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.
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.
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.
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.”
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.
Some companies might scramble to comply with more—and sometimes quickly shifting—sanctions requirements as the U.S. government chalks up record enforcement levels.
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.
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.
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.
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 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.
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.
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.
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.
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 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.
We came, we saw, we complied. Check out some of the sights from Compliance Week’s 2019 European conference in Amsterdam!
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.
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.
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.
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.
The Big Four’s dominance of the U.K. audit market has grown even further in the past year, according to the Financial Reporting Council’s latest report.
UniCredit announced its cyber-security team has identified a data breach that compromised the personal records of approximately three million clients in Italy, highlighting critical compliance lessons for those in the financial services industry.
Big Four audit firm EY has been accused of covering up evidence of smuggling by an organized crime gang that was laundering British drug money through gold dealings, according to an investigation by the BBC.
The countdown clock for the United Kingdom’s exit from the European Union has been reset to January 2020, giving PM Boris Johnson a set of new options to pursue in order to facilitate a deal.
The International Conference of Data Protection and Privacy Commissioners offered varying perspectives on the latest in data privacy and technology from the likes of regulators, experts, and campaigners.
The U.K. Financial Conduct Authority fined Tullett Prebon (Europe) Limited £15.4 million (U.S. $19.8 million) after its compliance department failed to implement adequate risk management systems.
At a recent data privacy event, Microsoft’s president and chief legal officer discussed the evolution of data protection rules and how new technology needs to better align with privacy regulation.
Confusion surrounds the latest on the Brexit front, with beleaguered PM Boris Johnson sending two contradictory letters to European leaders—one asking for a delay and the other suggesting they ignore this request.
The European Commission has ordered Broadcom to cut out harsh contract terms with six TV and modem manufacturers because they may infringe antitrust rules. It’s the first time the agency has imposed “interim measures” in 18 years
The U.K. Serious Fraud Office has closed its investigation into manipulation of the London Interbank Offered Rate (LIBOR), ending a probe that began more than seven years ago.
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.
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.
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.
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.”
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.
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.
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 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.
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.
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.
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.
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.
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 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.
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.
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.
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.
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.
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.