Europe


Data privacy

New rules for SCCs: What you need to know

2021-06-17T16:28:00+01:00By

The latest set of standard contractual clauses for companies transferring data between the European Union and third countries, such as the United States, is meant to align more closely with the GDPR and root out government snooping.

Deutsche Bank

Embattled Deutsche Bank to overhaul anti-financial crime controls

2021-06-16T20:26:00+01:00By

Deutsche Bank is planning to shake up its internal structure around anti-financial crime efforts in the wake of criticism from multiple regulators.

Facebook privacy

CJEU ruling opens Facebook, others to greater GDPR liability

2021-06-16T15:53:00+01:00By

The EU’s top court ruled any of the bloc’s national data protection authorities can pursue a privacy complaint against Facebook or any other Big Tech firm and not just the supervisory authority where the company has its European headquarters.

Amazon

Reported Amazon fine ($425M) ‘biggest test’ of GDPR enforcement yet

2021-06-15T15:11:00+01:00By

Amazon reportedly faces a fine of more than $425 million under the GDPR that would show EU regulators firmly have Big Tech companies—and their practices—in their crosshairs.

Globe

How global compliance works at the local level

2021-06-11T16:30:00+01:00By David Povey, International Compliance Association

For compliance officers working for global companies, it is important to understand the way different regions view compliance and how it may differ from your home country’s views.

VWcrop

Volkswagen secures $21.7M in executive clawbacks for Dieselgate roles

2021-06-10T20:19:00+01:00By

Volkswagen’s supervisory board announced agreements to recover €17.8 million (U.S. $21.7 million) in compensation from former executives and board members for their respective roles in the Dieselgate emissions scandal.

Microsoft 365

EU probes of Microsoft, Amazon reignite calls for new Privacy Shield

2021-06-03T18:05:00+01:00By

European investigations into whether Amazon and Microsoft’s cloud-based services infringe EU privacy rules have once again shone a spotlight on how—and when—the United States and the European Union intend to come up with a new Privacy Shield.

Julius Baer

Julius Baer pays $80M in FIFA corruption settlement

2021-05-27T22:26:00+01:00By

Swiss bank Julius Baer entered a deferred prosecution agreement and will pay $80 million for its role in a money laundering conspiracy linked to world soccer federation FIFA, the Department of Justice announced.

Rising data

Report: GDPR fines more than doubled in Year 3

2021-05-27T17:05:00+01:00By

Data protection authorities issued 287 known GDPR fines between March 2020 and March 2021—a 120 percent increase in frequency, according to a new report from CMS.

GDPR

GDPR’s future: Fine amounts, transparency among top points of contention

2021-05-26T18:08:00+01:00By

Experts believe the GDPR is largely “future-proof,” though fine decisions that vary considerably from one EU country to the next and lack of transparency remain areas of concern for the privacy law three years in.

GDPRgavel

Three years of GDPR: Many milestones, but calls for change increase

2021-05-25T19:19:00+01:00By

Despite its achievements, the General Data Protection Regulation’s flaws have become evident. Some are already questioning whether the regulation—and the way it is regulated—are fit for purpose and whether the law needs to be changed.

Danske Bank

Danske Bank adds new chief risk officer from SEB

2021-05-25T19:06:00+01:00By

Danske Bank announced the appointment of Magnus Agustsson as its new chief risk officer. Agustsson will join the bank from SEB, where he held the same position.

UBScrop

Nomura, UBS, UniCredit fined $453M total over EU cartel scheme

2021-05-21T16:18:00+01:00By

The European Commission fined Nomura, UBS, and UniCredit a total of €371 million (U.S. $453 million) for their participation in a cartel scheme through a group of traders. Bank of America, Natixis, NatWest, and Portigon were also each allegedly involved but not penalized.

Deutsche Bank

Deutsche Bank names new group AML officer amid enhanced scrutiny

2021-05-20T20:33:00+01:00By

Deutsche Bank named Joe Salama global head of anti-financial crime and group anti-money laundering officer less than a month after its AML controls were criticized by German financial regulator BaFin.

Columnist_Hodge

U.K. regulatory system also at fault in Greensill collapse

2021-05-20T17:19:00+01:00By

The collapse of Greensill Capital has led to investigations into how the company got into the financial mess it did and why alarm bells didn’t ring. But one investigation is noticeably conspicuous by its absence—why the company wasn’t properly regulated in the first place.

VW Drive Bigger

Chapter 5: Volkswagen’s path to winning back trust

2021-05-20T13:00:00+01:00By

Its monitorship now complete, Volkswagen’s new focus is to rebuild its reputation among its customer base. It’s a long process, says Board Member Hiltrud Werner, one supported by a shift in strategy.

VW group board

Chapter 4: Tangible measures of cultural progress at Volkswagen

2021-05-20T13:00:00+01:00By

At the end of the day, how does an organization measure the effectiveness of company-wide cultural initiatives? Volkswagen has answers, utilizing perception workshops, mood barometers, and new diversity and inclusion initiatives as part of its culture rebuild post-Dieselgate.

Volkswagen T4I key initiatives

Chapter 3: VW operationalizes its Dieselgate monitorship

2021-05-19T13:00:00+01:00By

A revamped code of conduct and the Together4Integrity campaign stood out as significant milestones for Hiltrud Werner & Co. as Volkswagen began to embrace its Dieselgate monitorship as a way to improve company culture.

German parliament

German supply chain draft legislation expected to have far-reaching effect

2021-05-18T17:26:00+01:00By

Companies of a certain size with ties to Germany must soon establish robust due diligence procedures to prevent human rights and environmental abuses both within the course of their own business activities and within their global supply chains.

Hiltrud Werner index

Chapter 2: Volkswagen monitorship falls in line under Hiltrud Werner

2021-05-18T13:00:00+01:00By

While Larry Thompson assembled his team for the Dieselgate monitorship, Volkswagen countered with appointments of its own, including Hiltrud Werner as head of integrity and legal affairs. Their relationship would determine the success of the monitorship going forward.

Diesel emissions

Chapter 1: Volkswagen’s Dieselgate scandal exposed; enter Larry Thompson

2021-05-17T13:00:00+01:00By

The Volkswagen Dieselgate scandal wasn’t the work of one executive who thought to install illicit software into diesel motor vehicles. It was born from a “chain of errors that was never broken,” forming the basis for one of the largest and most high-profile corporate compliance monitorships in history.

Dirty window

CW presents: ‘Coming Clean: Volkswagen’s Dieselgate scandal and compliance monitorship’

2021-05-17T13:00:00+01:00By

Volkswagen’s recently concluded three-year monitorship is chronicled in CW’s latest in-depth case study, which spares no detail in following the world’s largest automaker’s comeback from its biggest mistake.

SFO

SFO probing Sanjeev Gupta business ties to Greensill Capital

2021-05-14T17:20:00+01:00By

The U.K. Serious Fraud Office has launched an investigation into suspected fraud and money laundering in financing arrangements between steel and mining magnate Sanjeev Gupta and recently collapsed Greensill Capital.

woods

Deutsche Bank’s continued AML struggles worth questioning

2021-05-14T15:16:00+01:00By

How is it Deutsche Bank can spend more than $1 billion on compliance enhancements but still be ordered to do more to improve its AML controls? Is the bank to blame or are regulators missing the big picture?

N26

German finance regulator orders N26 to improve AML controls

2021-05-13T18:17:00+01:00By

BaFin, Germany’s market regulator, has ordered mobile bank N26 to improve its anti-money laundering controls, taking the unusual move to appoint a “special commissioner” to monitor its progress.

Ericsson

Ericsson to pay Nokia $97M to settle FCPA-related damages claim

2021-05-13T17:29:00+01:00By

Swedish telecom giant Ericsson has reached a settlement of €80 million (U.S. $97 million) with Nokia relating to events that were the subject of a 2019 FCPA resolution with U.S. authorities.

Emmanuel Lulin, Lifetime

From Nazi hunter to acclaimed ethicist, Emmanuel Lulin honored for Lifetime Achievement

2021-05-11T16:00:00+01:00By

Emmanuel Lulin has a storied history in ethics and compliance shaped by his time hunting Nazis as a teenager. The recently retired chief ethics officer of L’Oréal was honored for Lifetime Achievement at CW’s 2021 Excellence in Compliance Awards.

Whistleblower vector

EU Whistleblowing Directive a ‘potential minefield’ for compliance

2021-05-10T15:57:00+01:00By

An EU directive designed to harmonize whistleblower protections could produce complexity as lawyers warn there are likely to be wide variations in the level of security each country’s national law will offer.

John Flint

Elevating compliance key for financial services, says former HSBC head

2021-05-07T15:14:00+01:00By James Thomas, International Compliance Association

John Flint, former group chief executive at HSBC, considered the progress compliance has made over the last 20 years and the strides the profession must continue to make as part of a keynote at the ICA’s 2021 BIG Compliance Festival.

Sanctions

Tips for keeping pace with ever-evolving sanctions

2021-05-05T15:27:00+01:00By Teodora Harrop, International Compliance Association

The constantly changing sanctions landscape is much easier to navigate with a proper understanding of risk exposure. Here’s where firms can get started.

DNB

Norway’s DNB fined $48.1M for AML violations

2021-05-04T16:39:00+01:00By

DNB ASA, Norway’s largest financial services group, will pay a fine of NOK 400 million ($48.1 million) for failing to adhere to Norwegian Anti-Money Laundering Act standards.

Credit Suisse

Credit Suisse risk committee head to depart amid board reshuffle

2021-05-03T20:28:00+01:00By

Andreas Gottschling, Credit Suisse’s board member in charge of its risk committee, has stepped down as fallout from the collapses of Archegos Capital and Greensill Capital continues to roil the bank.

Deutsche

Deutsche Bank ordered to further improve AML controls

2021-05-03T17:54:00+01:00By

BaFin, Germany’s market regulator, signaled Deutsche Bank still has more to do concerning previously ordered improvements to its AML compliance controls.

Danske

Danske Bank compliance costs down after completing internal Estonia probe

2021-04-29T20:27:00+01:00By

New Danske Bank CEO Carsten Egeriis told investors compliance costs at the bank have stabilized now that a forensic audit into a money laundering scandal involving its Estonia branch is complete.

AI

What you need to know about proposed EU rules for trustworthy AI

2021-04-29T18:27:00+01:00By

With various levels of defined risk and the potential for steep fines for offenders, the European Commission’s recent proposal to ensure trust in the use of artificial intelligence should receive urgent attention from industries beyond Big Tech.

Airbus building

Airbus subsidiary GPT pleads guilty to corrupt acts in Saudi Arabia

2021-04-28T19:47:00+01:00By

Airbus subsidiary GPT Special Project Management will pay approximately £30.3 million (U.S. $42.1 million) after pleading guilty to corruption relating to contracts it was awarded for work carried out in Saudi Arabia.

GDPR

GDPR one-stop shop ‘unsustainable,’ says key regulators

2021-04-27T19:07:00+01:00By

Irish Data Protection Commissioner Helen Dixon and European Data Protection Supervisor Wojciech Wiewiórowski are among those who believe the one-stop shop provision of the GDPR needs to be reformed for the long term.

Londoncrop

U.K. rolls out new anti-corruption sanctions regime

2021-04-27T17:13:00+01:00By

The United Kingdom has in place a new global anti-corruption sanctions regime, and the government is wasting no time enforcing it, imposing its first wave of sanctions against 22 individuals.

SFO

SFO strikes out again in Serco execs case

2021-04-26T17:32:00+01:00By

Two former executives at security company Serco were acquitted of defrauding the U.K.’s Ministry of Justice after the Serious Fraud Office failed to disclose documents to the defense.

Credit Suisse

Credit Suisse’s governance rebound a tall task after ‘unacceptable’ losses

2021-04-22T18:41:00+01:00By

Putting the collapses of Archegos Capital and Greensill Capital behind it won’t be simple for Credit Suisse amid staggering financial losses and widening scrutiny from Switzerland’s financial regulator.

woods

ABN AMRO fine response suggests moral compass of banking is shifting

2021-04-21T18:26:00+01:00By

ABN AMRO CEO Robert Swaak acknowledging his bank’s “moral duty” to prevent money laundering should be welcomed by all in the global AML community as progress, writes Martin Woods.

Data money

Fines key attention to data privacy from boards, says ICO head

2021-04-21T15:04:00+01:00By

The threat of fines has done more to focus boardroom attention on data privacy and effective cyber-security than any other measure, U.K. Information Commissioner Elizabeth Denham believes.

Board

COVID-19 effects apparent in board composition changes

2021-04-19T18:47:00+01:00By

The enduring impact of the COVID-19 pandemic might be forcing companies and other organizations to rethink what skills, qualities, and experience their executives should have if the business is to succeed.

ABN AMRO

ABN AMRO to pay $575M in money laundering settlement with Dutch authorities

2021-04-19T17:41:00+01:00By

Dutch bank ABN AMRO reached a €480 million (U.S. $575 million) settlement with the Netherlands Public Prosecution Service to resolve money laundering charges.

Danske

Danske Bank CEO, board member resign amid ABN AMRO probe

2021-04-19T16:58:00+01:00By

Danske Bank CEO Chris Vogelzang and board member Gerrit Zalm each resigned after being identified as suspects in ABN AMRO’s money laundering scandal. Chief Risk Officer Carsten Egeriis will take over as Danske’s CEO.

Facebook

Facebook facing 10th GDPR probe over data leak

2021-04-14T17:10:00+01:00By

The Irish Data Protection Commission has launched an inquiry into Facebook over concerns the social media giant may not have properly disclosed the full extent of its recent data leak.

Car lease

SFO launches fraud investigation into Buy2Let Cars owner

2021-04-09T15:36:00+01:00By

The U.K. Serious Fraud Office announced a fraud investigation into car leaser Buy2Let Cars and several other companies operated by Raedex Consortium. Further details are expected next month.

Facebook privacy

Facebook’s new leak: Assessing its liability under the GDPR

2021-04-08T20:19:00+01:00By

Old personal data of more than 533 million Facebook users was recently made publicly available on a hacker forum. Could the social media giant face a new investigation under the GDPR in response?

Facebook

​Irish DPC seeking answers on Facebook breach

2021-04-07T19:37:00+01:00By

The Irish Data Protection Commission has reached out to Facebook seeking to determine whether the social media giant’s weekend data breach should receive scrutiny under the General Data Protection Regulation.

Fastweb

Italian DPA fines Fastweb $5.3M under GDPR for aggressive telemarketing

2021-04-06T18:04:00+01:00By

The Italian Data Protection Authority announced a fine of €4.5 million (U.S. $5.3 million) against telecommunications company Fastweb for misusing customer data for telemarketing purposes.