Europe


United Kingdom

Amid industry crackdown, U.K. audit firms evolving with the times

2019-08-23T16:45:00+01:00By

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.

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European Data Protection Supervisor head Giovanni Buttarelli passes away

2019-08-21T13:40:00+01:00By

European Data Protection Supervisor Giovanni Buttarelli has passed away, his office announced in a statement Wednesday. He was 62.

Parliament

In Brexit gambit, U.K. signs legislation to ban EU laws

2019-08-19T17:42:00+01:00By

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.

FacialRecognition

ICO investigating facial recognition technology in key London district

2019-08-19T17:37:00+01:00By

Concerns abound over whether or not using facial recognition technology violates consumer privacy.

Aspen

Aspen to pay $9.7M to settle U.K. competition concerns

2019-08-15T18:08:00+01:00By

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.

Ruling

A critical review of the SFO’s DPA process

2019-08-09T17:14:00+01:00By

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.

Londoncrop

SFO cooperation guidance provides clarity on leniency

2019-08-07T18:04:00+01:00By

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.

GDPR

EU assessment: GDPR showing results, but ‘work needs to continue’

2019-07-26T16:25:00+01:00By

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.

Alstom

Appeals Court upholds bribery conviction of Alstom Network

2019-07-23T19:43:00+01:00By

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.

Boris Johnson

New PM Boris Johnson vows Brexit by Oct. 31 deadline; businesses wary

2019-07-23T16:02:00+01:00By

Newly elected Prime Minister Boris Johnson will enter 10 Downing Street with exactly 100 days to deliver the Brexit he has promised.

Europedata

What we can learn from the biggest GDPR fines so far

2019-07-19T18:38:00+01:00By

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.

IrelandDataPrivacy

All eyes on how Ireland will handle Big Tech and GDPR

2019-07-19T18:38:00+01:00By

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.

EU data flag

GDPR enforcement varies widely by country

2019-07-19T18:38:00+01:00By

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.

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New EC president willing to extend Brexit third time

2019-07-19T17:05:00+01:00By

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

Qualcomm fined $271M for predatory pricing

2019-07-18T15:47:00+01:00By

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.

Amazon

EU investigating Amazon over antitrust concerns

2019-07-17T16:34:00+01:00By

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.

NeedsImprovement

U.K. audit regulators see no improvement in audit quality

2019-07-12T16:42:00+01:00By

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

Marriott reveals $124M GDPR fine for data breach

2019-07-09T16:23:00+01:00By

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.

BigTechMonopoly

U.K.'s CMA mulls new regulator to tackle Big Tech

2019-07-09T14:46:00+01:00By

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.

Fellouse

Cécilia Fellouse-Guenkel on France’s compliance community

2019-07-08T16:06:00+01:00By

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

British Airways faces record-setting GDPR fine of $230 million

2019-07-08T14:05:00+01:00By

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.

Londoncrop

Serco fined £19.2M over electronic tagging scandal

2019-07-03T18:50:00+01:00By

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

UBS compliance officer convicted of insider trading

2019-06-27T18:17:00+01:00By

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.

Dankse

Yet another misstep by Danske results in firing of interim Danish CEO

2019-06-27T14:06:00+01:00By

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.

point icons

Public register pros trump cons

2019-06-26T21:02:00+01:00By Matthew Stephenson

Harvard Law School’s Eli Goldston Professor of Law Matthew Stephenson discusses the benefits of public registers.

counterpoint icons

No proof in public register value

2019-06-26T21:00:00+01:00By Geoff Cook

Consultant and independent director Geoff Cook offers evidence on why public registers are still lacking.

Nick Clegg

Facebook exec echoes calls for regulation

2019-06-25T16:28:00+01:00By

One of Facebook’s top executives added his voice to the growing movement among technology firms that the sector cannot police the internet on its own.

Airbus

Airbus subsidiary at center of bribery probe to cease operations

2019-06-24T19:20:00+01:00By

A U.K. subsidiary of Airbus that has been at the center of a seven-year bribery investigation disclosed in an annual report that it will be ceasing business operations, meaning it could potentially avoid criminal charges in connection with the matter.

IsleOfManTop

U.K. tax havens promise greater transparency on company ownership

2019-06-21T17:14:00+01:00By

Starting in 2021, Guernsey, Jersey, and the Isle of Man will make records of company ownership public, which should please members of parliament who have argued that not doing so has made them vulnerable to financial crime.

Nordea

Nordea raided over ML probe in Denmark

2019-06-21T16:46:00+01:00By

Scandinavian banking giant Nordea revealed its Copenhagen office was raided by Danish police as part of an ongoing investigation into alleged money laundering.

SFO building

SFO appoints two non-executive directors

2019-06-17T20:07:00+01:00By

The U.K. Serious Fraud Office has appointed two new non-executive directors: Emir Feisal and Martin Spencer.

CNIL

French real estate company fined €400,000 for GDPR violations

2019-06-13T17:58:00+01:00By

France’s data watchdog CNIL levied a €400,000 (U.S. $453,000) fine on real estate services provider Sergic for failing to adequately protect the data of its Website’s users.

RBS

FCA publishes final report on RBS

2019-06-13T14:46:00+01:00By

The Financial Conduct Authority has concluded its investigation into the Royal Bank of Scotland and published a final report of its findings.

amnestyinternational

Amnesty International culls top team after report reveals ‘toxic’ culture

2019-06-07T16:48:00+01:00By

Human rights campaign group Amnesty International has said it will lose most of its senior leadership team after a scathing report slammed the organization’s “toxic” workplace culture.

GDPRgavel

ICO: U.K. companies can expect large GDPR fines soon

2019-06-07T14:55:00+01:00By

Year 1 under the General Data Protection Regulation saw no fines handed out in the United Kingdom. Year 2 could be a much different story,

AImaze

‘Context’ matters in AI decision making, says ICO

2019-06-05T18:07:00+01:00By

Transparency for all AI-generated decisions is not as important as context, according to new research from U.K. data regulator the Information Commissioner’s Office.

AdobeStock_188607656

One year in, no fines yet from U.K. regulator on GDPR

2019-05-28T18:50:00+01:00By

A Freedom of Information Act request shows Britain’s data protection watchdog has imposed just 29 financial penalties in the last year, none of which came under the EU’s General Data Protection Regulation.

MoneyLaunderingWar

Nordic and Baltic regulators join to combat money laundering

2019-05-28T14:54:00+01:00By

Regulators in eight Nordic and Baltic countries are developing a joint effort to exchange information with regard to fighting money laundering.

Lloydsbuilding

Lloyd’s culture survey aims to change workplace

2019-05-28T13:41:00+01:00By

Specialist insurance market Lloyd’s has initiated a confidential survey to help detect and ultimately root out a legacy of drunken and misogynistic behavior at the company.

Google

Ireland investigates Google over GDPR

2019-05-24T19:40:00+01:00By

The Irish Data Protection Commission is investigating whether Google’s online Ad Exchange violated General Data Protection Regulation provisions.

BrexitHole

PM May resigns: What next for Brexit?

2019-05-24T14:51:00+01:00By

U.K. Prime Minister Theresa May steps down on June 7, following numerous attempts to get Parliament to back her Brexit plan.

PensionLaw

U.K.’s Pensions Regulator getting serious about enforcement

2019-05-24T13:37:00+01:00By

Considered “feeble” no more, the United Kingdom’s Pensions Regulator is ramping up enforcement actions against individuals or organizations not in compliance with the law.

MayFeature

PM May unveils plan for latest version of Brexit deal

2019-05-21T20:58:00+01:00By

U.K. Prime Minister Theresa May warned MPs if they don’t back the latest amended Withdrawal Agreement Bill, they will not vote on whether there should be a second Brexit referendum.

Londoncrop

Companies House reforms to better protect U.K. companies from criminal activity

2019-05-20T11:23:00+01:00By

Companies House recently unveiled a substantial package of reforms that will do more to safeguard the personal data of business owners in an effort to offer U.K. companies greater protection from fraud.

BrexitQuestion

U.K. plans Brexit vote in June

2019-05-15T17:08:00+01:00By

A look at possible consequences of the MP vote on Prime Minister Theresa May’s Brexit deal scheduled for early June.

Fundaocrop

BHP faces $5B claim over 2015 Brazilian dam collapse

2019-05-13T17:40:00+01:00By

Mining company BHP is facing a $5 billion damages action in the United Kingdom for its alleged negligence in its duty to prevent the Fundão dam collapse in Brazil in 2015.

Search

FRC: Auditors must look for fraud

2019-05-09T20:50:00+01:00By

FRC CEO Stephen Haddrill confirmed that during the transition to the new statutory regulator, the Audit, Reporting and Governance Authority, the FRC will remain committed to tackling “deficiencies in audit and reporting quality vigorously.”

EuroMoney

TRACE: How the GDPR interferes with anti-corruption compliance

2019-05-06T19:48:00+01:00By

Anti-bribery business association TRACE has submitted its overview of new issues that have emerged in the fight against foreign bribery due to implementation of the EU’s General Data Protection Regulation.

RiskTop

Top 10 supply chain risks for 2019

2019-05-06T17:57:00+01:00By

Natural disasters, droughts, port disruptions, cargo theft, and industrial fires are some of the top supply-chain risks that should keep executives and chief risk officers on their toes in 2019, according to a new risk report.

CreditTop

FCA data shows firms with most consumer credit complaints

2019-04-24T19:51:00+01:00By

The U.K. Financial Conduct Authority published its latest complaints figures for regulated firms for the second half of 2018, revealing how some financial services firms are receiving significantly more complaints than others.