Europe


Julius Baer

FCA fines Julius Baer subsidiary $21.5M for bribery scheme

2022-11-30T16:54:00+00:00By

Julius Baer International will pay more than £18 million (U.S. $21.5 million) to settle charges laid by the U.K. Financial Conduct Authority for paying bribes to generate business with a Russian oil company.

Jyske Bank

Danish financial regulator refers Jyske Bank to police for AML violations

2022-11-29T18:58:00+00:00By

The Danish Financial Supervisory Authority reported Jyske Bank to Danish police for allegedly violating the country’s anti-money laundering law regarding its customer due diligence measures.

CJEU

Experts: AML efforts dealt blow by CJEU beneficial ownership ruling

2022-11-29T18:17:00+00:00By

Determining the true owner of a company might become more difficult after Europe’s top court ruled automatic access to registers of beneficial ownership conflicted with the right to privacy.

Meta building

Meta fined $274M under GDPR for data scraping breach

2022-11-28T20:32:00+00:00By

Meta Platforms Ireland was fined €265 million (U.S. $274 million) for failing to put in place adequate measures to protect users’ data after a leak compromised the personal details of more than half a billion individuals.

Facebook Ireland

Privacy advocate sues Meta over targeted ad GDPR violation claims

2022-11-22T18:09:00+00:00By

A privacy and human rights advocate sued Meta Platforms in the United Kingdom, claiming the social media giant is refusing her request to stop being targeted with advertising based on her use of Facebook.

BP

Ex-BP trader’s failed whistleblower claim to raise U.K. reporting bar?

2022-11-21T17:50:00+00:00By

A U.K. employment tribunal’s ruling that a former BP employee was not entitled to whistleblower protection has shone a spotlight on the legal issues workers must consider ahead of speaking up.

London dark

Regulatory independence vital in U.K.’s fight against fraud

2022-11-21T17:50:00+00:00By Rachel Adamson, International Compliance Association

To do their jobs properly, regulators must be able to act independently and without government intervention. Rather than seeking to tighten its grip on regulators, the U.K. government should be safeguarding their independence as a matter of urgent priority.

Discord

​Discord fined $830K for GDPR lapses

2022-11-18T17:05:00+00:00By

Discord, a popular communication service primarily utilized by the video game community, was assessed a fine of €800,000 (U.S. $829,000) by the French data protection authority for multiple violations of the General Data Protection Regulation related to safeguarding user data.

ESG vector

CW Europe panelists: ESG reporting still in ‘immature’ phase

2022-11-10T15:20:00+00:00By

Companies are continuing to fail in their efforts to improve environmental, social, and governance reporting, while compliance functions are finding it tough to keep up with demands for better assurance in the area, according to experts.

AIdata

CW Europe: Compliance challenges in 2023 and beyond will look a bit different

2022-11-09T12:59:00+00:00By

Dealing with risks relating to artificial intelligence; diversity, equity, and inclusion; and shortfalls in staff, training, and expertise are set to be among the biggest challenges for compliance officers in 2023 and the years ahead, say practitioners.

Glencore HQ

Glencore Energy’s $324M fine for bribery comes with warning to others

2022-11-09T12:54:00+00:00By

Glencore Energy UK was ordered to pay nearly £281 million (U.S. $314 million) in fines and costs after an investigation by the U.K.’s Serious Fraud Office (SFO) found it paid $29 million in bribes to gain preferential access to oil in Africa to boost profits.

Culture

CW Europe: Rebuilding a culture of compliance post-pandemic

2022-11-08T22:11:00+00:00By

Remote and hybrid working caused by the pandemic has meant it can be more difficult for organizations to monitor compliance and detect incidences of rules being broken or procedures not being followed.

Corporate reporting

FRC’s corporate governance reporting review finds room for improvement

2022-11-07T20:03:00+00:00By

Companies continue to improve their reporting against the U.K.’s Corporate Governance Code, but the lack of detail about the outcomes and impacts of governance policies hampers proper understanding of how risks are being managed.

Justo_Web

1MDB whistleblower talks of ‘paying the price’ for doing the right thing

2022-11-07T16:22:00+00:00By

The experience of Xavier Andre Justo—the former Swiss banker turned whistleblower in the 1MDB scandal—shows those who speak up about bribery and corruption are often the only victims of the supposed “victimless crimes” they report.

CW_Europe_Web

Self-help author promotes culture of kindness at CW Europe event

2022-11-03T19:27:00+00:00By

Companies should consider the benefits of “being kind” to promote employee well-being and a better culture of compliance, author David Hamilton shared during a keynote speech at Compliance Week Europe.

Danske

Danske Bank projects $2.1B settlement for Estonia money laundering probes

2022-10-28T18:44:00+01:00By

Danske Bank expects to pay a total of 15.5 billion Danish kroner (U.S. $2.1 billion) to U.S. and Danish authorities to settle allegations it overlooked more than $200 billion in dirty money laundered through its former Estonia branch.

Credit Suisse

Credit Suisse names new CCO, plans strategic overhaul

2022-10-27T19:48:00+01:00By

Credit Suisse announced sweeping changes to its strategy that includes selling off parts of its investment banking portfolio and shrinking its global headcount—an attempt to pivot from risky investment ventures and back toward its historic specialty of wealth management.

Cybersecurity

ICO warns of ‘complacency’ in fining Interserve $5M under GDPR

2022-10-24T14:29:00+01:00By

The U.K. Information Commissioner warned companies not to ignore “crucial measures” to prevent cyber incidents following his office’s decision to fine construction firm Interserve £4.4 million (U.S. $5 million) for failing to secure employee personal information.

Barclays

Barclays facing $56M fine over Qatari investor disclosures

2022-10-21T16:24:00+01:00By

The U.K. Financial Conduct Authority provisionally notified Barclays it intends to fine the bank £50 million (U.S. $56 million) for failing to properly disclose financial arrangements made with Qatari investors in 2008.

France privacy

French DPA latest to fine Clearview AI over GDPR violations

2022-10-20T19:13:00+01:00By

France’s CNIL became the fourth European data protection authority this year to fine Clearview AI over its controversial facial image aggregation practices, matching a pair of its counterparts with a €20 million (U.S. $19.6 million) penalty.

Bank of England

MS Amlin Underwriting fined $11M over risk, governance lapses

2022-10-20T19:07:00+01:00By

The U.K.’s Prudential Regulation Authority fined specialty insurer MS Amlin Underwriting nearly £9.7 million (U.S. $10.9 million) for risk management and governance failings over a five-year period.

Employee monitoring

ICO guidance stresses importance of reasoning in employee monitoring

2022-10-19T12:45:00+01:00By

The U.K. Information Commissioner’s Office issued draft guidance to help ensure employers’ monitoring of staff performance does not turn into surveillance or harassment.

Lafarge

Lafarge to pay $778M for supporting terrorist groups ISIS, ANF in Syria

2022-10-18T20:52:00+01:00By

French multinational building products company Lafarge pleaded guilty to providing material support and resources to two U.S.-designated foreign terrorist groups in Syria, representing the Department of Justice’s first corporate material support for terrorism prosecution.

AIdata

AI monitoring benefits must be weighed against employee skepticism

2022-10-17T15:18:00+01:00By

The EU’s agency for occupational safety and health released a report examining the risks and opportunities of AI-based worker management systems for employee’s physical and mental wellbeing.

Londoncrop

Gatehouse Bank fined $1.77M for inadequate customer due diligence

2022-10-14T20:21:00+01:00By

Gatehouse Bank was fined £1.58 million (U.S. $1.77 million) by the U.K. Financial Conduct Authority for failing to address “significant weakness” in AML checks the bank conducted on customers who posed a higher risk of committing financial crime.

Bribery

Report: Global anti-bribery enforcement levels hit record low

2022-10-13T12:34:00+01:00By

Only the United States and Switzerland can be considered “active enforcers” in tackling foreign bribery, while countries like the United Kingdom and Israel have taken a step back, according to the latest report from Transparency International.

United States United Kingdom

U.S., U.K. improve anti-corruption coordination with data access agreement

2022-10-12T20:47:00+01:00By

A new agreement will allow law enforcement agencies in the United Kingdom and United States to gain better access to data held by tech and telecommunications firms from the other’s country as part of evidence gathering for complex white-collar crimes.

White House

U.S. includes surveillance concessions in new transatlantic data flow framework

2022-10-07T21:25:00+01:00By

President Joe Biden’s executive order on a data privacy framework aims to provide a workable, legally resilient solution for companies to continue moving and storing the personal data of EU-based citizens to American-based servers without running afoul of the GDPR.

London cityscape

FCA faults board oversight of compliance in fining Sigma Broking $589K

2022-10-07T19:05:00+01:00By

London-based brokerage firm Sigma Broking was fined £531,000 (U.S. $589,000) for failing to report certain transactions to the U.K. Financial Conduct Authority.

UK privacy

Easylife fined $1.5M under GDPR for profiling customers

2022-10-07T13:42:00+01:00By

The Information Commissioner’s Office fined catalog retailer Easylife £1.35 million (U.S. $1.5 million) for marketing health-related products to individuals without their consent in violation of the U.K. General Data Protection Regulation.

Mazars

​FRC probing Mazars audit of Studio Retail Group

2022-10-06T17:14:00+01:00By

The U.K. Financial Reporting Council announced it opened an investigation into accounting firm Mazars regarding its audit of financial statements at Studio Retail Group.

Dominik Waszczynski

Q&A: Hellmann compliance head on choosing a whistleblower tool

2022-10-06T15:11:00+01:00By

Dominik Waszczynski, head of global compliance at Hellmann Worldwide Logistics, shares with Compliance Week the decision-making process that led to the company’s selection of a new and improved whistleblower hotline tool.

Commerzbank

Upheld ruling in Commerzbank compliance officer suit imparts discrimination lessons

2022-09-30T18:59:00+01:00By

A recent ruling against Commerzbank in a case brought by a compliance officer serves as reminder employers should not make “stereotypical” assumptions about what tasks pregnant female staff or those returning from maternity leave can perform, legal experts said.

Europe technology

Experts: EU Cyber Resilience Act puts pressure on tech developers, users

2022-09-30T14:28:00+01:00By

The EU’s proposed Cyber Resilience Act primarily puts pressure on tech manufacturers to ensure the cybersecurity of their products, but companies also have a duty of care to use the most secure products available.

Business leaders

HBOS case latest example of U.K. senior exec accountability woes

2022-09-28T12:00:00+01:00By

The Prudential Regulation Authority and Financial Conduct Authority ending their six-year investigations into former senior managers at HBOS without enforcement serves as reminder of the United Kingdom’s checkered history of bringing executives to book.

Hodge_opinion

Clarity lacking in tribunal report on KPMG’s Carillion, Regenersis failings

2022-09-28T11:54:00+01:00By

The release of the independent tribunal report into the misconduct of KPMG and five of its former employees for falsifying information in the audits of Carillion and Regenersis provides further details about how the work was doctored—but not why.

Crédit_Agricole_Web

Credit Agricole to pay $1.1M to settle sanctions violations by 2 subsidiaries

2022-09-27T19:28:00+01:00By

Paris-based Crédit Agricole Corporate and Investment Bank will pay a total of approximately $1.1 million to settle charges its subsidiaries violated U.S. sanctions in five sanctioned countries.

U.K. Parliament

U.K. bill would empower Companies House as AML regulator

2022-09-27T13:54:00+01:00By

The Economic Crime and Corporate Transparency Bill aims to stem the flow of dirty money coming into the United Kingdom by giving Companies House more power and resources to help combat money laundering.

Deutsche

Deutsche Bank agrees to settle Jeffrey Epstein-related class action for $26.3M

2022-09-26T18:18:00+01:00By

Deutsche Bank agreed to pay $26.25 million to settle a class-action lawsuit filed by a group of the bank’s investors over anti-money laundering compliance failures and deficiencies related to certain clients, including Jeffrey Epstein and Danske Bank’s Estonia branch.

TikTok building

TikTok facing $29M fine over U.K. children’s privacy violations

2022-09-26T15:55:00+01:00By

The Information Commissioner’s Office warned social media platform TikTok it could be fined £27 million (U.S. $29 million) for failing to protect children’s data in line with the U.K.’s version of the General Data Protection Regulation.

Instagram icon

Ireland interpretations of GDPR criticized again in Instagram case

2022-09-21T14:36:00+01:00By

In fining Instagram a record €405 million (U.S. $405 million) for General Data Protection Regulation violations regarding the safeguarding of teenage users’ data, the Irish Data Protection Commission took some heat of its own.

Danske Bank

Danske Bank fined $1.8M over AML checks in Ireland

2022-09-15T17:03:00+01:00By

Danske Bank was fined €1.82 million (U.S. $1.82 million) by the Central Bank of Ireland for omitting customers from automated financial crime checks between 2010-19 and failing to notify the regulator.

EU Artificial Intelligence

Experts: Europe’s AI Act to push companies to confront technology’s use

2022-09-15T16:00:00+01:00By

The Artificial Intelligence Act, along with upcoming EU rules addressing digital markets and services, should have companies considering their use of AI and other emerging technologies to determine how the laws might impact their business.

German Federal Ministry of Finance

Germany strives for coordination in enhanced AML efforts

2022-09-14T15:00:00+01:00By

Germany has unveiled plans to tackle financial crime more effectively by creating a new federal authority to strengthen enforcement and improve coordination among the country’s current supervisors, of which there are more than 300.

Happy Hour

PwC lawsuit prompts reconsideration of after-hour work events

2022-09-12T19:05:00+01:00By

Big Four audit firm PwC is being sued by one of its employees for more than £200,000 (U.S. $234,000) after he injured himself at a post-work drink event in 2019. The incident is not the first where “team-bonding” efforts have proven problematic.

ESGReporting

FRC: 12 best practices for better ESG data collection

2022-09-09T16:06:00+01:00By

The U.K. Financial Reporting Council released guidance on how companies can collect and use environmental, social, and governance data to inform better decision-making.

Instagram

Instagram facing record $401M fine over children’s privacy violations

2022-09-06T19:30:00+01:00By

Instagram is set to be fined €405 million (U.S. $401 million) by Ireland’s data protection regulator for failing to adequately secure teenage users’ data in line with the General Data Protection Regulation.

Greenwashing

EU countries take varied approaches to combating greenwashing

2022-08-31T14:25:00+01:00By

European regulators are taking greater steps to clamp down on companies’ misleading ESG claims, but experience shows different countries have differing priorities about tackling dishonest marketing.

Accor

Accor fined $600K under GDPR after EDPB intervention

2022-08-26T17:28:00+01:00By

French hotel chain Accor had its initial fine for cross-border data privacy violations increased sixfold after one data regulator involved in the decision-making process complained an original penalty of €100,000 (U.S. $99,900) was too low.

GDPRgavel

Adtech firm Criteo facing $61M GDPR fine in France

2022-08-09T16:58:00+01:00By

Adtech firm Criteo faces a proposed fine of €60 million (U.S. $61.4 million) from France’s data protection authority for noncompliance with the European Union’s General Data Protection Regulation.