All United Kingdom articles
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ArticleU.K. moves forward with GDPR reform bill
The U.K. government formally introduced a bill to reform the country’s data privacy laws in a manner projected to save British businesses “billions.”
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Deloitte promotes ethnicity leader to U.K. chief sustainability officer
Big Four audit firm Deloitte announced the promotion of Smruti Naik-Jones as its first U.K. chief sustainability officer.
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PwC fined $6.6M over Babcock International, Devonport audit breaches
The U.K. Financial Reporting Council fined Big Four firm PwC more than £5.6 million (U.S. $6.6 million) for failing to challenge management, obtain sufficient evidence, and follow basic requirements while conducting audits of a British defense contractor and its subsidiary.
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Corporate conformity and ‘blame culture’
Conformity can be a powerful force for good, but the same urge to conform can also lead to a toxic culture with an unhealthy atmosphere for employees and customers alike.
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U.K. push for GDPR reprimand transparency draws mixed reviews
The U.K. Information Commissioner’s Office began publishing the details of cases where organizations breached the General Data Protection Regulation but were not fined. Legal experts share their take on the initiative.
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Flutter Entertainment to pay $4M for legacy FCPA violations
Ireland-based gaming and sports betting company Flutter Entertainment will pay a $4 million fine to resolve SEC charges payments made to Russian consultants by a company it acquired violated the Foreign Corrupt Practices Act.
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SEC orders Rio Tinto to pay $15M over FCPA violations
U.K.-based mining and minerals company Rio Tinto will pay a $15 million fine to settle charges of violating the Foreign Corrupt Practices Act when it entered into a scheme with a consultant in 2011 to bribe government officials in Guinea.
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Ruling in Experian GDPR case thrusts ‘legitimate interest’ into spotlight
Experian won a legal battle against the U.K. Information Commissioner’s Office after the data regulator ordered the credit reference agency to make “fundamental changes” over the way it handled personal data for direct marketing purposes or stop altogether.
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FRC probing PwC audits at collapsed property group Intu
The U.K. Financial Reporting Council launched an investigation into Big Four firm PwC’s audit work at collapsed real estate investment trust Intu Properties.
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Is threat of regulatory censure a risk worth taking?
When making anti-regulatory decisions, a board is expressing its real risk appetite. This can be frustrating, even bewildering, for compliance professionals, especially when rules are clear and explicit in their expectations.
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Amigo Loans dodges $89M fine over IT system lending lapses
Amigo Loans faced a penalty of £72.9 million (U.S. $88.7 million) after the U.K. Financial Conduct Authority found it used automated decision-making to drive sales over ensuring whether customers posed credit risks.
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Report: FCA probing Barclays over AML controls
Barclays Bank is reportedly being investigated by the U.K. Financial Conduct Authority for failures regarding its anti-money laundering procedures and controls.
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SFO’s Balli Steel win latest to leverage international cooperation
The Serious Fraud Office secured the convictions of two executives at failed British steel trading business Balli Steel on six counts of fraud. Legal experts examine whether “record-breaking” international cooperation in the case served as a crutch for the U.K. regulator.
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European labor laws showing teeth in crackdown on gig economy
Recent enforcement cases against food delivery company Glovo and online retailer Amazon in Spain have shone a spotlight on the compliance difficulties associated with engaging workers as freelancers rather than full-time employees.
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TI 2022 Corruption Perceptions Index shows ‘scant progress’
Around the world, countries attempting to address their corruption issues are not making much progress, while countries failing to address corruption are worsening the problem, according to Transparency International’s latest Corruption Perceptions Index.
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Libra Group names first chief risk, compliance officer
Libra Group, an international conglomerate, announced the appointment of Richard Blaksley as its first chief risk and compliance officer.
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Experts: New AI laws pose risk of overlap with data protection mandates
Companies are at serious risk of facing multiple fines for the same offense under different sets of legislation if the artificial intelligence technologies they employ misuse personal data or cause harm to consumers, according to legal experts.
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In Touch Games fined $7.6M for AML failures by U.K. Gambling Commission
U.K. online gaming company In Touch Games was fined £6.1 million (U.S. $7.6 million) by the country’s Gambling Commission for a series of anti-money laundering failures—its third such penalty since 2019.
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Audit exam cheating findings spark concern of endemic trend
Recent penalties against Big Four audit firms KPMG, PwC, and EY over allegations of widespread exam cheating have raised concerns prompting regulators to investigate the extent of the practice.
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Banks fooled in DOJ Russian yacht sanctions evasion case
The Department of Justice’s charges against a U.K. businessman and his Russian partner for evading U.S. sanctions against a Russian oligarch provide insight into how the use of shell companies, third parties, and other methods can thwart the compliance efforts of financial institutions.
