrorist financing occurring within the country’s financial system.

NatWest Bank

News Brief

FCA to review treatment of U.K.-based PEPs


The Financial Conduct Authority announced the scope of its review into the treatment of U.K.-based politically exposed persons, the latest development in response to the Nigel Farage “debanking” scandal.



Large companies in crosshairs early under German Supply Chain Act


Amazon, IKEA, and Volkswagen were among the companies targeted in the first round of complaints under the German Supply Chain Due Diligence Act—an early indication nongovernmental organizations will seek to hold big businesses accountable for alleged human rights violations.


News Brief

Swedish DPA fines Trygg-Hansa $3.2M for GDPR breaches


Sweden’s data protection authority issued a penalty of 35 million Swedish krona (U.S. $3.2 million) against insurance company Trygg-Hansa for alleged security flaws that made customer insurance information accessible on the internet.

Wise Payments

News Brief

Wise Payments cited for Russia sanctions breaches in landmark OFSI action


U.K.-based foreign exchange service Wise Payments was cited for breaching the country’s sanctions levied against Russia as part of the Office of Financial Sanctions Implementation’s first use of its disclosure enforcement powers acquired last year.

Swiss francs

News Brief

FINMA guidance calls out Swiss bank failings on AML risk analysis


Switzerland’s Financial Market Supervisory Authority published new guidance to improve banks’ money laundering risk analysis after repeatedly identifying shortcomings during on-site supervisory reviews.

British pounds


Expert views mixed on proposed U.K. AML reforms


Experts share differences of opinion over whether future anti-money laundering supervision in the United Kingdom should be industry specific and whether a single regulator would be more effective than multiple bodies.

AML Euros


A day in the life of an MLRO

2023-08-28T19:28:00+01:00By Jason Holt, for International Compliance Association

Discover the key responsibilities and skills of a money laundering reporting officer from Jason Holt, global head of financial crimes compliance at U.K-based investment manager abrdn.

Morgan Stanley

News Brief

U.K. regulator fines Morgan Stanley $6.8M for off-channel comms


The U.K.’s Office of Gas and Electricity Markets fined Morgan Stanley £5.4 million (U.S. $6.8 million) for allegedly failing to record and retain electronic communications by its wholesale energy traders over two years.



Dutch banks’ innovative AML collaboration ready to take next step


ABN AMRO, ING, Rabobank, Triodos Bank, and de Volksbank are each participating in a first-of-its-kind collaboration to shine light on the estimated €16 billion worth of illicit funds coursing through the Netherlands’ banking system every year.


News Brief

FRC fines Mazars $92K over missed material misstatement


The U.K. Financial Reporting Council fined audit firm Mazars £72,000 (U.S. $92,000) for “wide-ranging failings” in its audit of an unnamed market traded company.


News Brief

UBS to pay $1.4B over financial crisis-era fraud


UBS and several of its U.S. affiliates agreed to pay $1.44 billion as part of a settlement with the Department of Justice regarding the underwriting and issuance of residential mortgage-backed securities in the lead up to the 2008 financial crisis.


News Brief

SEC fines Crowe U.K. $750K over deficient Akazoo audit


The U.K. arm of audit firm Crowe agreed to pay $750,000 as part of a settlement with the Securities and Exchange Commission for alleged professional care and skepticism failures regarding its 2018 audit of music streaming subscription company Akazoo.



KPMG survey: ESG-related concerns in M&A derailing deals


Material findings related to environmental, social, and governance due diligence have disrupted mergers and acquisitions, forcing companies in the United States and abroad to back out of deals, according to a study from KPMG.


News Brief

Dubai financial regulator fines Mirabaud unit $3M for weak AML controls


A Middle Eastern unit of international banking group Mirabaud was ordered to pay a $3 million fine for inadequate anti-money laundering controls by the Dubai Financial Services Authority.


News Brief

Former NatWest compliance officer awarded $112K in unfair dismissal case


A former risk and compliance officer at National Westminster Bank was awarded nearly £88,000 (U.S. $112,000) after a U.K. employment tribunal found she was unfairly dismissed and discriminated against during her sick leave for colon cancer.



Financial crime investigations: Leveling up

2023-08-01T15:54:00+01:00By James Thomas, International Compliance Association

The drive toward upskilling in the field of investigations is not exclusive to the law enforcement and intelligence communities. Investigations knowledge and expertise among those working within industry will also become an increasingly valued commodity.

Business argument


Pressure on DPAs to ensure success of GDPR cross-border proposal


Plans to speed up General Data Protection Regulation cases against the likes of Big Tech firms by improving cooperation among the European Union’s data regulators have been largely welcomed by experts.

BNP Paribas

News Brief

BNP Paribas nearing settlements with SEC, CFTC over off-channel comms


BNP Paribas disclosed it reached proposed settlements with the Securities and Exchange Commission and Commodity Futures Trading Commission regarding alleged use of off-channel communications for business by employees.

German parliament

News Brief

Reports: Germany targeting 2024 for new AML agency


Germany is set to establish its new Federal Bureau of Financial Intelligence as the country’s office overseeing monitoring and analysis of money laundering and sanctions enforcement, according to multiple reports.

Credit Suisse

News Brief

Fed fines UBS $269M for Credit Suisse’s Archegos failures


The Federal Reserve Board fined UBS $268.5 million regarding recent acquisition Credit Suisse’s credit risk management failures at collapsed U.S. hedge fund Archegos Capital Management. UBS also settled matters with U.K. and Swiss authorities.

Suspicious activity


The importance of quality SARs

2023-07-24T16:24:00+01:00By Jon Prentice, International Compliance Association

Good suspicious activity reports make it easier for financial intelligence units to prioritize and process investigations, enabling better results in the global fight against financial crime.

United Kingdom

News Brief

U.K. corporate governance reforms target resilience, fraud assessment


The United Kingdom introduced for debate corporate reporting reforms that would require the country’s largest companies to set out their risk management and resilience strategies as part of required annual reporting.


News Brief

SFO admits staffing challenges in annual report


Recruitment and retention are among the biggest issues facing the U.K. Serious Fraud Office as the agency gets set for a new director to take the reins.

N26 office

News Brief

German regulator extends AML order at N26


Germany’s market regulator BaFin announced the extension of mandates it ordered at mobile bank N26 in 2021 to require the bank to address observed weaknesses in its anti-money laundering controls.

Deutsche Bank

News Brief

Fed fines Deutsche Bank $186M over historic sanctions, AML lapses


The Federal Reserve Board fined Deutsche Bank $186 million regarding violations of previous consent orders addressing alleged sanctions and anti-money laundering weaknesses and control failures relating to the bank’s relationship with Danske Estonia.

EU US privacy


Expert views mixed on viability of new EU-U.S. data transfer framework


The European Commission might have given a green light to the latest mechanism to allow safe data transfers between the European Union and the United States, but experts have mixed views regarding how long it will last and whether it is even legal.



M&A lessons from EU’s maximum $476M fine against Illumina


The European Commission imposed maximum disciplinary measures in fining U.S.-based biotechnology company Illumina €432 million (U.S. $476 million) regarding its “gun-jumping” merger with cancer detection company Grail.

Meta Platforms

News Brief

Norwegian DPA threatens Meta with fines over behavioral advertising


The Norwegian Data Protection Authority is set to impose a temporary ban on Meta carrying out behavioral advertising on Facebook and Instagram using the personal information of users in the country.

London dark


What should be priorities for incoming SFO director?


High staff turnover, low morale, and unattractive rates of pay are among the areas legal experts pointed to when discussing the potential agenda of Nick Ephgrave upon taking over as head of the U.K. Serious Fraud Office.

Global data

News Brief

EU adopts Privacy Shield replacement for U.S. data transfers


The European Commission announced it adopted a new agreement with the United States to allow for transatlantic data flows without fear of violating the European Union’s General Data Protection Regulation.


News Brief

G7 task force to aid crack down on corruption in Ukraine


The Group of Seven justice ministers announced a Japan-led joint task force to “help Ukraine strengthen the rule of law and fight corruption,” according to U.S. Deputy Attorney General Lisa Monaco.


News Brief

EU proposal eyes clearer GDPR cross-border case guidelines


The European Commission seeks to combat longstanding issues under the General Data Protection Regulation regarding cross-border cases with new proposed rules.



FRC 2022/23 audit inspections: Big Four steady; BDO and Mazars improve


The U.K. Financial Reporting Council noted overall improvement in annual inspection and supervision results for the largest audit firms for a fourth consecutive year as part of its latest quality review.

AI risks


Experts: Ways to stay ahead of generative AI risks


Not all companies can rely on bans or restrictions to employee use of generative artificial intelligence like ChatGPT. Instead of telling people what they can’t do, focus on what they can do.

TPRM Huntley


TPRM Summit takeaways: Tech risks, board and audit relationships


The impact of new technologies like generative artificial intelligence on the third-party risk management landscape was among the points of discussion addressed at Compliance Week’s TPRM Summit in Atlanta.

Computer hacked


Growing list of MOVEit hack victims shows damage control difficulties


More than 130 organizations are believed to have been impacted by the MOVEit hack, with millions of people’s data at risk. Experts opine on the struggles businesses face in containing exposure.

Artificial intelligence


Experts: Pressure on compliance to begin assessing AI Act impact


Compliance functions are largely unprepared for the European Union’s AI Act, with many still unaware of what artificial intelligence their organizations are using or the risks the technology poses to their business, according to experts.

Vietnam flag

News Brief

FATF flags Cameroon, Croatia, Vietnam on AML/CFT watchlist


The Financial Action Task Force added Cameroon, Croatia, and Vietnam as part of the latest updates to its so-called “grey list” of jurisdictions under increased monitoring for money laundering and terrorist and proliferation financing.