Europe


Employee relations

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Experts: No easy fix for U.K. senior manager accountability shortcomings

2024-02-23T12:22:00+00:00By

Legal experts generally agree the U.K.’s record for prosecuting board-level executives for financial and economic crime could be better. But some believe there is a problem criticizing poor enforcement when the legislation in place has its own shortcomings.

Lloyds

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Lloyds discloses FCA probe into AML controls

2024-02-23T12:14:00+00:00By

Lloyds is the latest U.K. financial institution being probed by the Financial Conduct Authority regarding its anti-money laundering control framework.

Barclays

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Barclays says FCA probe into AML controls closed

2024-02-21T18:49:00+00:00By

Barclays Bank disclosed an investigation by the U.K. Financial Conduct Authority into the bank’s anti-money laundering controls has closed without a penalty.

Employees

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U.K. labor shortage stakes up following tripled illegal worker fines

2024-02-21T15:11:00+00:00By

Fines for employing people who do not have a legal right to work in the United Kingdom have risen, meaning employers who fail to carry out the required checks or neglect to re-examine the status of those on temporary work visas could face substantial penalties.

London business district

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SFO raids kick off probe into collapsed Signature Group

2024-02-21T14:55:00+00:00By

The U.K. Serious Fraud Office carried out several residential raids as it announced the launch of a criminal investigation into collapsed property investment firm Signature Group.

GDPR EU flag

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Public consultation on GDPR opens door for changes

2024-02-20T14:24:00+00:00By

Feedback from a European Commission consultation on the six years of enforcement of the General Data Protection Regulation could result in tweaks to the rules and potential changes to the way data protection authorities enforce them.

James Levey 3x2

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Q&A: ManpowerGroup compliance director on CSRD prep efforts

2024-02-19T14:00:00+00:00By

James Levey, compliance director at global recruitment agency ManpowerGroup, discusses with Compliance Week his focus on preparing the group’s European operations to gather the data required for compliance with the EU’s Corporate Sustainability Reporting Directive.

Climate

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Verifiable data key as companies begin TNFD-aligned disclosures

2024-02-15T14:47:00+00:00By

More than 320 organizations worldwide committed to disclosing their impact on nature following the recommendations of the Taskforce on Nature-Related Financial Disclosures.

Cloud Computing

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Toeing the ‘fine line’ of cloud security compliance

2024-02-14T22:26:00+00:00By

When organizations move their data or operations to the cloud, the compliance team has their work cut out and then some, experts discussed at CW’s Cyber Risk & Data Privacy Summit.

London dark

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New SFO director vows quicker cases, stumps for whistleblower payouts

2024-02-14T21:21:00+00:00By

“Under my leadership, the SFO will be bolder, more pragmatic, more proactive,” said Nick Ephgrave in his first public speech as head of the U.K. Serious Fraud Office.

Board table

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U.K. governance code revisions: Boards lead on culture, audit supports

2024-02-13T22:12:00+00:00By

Corporate culture, internal controls, and assurance moved up the boardroom agenda with the publication of the U.K.’s revised corporate governance code and its supporting guidance.

Financial Conduct Authority

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FCA fines, bans ex-London Capital & Finance compliance head over promos

2024-02-13T19:17:00+00:00By

The U.K. Financial Conduct Authority issued a fine of £31,800 (U.S. $40,000) against a former compliance director at London Capital & Finance for allegedly approving misleading promotions that led to investor deception.

Employee monitoring

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The blurred lines of employee monitoring under GDPR

2024-02-09T20:03:00+00:00By

The French data regulator’s fine against an Amazon warehouse manager for violating employees’ rights to privacy in the workplace once again raises questions about what constitutes an overzealous approach to employee monitoring and why companies fail to recognize the signs.

Amazon warehouse

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Examining precedent set by French DPA’s Amazon employee monitoring fine

2024-02-07T18:03:00+00:00By

The decision by France’s data regulator to fine an Amazon warehouse manager for breaches of the General Data Protection Regulation over the way it monitored employee productivity raises questions about the reach data protection authorities have over corporate conduct.

Uber

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Uber facing $11M fine over driver privacy rights violations

2024-02-05T19:38:00+00:00By

Ride-hailing company Uber Technologies was assessed a penalty of €10 million (U.S. $11 million) by the Dutch Data Protection Authority for alleged privacy rights violations regarding the handling of European drivers’ personal data.

AI climate

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Jury out on viability of AI in ESG reporting

2024-02-05T12:13:00+00:00By

Tech vendors believe ESG reporting is a ripe market for artificial intelligence to help companies sift through data and ensure compliance with both mandatory and voluntary reporting standards. Compliance officers appear less sure.

Richard Brasher 3x2

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Q&A: LKQ sustainability VP on importance of environmental data

2024-02-01T14:01:00+00:00By

Richard Brasher, vice-president of sustainability at multinational automotive parts company LKQ Corp., discusses with Compliance Week his view on the added attention sustainability initiatives are receiving and where improvement remains.

HSBC

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PRA fines HSBC units $73M over deposit protection failures

2024-01-31T21:15:00+00:00By

The Bank of England’s Prudential Regulation Authority penalized two HSBC units £57.4 million (U.S. $73 million) over historic failures in deposit protection identification and notification.

Meta Platforms

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Meta’s ‘pay or consent’ model to force GDPR to adapt?

2024-01-31T14:52:00+00:00By

Experts weigh in on Meta’s plans to charge EU users monthly if they do not want to be tracked for online advertising and what the ramifications of the model would mean for the future of the General Data Protection Regulation.

Cyber locks

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Consultation opens debate on proposed U.K. cyber governance code

2024-01-30T15:54:00+00:00By

Cybercrime is regularly cited as a leading concern for executives, yet board oversight of cyber risks is often inadequate and governance poorly understood, according to the authors of a proposed U.K. code of practice on cybersecurity governance.

AI finance

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The pros and cons of generative AI in AML compliance

2024-01-29T14:00:00+00:00By Mario Menz, CW guest columnist

Generative artificial intelligence providers often promote their technologies as revolutionary tools that can enhance anti-money laundering processes. But the issues and shortcomings associated with the technologies must also be acknowledged.

Fujitsu

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U.K. Post Office scandal sparks contractor accountability debate

2024-01-26T12:37:00+00:00By

The recent furor in the United Kingdom over the Post Office’s wrongful prosecutions of sub-postmasters for alleged fraud has put the government’s relationship with private contractors under the spotlight and raised questions about how companies could be held more accountable in future.

Credit Suisse sign

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FINMA eyeing more power over banks. Will it make a difference?

2024-01-26T11:52:00+00:00By

Bonus clawbacks, more fines, and a senior management regime that clearly identifies individual executives’ responsibilities for key governance areas are all options being considered by the Swiss Financial Market Supervisory Authority in response to the collapse of Credit Suisse.

ICO

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ICO seeking input on generative AI to inform guidance

2024-01-25T21:38:00+00:00By

The U.K. Information Commissioner’s Office is seeking input from developers, users, and those interested in generative artificial intelligence to help inform policy and guidance regarding the technology.

Data Analytics

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FCA sets out data ambitions, challenges firms to keep pace

2024-01-24T12:49:00+00:00By

Experts expect improvements in the U.K. Financial Conduct Authority’s use of data and reporting means a heightened obligation for timely compliance by companies subject to its remit.

Amazon trucks

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Amazon unit fined $35M under GDPR for employee productivity tracking

2024-01-24T03:50:00+00:00By

Amazon’s warehouse management arm in France was assessed a penalty of €32 million (U.S. $35 million) for violating the General Data Protection Regulation by excessively tracking the productivity of employees.

London cityscape

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FRC ups board responsibilities in corporate governance code revisions

2024-01-23T12:56:00+00:00By

The Financial Reporting Council held back on the latest round of updates to the U.K.’s corporate governance code, as the country remains wary of pushing away businesses and investors.

Audit concept

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Stiffer U.K. audit penalties posing more problems?

2024-01-23T12:55:00+00:00By

Legal experts are unconvinced record fines against audit firms imposed last year by the U.K. Financial Reporting Council will necessarily improve audit quality.

The Pensions Regulator

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Mixed reactions to new U.K. pensions code of practice

2024-01-22T13:00:00+00:00By

Lawyers and accountants in the United Kingdom have welcomed the publication of The Pensions Regulator’s new pensions code of practice but warned it might not improve the management of those that are not already well run.

European Union

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EU nearing tighter AML rules for crypto, luxury traders

2024-01-18T19:40:00+00:00By

The European Union moved closer to finalizing rules that would expand current anti-money laundering and customer due diligence obligations to new sectors, in addition to granting greater powers to national financial intelligence units.

London Stock Exchange

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U.K. push for more listings to lower bar on governance?

2024-01-18T14:22:00+00:00By

Moves by the U.K.’s financial regulatory body to encourage companies to list in London might fail to deliver or send mixed messages about the value placed on corporate governance, according to experts.

Euro money laundering

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AMLA impact dependent on national collaboration

2024-01-17T12:25:00+00:00By

The impact of the Anti-Money Laundering Authority to improve the coordination and success of AML activities will be largely indirect, depending on its influence over European national governments continuing to supervise most EU financial services firms.

Salary

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Disclosure rules not enough to curb U.K. salary gaps

2024-01-15T14:16:00+00:00By

The issue of “fat cat” pay awards was reignited in the United Kingdom after a think tank found a typical FTSE 100 CEO earned the average annual salary for a full-time worker after just four days into the new year.

Business data

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Lessons from Albemarle, ABB: How data-driven compliance can help your firm

2024-01-12T20:32:00+00:00By

Andrew McBride, chief risk officer of Albemarle Corp., and Tapan Debnath, head of integrity, regulatory affairs and data privacy at ABB, discussed how and why their respective organizations use data analytics to conduct business as part of a recent webcast.

Microsoft

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GDPR-minded Microsoft offers cloud customers EU-based personal data storage

2024-01-12T18:41:00+00:00By

Microsoft announced an expansion to its European Union data storage efforts that would allow cloud customers to keep all personal data stored within the EU boundary.

SAP

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SAP to pay $220M in FCPA settlements

2024-01-10T20:31:00+00:00By

German-based software company SAP agreed to pay more than $220 million as part of resolutions with authorities in the United States and South Africa regarding alleged violations of the Foreign Corrupt Practices Act.

Credit Suisse sign

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MAS fines Credit Suisse $3M for failing to monitor Singapore managers

2023-12-29T16:04:00+00:00By

The Monetary Authority of Singapore imposed a 3.9 million Singapore dollars (U.S. $3 million) penalty on Credit Suisse for failing to detect misconduct by relationship managers at its Singapore branch.

BNP Paribas

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Reports: BNP Paribas involved in French money laundering probe

2023-12-28T18:57:00+00:00By

French authorities are investigating alleged “aggravated money laundering” contained in transfers between a BNP Paribas affiliate and a Cypriot brokerage firm that might have benefitted a Russian warlord, according to media reports.

ESG regulations

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Compliance with CSRD, CS3D, national laws an EU balancing act

2023-12-28T14:50:00+00:00By

Companies could be in danger of failing to comply with a raft of social responsibility-minded legislation at the European Union and national level because they might mistakenly think duties on corporates overlap when they do not.

AI globe

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Shades of GDPR? Experts assess AI Act as global standard

2023-12-20T16:00:00+00:00By

As the European Union’s AI Act sets its sights on 2026 to take full effect, experts are concerned other key jurisdictions might introduce divergent legislation that treats artificial intelligence use differently, thus making it difficult for companies to ensure compliance.

PwC

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FRC drops investigation into PwC’s Intu Properties audits

2023-12-19T15:00:00+00:00By

The U.K. Financial Reporting Council announced it closed its investigation into Big Four firm PwC’s audit work at collapsed real estate investment trust Intu Properties.

United Kingdom

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ARGA future questioned as U.K. audit reform hits backburner

2023-12-18T18:57:00+00:00By

The U.K. Financial Reporting Council’s long-planned transition to become the Audit, Reporting and Governance Authority appears to be taking place no time soon, leading some to question whether the change will happen at all.

GDPR_gavel

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Assessing impact of court ruling on GDPR strict liability

2023-12-15T18:25:00+00:00By

The idea companies can be held “strictly liable” for violations of the European Union’s privacy rules was shot down, following a judgment from Europe’s top court relating to a case involving German property company Deutsche Wohnen.

BP

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Ex-BP CEO facing up to $41M in losses over colleague relationship dishonesty

2023-12-14T18:23:00+00:00By

The board of British oil and gas giant BP announced its remuneration determinations after finding former CEO Bernard Looney committed “serious misconduct” in his disclosure of personal relationships with company colleagues.

AML Euros

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New European AML agency nearing adoption

2023-12-14T15:42:00+00:00By

A new agency to supervise high-risk financial institutions across the European Union regarding their anti-money laundering and countering the financing of terrorism activities gained provisional approval.

Binance

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Top ethics and compliance failures of 2023

2023-12-14T15:00:00+00:00By

A virtual currency exchange that sought to mislead regulators, banks failing after ignoring obvious risks, and a manufacturer that sold millions of its products in violation of U.S. export controls are among those that make up CW’s list of the biggest ethics and compliance fails of 2023.

Credit Suisse

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Credit Suisse units to pay $10M in SEC mutual fund services case

2023-12-14T14:19:00+00:00By

Three entities of Swiss bank Credit Suisse agreed to pay more than $10 million combined as part of a settlement with the Securities and Exchange Commission for allegedly providing prohibited underwriting and advising services to mutual funds.

Data privacy

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Experts: More privacy rules, enforcement expected in 2024

2023-12-14T11:30:00+00:00By

Businesses can prepare for a bumpy ride as the 2024 global landscape of data privacy and other related laws and regulations begins to take shape.

U.K. business

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New U.K. office eyeing 2024 to enforce trade sanctions

2023-12-13T17:19:00+00:00By

The U.K. government is set to establish a new agency to enforce trade sanctions and provide compliance guidance to businesses regarding the country’s sanctions regimes.

Unilever

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Unilever facing U.K. probe into green claims

2023-12-12T20:25:00+00:00By

Consumer goods company Unilever will be scrutinized by the U.K. Competition and Markets Authority regarding its marketing of certain products as environmentally friendly.