Grant Thornton UK has been fined £2.34 million (U.S. $3.2 million) by the Financial Reporting Council for failures in its audits of collapsed café chain Patisserie Valerie between 2015 and 2017.
Petrofac will plead guilty to seven counts of failing to prevent bribery, the potential endpoint in a long-running investigation into allegations company executives paid to win lucrative contracts in Iraq, Saudi Arabia, and the UAE.
Companies have until the end of the year to stop making misleading claims about the green credentials of their products and services or face regulatory action, the U.K. Competition and Markets Authority has warned.
Companies should question their auditors throughout the audit process, particularly in the wake of a spate of recent enforcement actions in the United Kingdom targeting the Big Four and other large firms for audit deficiencies.
Ingrid Harbo, Swedbank’s chief compliance officer during its ongoing recovery from a massive AML scandal, announced she will retire in March 2022.
The construction of Nord Stream 2 and the accompanying geopolitics at play illustrate how difficult it can be for compliance to respond to evolving sanctions risks.
Experts weigh in on the Irish Data Protection Commission’s €225 million (U.S. $267 million) GDPR fine against WhatsApp, which saw the European Data Protection Board rule to increase the fine total and compliance obligations.
A recent raid by German prosecutors of the country’s finance and justice ministries has once again put a spotlight on Germany’s apparent failings in tackling financial crime.
Credit Suisse has named Rafael Lopez Lorenzo as its chief compliance officer, five months removed from his predecessor stepping down in the wake of massive losses caused by the collapses of Archegos Capital Management and Greensill Capital.
Ireland’s Data Protection Commission announced a record-breaking €225 million (U.S. $267 million) fine against WhatsApp that is equally significant for the compliance lessons it imparts and inconsistency of the GDPR it exposes.
The U.K. Financial Reporting Council issued a disciplinary formal complaint against KPMG for allegedly providing “false and misleading” information during inspections into the Big Four firm’s audits of Carillion and Regenersis.
The United Kingdom announced plans to strike independent data adequacy decisions with key countries—including the United States—as part of its post-Brexit economic strategy.
The Big Four audit firms have refused to back a U.K. government plan to break their dominance of the market by forcing them to share work with smaller competitors to give them a foothold.
Experts weigh in with their thoughts on why FinTechs and cryptocurrency firms continue to have a bad reputation in terms of compliance.
The U.K. Financial Reporting Council ordered EY to pay a reduced fine of £2.2 million (U.S. $3 million) related to its audits of international transport company Stagecoach Group for the 2017 financial year.
Brett Downes, the chief risk officer at Greensill Capital for five years before the company filed for insolvency, explains what factors he believes led to the supply chain finance startup’s abrupt collapse.
The U.K. Information Commissioner’s Office’s fine against pharmacy Doorstep Dispensaree for violations of the General Data Protection Regulation has been slashed approximately two-thirds on appeal to £92,000 (U.S. $126,000).
The British Standards Institution has created international guidance to help companies set up an effective whistleblowing management system.
The Hamburg data protection authority has warned local government departments to stop using Zoom because it believes the videoconferencing app is not compliant with the General Data Protection Regulation.
Experts weigh in on the results of a report from the European Data Protection Board showing which countries have seen the most GDPR fines annulled or modified following court appeal.
In a continuing overhaul of its risk and compliance leadership, Credit Suisse announced the nominations of Axel Lehmann and Juan Colombas to serve as non-executive members of its board.
A new report from the European Data Protection Board has found an overwhelming majority of data protection authorities believe they are under-resourced to deal with the demands of the General Data Protection Regulation.
Recent fines in Italy against two food delivery companies for violating the privacy of their drivers should act as a warning that employee surveillance can prove to be a major breach of the General Data Protection Regulation.
The Financial Reporting Council ordered KPMG to pay a £13 million (U.S. $18 million) fine for “breaches of the principles of integrity and objectivity” in its advisory role regarding the 2011 sale of mattress company Silentnight to U.S. private equity firm HIG Capital.
The European Banking Authority is seeking comment on new draft guidelines that set clear expectations regarding the appointment, role, tasks, and responsibilities of anti-money laundering and countering the financing of terrorism compliance officers.
Italy’s data protection authority Garante fined U.K.-based food delivery company Deliveroo €2.5 million (U.S. $3 million) under the GDPR for violating the privacy rights of its Italian drivers.
Transaction monitoring has evolved to the point where the emphasis is now on the requirement firms carry out ongoing monitoring of client relationships. Recent enforcement actions provide lessons on pitfalls to avoid.
Amazon disclosed it has received notice of a €746 million (U.S. $887 million) GDPR fine in Luxembourg for unlawful processing of personal data. The company intends to appeal the penalty, which would be more than 15 times the current record under the law.
An independent report commissioned by Credit Suisse to examine the bank’s failures that led to $5.5 billion in losses when Archegos Capital Management collapsed this year concluded a series of missteps by risk and compliance failed to escalate numerous red flags.
A former oil trader for a subsidiary of Glencore entered a guilty plea for his role in bribing government officials in Nigeria in exchange for the award of oil cargoes and more favorable delivery terms.
Credit Suisse Group has appointed longtime Goldman Sachs risk management expert David Wildermuth as its chief risk officer.
The U.K. Financial Reporting Council has proposed a series of measures from which companies—as well as other regulators like the SEC—could benefit as ESG disclosures receive closer scrutiny.
The Dutch Data Protection Authority imposed a €750,000 (U.S. $883,000) fine on TikTok for violating the privacy of young children following a wide-scale investigation launched last year.
The U.K. Financial Reporting Council released the results of its 2020/21 audit quality inspections, in which it singled out KPMG for “unacceptable” deficiencies regarding the firm’s audits of banks and similar entities.
The European Commission unveiled new plans to set up an agency specifically aimed at tackling the region’s spiraling problems with money laundering.
The Serious Fraud Office announced deferred prosecution agreements worth £2.5 million (U.S. $3.4 million) with two unidentified U.K.-based companies for bribery offenses.
A steady decrease in enforcement activity makes it easy to question whether the U.K. Financial Conduct Authority is in position to become the “more innovative, assertive, and adaptive regulator” it pledges to be.
Recent comments by Facebook’s top executive in charge of developing AI reignite the debate over whether regulators should be more focused on reining in the technology itself or just the way it is used.
The U.K. Bribery Act marked its 10th anniversary this month, but views are mixed about how the legislation and its enforcement have fared in the decade since it came into force.
The CEO of cryptocurrency platform Binance touted the company’s growing commitment to compliance after one of its units was banned from operating in the United Kingdom.
Italy’s data protection authority fined food delivery company Foodinho €2.6 million (U.S. $3.1 million) because the app at the core of its business model allegedly discriminated against employees.
British Airways has settled one of the U.K.’s largest group actions after thousands of people sought compensation following a 2018 data breach that resulted in the airline being fined under the GDPR.
The Commodity Futures Trading Commission reached a $1.5 million settlement with three entities of Credit Suisse for swap data reporting failures caused by a technical error.
John Wood Group reached a $177 million settlement with authorities in the United States, the United Kingdom, and Brazil, concluding legacy bribery and corruption investigations into Amec Foster Wheeler companies.
Big Four firm PwC is under investigation for its audit of Wyelands Bank as part of a larger U.K. review linked to the recent collapse of Greensill Capital.
A U.K. money laundering prevention expert was found guilty of allowing criminals to use his company to launder the proceeds of an £850,000 (U.S. $1.2 million) investment fraud that resulted in dozens of victims being ripped off.
Companies’ priorities regarding compliance with the GDPR are likely to become more focused because of a mixture of recent legal decisions and efforts by the European Commission to keep privacy rules in sync with changes in technology.
James Vorley and Cedric Chanu, former precious metals traders at Deutsche Bank, were each sentenced to one year and one day in prison for their respective roles in a scheme to manipulate the precious metals markets with fraudulent trades.
The U.K.’s financial regulator has been forced to extend a registration deadline for cryptocurrency firms by nearly nine months because so few have been able to meet even basic anti-money laundering requirements.
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.