Europe


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.

Accounting fraud

SFO charges two former Serco directors with fraud, false accounting

2019-12-16T17:01:00+00:00By

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.

Boris Johnson

Reinvigorated British PM Johnson pushes for January Brexit

2019-12-16T15:15:00+00:00By

U.K. Prime Minister Boris Johnson gained a majority in Parliament on Thursday, meaning there could finally be an end in sight for Brexit.

Technology

International banking regulator: Big Tech ‘may pose risks to financial stability’

2019-12-13T18:29:00+00:00By

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.

MarketManipulation

Morgan Stanley fined $22.2M for manipulating bond prices

2019-12-11T16:24:00+00:00By

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.

Germany privacy

1 & 1 Telecom fined $10.6M for GDPR violations; company fights back

2019-12-11T15:47:00+00:00By

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.

Swedbankcrop

Swedbank announces governance overhaul, launches culture probe

2019-12-10T18:18:00+00:00By

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.”

Investigate

SFO latest to investigate Glencore over bribery concerns

2019-12-09T18:53:00+00:00By

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.

ArrowsUp

Study: Spike in OFAC sanctions pose compliance challenges

2019-12-06T20:04:00+00:00By

Some companies might scramble to comply with more—and sometimes quickly shifting—sanctions requirements as the U.S. government chalks up record enforcement levels.

GE

EBRD debars GE Power Sweden for record six years in corruption case

2019-12-06T18:55:00+00:00By

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.

RobotDecisions

ICO draft guidance helps U.K. firms clarify AI choices

2019-12-03T16:34:00+00:00By

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-Margrethe

Vestager once again takes aim at digital giants

2019-12-02T18:24:00+00:00By

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.

Shush

PRA fines Citigroup for regulatory disclosure failure

2019-11-26T20:43:00+00:00By

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 London

Uber stripped of London license for ‘pattern of failures’

2019-11-26T18:53:00+00:00By

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.

Rail yard

Alstom U.K. fined $20.8M for role in long-running bribery case

2019-11-25T19:04:00+00:00By

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.

AI CWE2019

Regulators need experts in AI, too

2019-11-20T20:56:00+00:00By

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.

UBScrop

Hong Kong, Singapore regulators fine UBS $59M for client overcharges

2019-11-20T20:14:00+00:00By

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.

David Lefort

Ireland vs. Big Tech: The wait continues

2019-11-19T21:37:00+00:00By

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

Microsoft updates cloud contract privacy amid EDPS probe

2019-11-18T21:11:00+00:00By

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.

Crowd1

Photos: Compliance Week Europe 2019

2019-11-14T19:01:00+00:00By Compliance Week

We came, we saw, we complied. Check out some of the sights from Compliance Week’s 2019 European conference in Amsterdam!

WorkplaceIssues

Survey: Workplace equality issues top of mind for European employers

2019-11-14T17:37:00+00:00By

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.

WeakSpots

FRC review of IFRS 16 disclosures highlights weak spots

2019-11-07T17:22:00+00:00By

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.

ShowMeTheMoney

FRC reveals key trends in U.K. accountancy profession

2019-11-05T15:57:00+00:00By

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.

Collusion

European Commission probing two retailers for possible collusion

2019-11-04T20:35:00+00:00By

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.