Employee relations


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


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.


News Brief

Lloyds discloses FCA probe into AML controls


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


News Brief

Barclays says FCA probe into AML controls closed


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.



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


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

News Brief

SFO raids kick off probe into collapsed Signature Group


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


Public consultation on GDPR opens door for changes


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


Q&A: ManpowerGroup compliance director on CSRD prep efforts


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.



Verifiable data key as companies begin TNFD-aligned disclosures


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


Toeing the ‘fine line’ of cloud security compliance


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


New SFO director vows quicker cases, stumps for whistleblower payouts


“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


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


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

News Brief

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


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


The blurred lines of employee monitoring under GDPR


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


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


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.


News Brief

Uber facing $11M fine over driver privacy rights violations


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


Jury out on viability of AI in ESG reporting


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


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


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.


News Brief

PRA fines HSBC units $73M over deposit protection failures


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


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


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


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


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


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.



U.K. Post Office scandal sparks contractor accountability debate


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


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


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.


News Brief

ICO seeking input on generative AI to inform guidance


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


FCA sets out data ambitions, challenges firms to keep pace


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

News Brief

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


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

News Brief

FRC ups board responsibilities in corporate governance code revisions


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


Stiffer U.K. audit penalties posing more problems?


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


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


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

News Brief

EU nearing tighter AML rules for crypto, luxury traders


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


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


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


AMLA impact dependent on national collaboration


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.



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


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


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


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.


News Brief

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


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.


News Brief

SAP to pay $220M in FCPA settlements


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

News Brief

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


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

News Brief

Reports: BNP Paribas involved in French money laundering probe


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


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


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


Shades of GDPR? Experts assess AI Act as global standard


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.


News Brief

FRC drops investigation into PwC’s Intu Properties audits


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


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


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.



Assessing impact of court ruling on GDPR strict liability


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.


News Brief

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


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

News Brief

New European AML agency nearing adoption


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.



Top ethics and compliance failures of 2023


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

News Brief

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


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


Experts: More privacy rules, enforcement expected in 2024


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

News Brief

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


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.


News Brief

Unilever facing U.K. probe into green claims


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