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.
European Commission fines companies $34.5M in cartel case
The European Commission has fined Dutch food-processing company Coroos and French agricultural cooperative Groupe Cecab a total of €31.6 million (U.S. $34.5 million) for engaging in a cartel scheme that spanned more than a decade.
Ericsson reserves $1.2B in FCPA case; speaks candidly on compliance program
Ericsson announced it has set aside $1.2 billion to resolve a long-running FCPA investigation that spans several geographies. CEO Börje Ekholm spoke candidly about the shortcomings of the company’s ethics and compliance program and how it’s addressing them.
More VW execs charged in emissions scandal; Daimler fined $960M
German prosecutors have charged two current Volkswagen executives and its former CEO for alleged market manipulation practices relating to its emissions-cheating scandal. In a separate action, Daimler was fined $960 million, also related to emissions cheating.
Parliament suspension ‘unlawful’ says U.K. Supreme Court
The U.K. Supreme Court unanimously ruled Boris Johnson’s decision to suspend Parliament unlawful, but it stopped short of suggesting the Prime Minister’s motive was to stymie further debate over the government’s Brexit plans.
Embattled Swedbank names permanent CCO
Faced with numerous AML investigations, Swedbank made several significant moves this week, including naming a permanent CCO and agreeing to waive attorney-client privilege by handing over an internal report to local prosecutors.
EU investigating Belgian tax deals with 39 companies
The European Commission is investigating whether “excess profit” tax rulings granted by Belgium to 39 multinational companies gave them an unfair advantage over their competitors.
Survey highlights pain points of GDPR implementation
Most organizations failed to meet the May 2018 deadline to comply with the launch of the EU’s tough new privacy rules, and the majority of them still find compliance a challenge, according to a recent survey.
Google to pay $1B to resolve French tax disputes
Google will pay $1 billion in penalties and back taxes, putting to an end a pair of investigations in France into whether the tech giant properly declared the full extent of its activities in the country.
U.K. Parliament closes amid Brexit uncertainty
Boris Johnson’s plans to split from Europe blew up in his face, resulting in one of the biggest false-starts any U.K. Prime Minister has endured. Not only is Brexit likely to be delayed, but Johnson and his government are now legally bound to seek a deal—or else.
European Commission still gunning for Big Tech
Coming on the heels of big enforcement actions against Google, Apple, Facebook, and Amazon, the European Commission is vowing to keep fighting against technology giants profiting at others’ expense.
Boris Johnson loses control of Brexit
Britain PM Boris Johnson’s firm stance on Brexit has been shot down by Parliament; it remains to be seen when (or if?) the United Kingdom will be departing the European Union.
FINMA publishes AML guidance on blockchain
The Swiss Financial Market Supervisory Authority has published new guidance on how it applies AML rules to the financial services providers it supervises in the area of blockchain technology.
Danske reported to police over investment mis-selling
Denmark’s financial regulator has filed a criminal complaint against Danske Bank over a mis-selling scandal that saw its former interim chief executive get fired in June this year.
A glimpse into Greece’s first anti-corruption chief
Greece’s government has appointed Angelos Binis as its first ever anti-corruption chief to head the country’s newly created anti-corruption body, the Transparency Authority.
Deal or no deal: PM promises Brexit on Oct. 31
Several recent decisions by new Prime Minister Boris Johnson suggest the United Kingdom will crash out of the European Union on the Oct. 31 deadline without a deal.
Microsoft facing GDPR probe in Ireland
The Dutch Data Protection Agency has referred Microsoft to its home EU regulator in Ireland regarding new privacy concerns with its Windows 10 operating system.
Mastercard reveals data breaches in third-party loyalty program
Mastercard is investigating two data breaches relating to a loyalty program it ran in Germany following a leak of personal information that saw customers’ names, addresses, and credit card numbers circulating on the internet.
Greek parliament approves implementation of EU data law
Lawmakers in Greece voted to approve the implementation of partner legislation to the GDPR into national law, one month after being threatened with fines by the European Commission.
Amid industry crackdown, U.K. audit firms evolving with the times
It’s been an intense year for the audit industry in the United Kingdom—and things are expected only to get tougher as a new audit regulator, with new leadership and stronger statutory powers, prepares to take the reins.
European Data Protection Supervisor head Giovanni Buttarelli passes away
European Data Protection Supervisor Giovanni Buttarelli has passed away, his office announced in a statement Wednesday. He was 62.
In Brexit gambit, U.K. signs legislation to ban EU laws
The repeal of the European Communities Act provides a “clear signal” that the U.K. government intends to leave the European Union without extending the Brexit deadline—with or without a deal.
ICO investigating facial recognition technology in key London district
Concerns abound over whether or not using facial recognition technology violates consumer privacy.
Aspen to pay $9.7M to settle U.K. competition concerns
Aspen Pharmacare has offered to pay the U.K.’s National Health Service £8 million (U.S. $9.7 million) following suspicions that the company paid rival firms to delay marketing a vital medicine to retain market dominance.
A critical review of the SFO’s DPA process
Companies considering entering a deferred prosecution agreement with the U.K. Serious Fraud Office might instead want to take their chances with a trial following the outcomes of a trio of recent high-profile corruption cases.
SFO cooperation guidance provides clarity on leniency
In recent guidance, the SFO for the first time has formally set out expectations essential to U.S.-type deferred prosecution agreements, but some say the low number of companies accepting criminal responsibility may negate the provision’s worth.
EU assessment: GDPR showing results, but ‘work needs to continue’
The EU’s tough new data rules are “bearing fruit,” but some member states have still not put GDPR into law, and only 20 percent of EU citizens seem aware of which public authority is responsible for protecting their personal information.
Appeals Court upholds bribery conviction of Alstom Network
The Criminal Division of the U.K. Court of Appeal has upheld the April 2018 conviction of Alstom Network UK over a bribery case concerning an infrastructure contract in Tunisia.
New PM Boris Johnson vows Brexit by Oct. 31 deadline; businesses wary
Newly elected Prime Minister Boris Johnson will enter 10 Downing Street with exactly 100 days to deliver the Brexit he has promised.
What we can learn from the biggest GDPR fines so far
Recent record-breaking fines for GDPR violations levied on British Airways and Marriott by the U.K. Information Commissioner’s Office offer a glimpse into what GDPR enforcement might look like going forward and serve up a warning to companies that data privacy protocols must be foolproof.
All eyes on how Ireland will handle Big Tech and GDPR
Ireland—home EU regulator to Big Tech firms including Google, Twitter, and Facebook—is the key country not to have issued a GDPR-related fine yet, though the regulator has said it has started at least 19 inquiries into the sector.
GDPR enforcement varies widely by country
Most EU countries have now issued fines under the GDPR. Determining which are the toughest enforcers depends on one’s viewpoint—we lay out country-by-country look at the enforcement trends to date.
New EC president willing to extend Brexit third time
New European Commission President Ursula von der Leyen has said she is willing to extend the Brexit deadline for a third time “should more time be required for a good reason.”
Qualcomm fined $271M for predatory pricing
The European Commission has fined Qualcomm 242 million Euros (U.S. $271 million) for anti-competitive behavior in violation of EU antitrust rules. Qualcomm says it has done nothing wrong and will appeal the finding.
EU investigating Amazon over antitrust concerns
The European Commission is investigating Amazon over concerns that the company’s use of data gathered from independent retailers that sell on its marketplace breaches EU competition rules.
U.K. audit regulators see no improvement in audit quality
U.K. audit regulators saw no improvement in audit quality in their most recent inspections, indicating none of the major firms achieved targeted pass rates.
Marriott reveals $124M GDPR fine for data breach
Marriott has disclosed in a filing with the SEC that the U.K.’s Information Commissioner’s Office intends to fine it roughly £99 million (U.S. $124 million) for infringements of the EU’s GDPR.
U.K.'s CMA mulls new regulator to tackle Big Tech
The CMA, U.K.’s competition watchdog, explores whether a separate regulator is needed to oversee leading digital firms that have become “data monopolies” that stifle competition.
Cécilia Fellouse-Guenkel on France’s compliance community
Cécilia Fellouse-Guenkel, executive secretary at Le Cercle de la Compliance in Paris, discusses with columnist Tom Fox how compliance is viewed in France and touches on the country’s new anti-corruption law, Sapin II.
British Airways faces record-setting GDPR fine of $230 million
British Airways was hit Monday with the largest penalty to date under the EU’s GDPR, a £183.39m (U.S. $230 million) fine stemming from the compromised data of nearly 500,000 customers.
Serco fined £19.2M over electronic tagging scandal
The U.K. Serious Fraud Office has approved in principle a deferred prosecution agreement with Serco Geografix for fraud and false accounting that would result in a fine of £19.2 million (U.S. $24.2 million).
UBS compliance officer convicted of insider trading
A London Southwark Crown Court jury on June 27 convicted two individuals—a senior compliance officer of UBS and a day trader of financial securities—and sentenced them to three years’ imprisonment for insider trading.
Yet another misstep by Danske results in firing of interim Danish CEO
Danske Bank has been forced to fire yet another board member—this time for mis-selling thousands of customers a wealth management product that charged excessive fees.
Public register pros trump cons
Harvard Law School’s Eli Goldston Professor of Law Matthew Stephenson discusses the benefits of public registers.
No proof in public register value
Consultant and independent director Geoff Cook offers evidence on why public registers are still lacking.