All Europe articles – Page 17
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ArticleManaging sanctions risk: Keys to successful implementation
The International Compliance Association hosted a webinar looking at challenges faced by organizations regarding changes in the sanctions landscape in 2022. Holly Thomas-Wrightson offers a recap of the discussion.
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Article‘Period of uncertainty’ projected as U.K. embarks on ‘Edinburgh Reforms’
The “Edinburgh Reforms” aim to establish a smarter regulatory framework for the United Kingdom that is agile, less costly, and more responsive to emerging trends. Experts weigh in on the proposed changes.
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ArticleTSB Bank fined $59.2M for governance lapses in botched IT migration
TSB Bank was fined £48.65 million (U.S. $59.2 million) by U.K. regulators after a disastrous IT migration left customers unable to access cash or use online accounts for weeks.
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ArticleBNP Paribas names new head of compliance
BNP Paribas, France’s largest bank, announced the appointment of Stéphanie Maarek as its new head of compliance. She succeeds Nathalie Hartmann, who held the role since 2017.
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ArticleJoining the dots between ESG and corruption
A report from Transparency International UK sets out the case for why business integrity and corruption should be considered as core issues in the context of impact environmental, social, and governance investing.
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ArticleAbanca fined $3.3M for missing 2-hour breach reporting deadline
The European Central Bank fined Spanish bank Abanca €3.145 million (U.S. $3.3 million) after it “knowingly failed” to report a major cyber breach within the prescribed two-hour time limit.
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ArticleDeutsche Bank efforts to meet BaFin order reflective of EU’s AML struggles
Deutsche Bank said it is about “two-thirds” of the way toward meeting Germany’s financial regulator’s demands for tighter controls to combat money laundering and terrorist financing—an area of weakness many banks across the European Union are confronting.
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ArticleDOJ, SEC extend Ericsson compliance monitorship one year
Swedish telecommunications company Ericsson agreed with U.S. authorities on a one-year extension of its independent compliance monitorship after a second breach of its obligations under a deferred prosecution agreement earlier this year.
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ArticlePortugal statistics office fined record $4.6M for GDPR violations
The government office for national statistics in Portugal was assessed a fine of €4.3 million (U.S. $4.6 million) by the country’s data protection authority for multiple violations of the General Data Protection Regulation that occurred during its 2021 census work.
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ArticleCompliance implications of Danske Bank’s $2B Estonia money laundering settlement
Danske Bank reached final resolutions with U.S. and Danish authorities to settle allegations regarding widespread anti-money laundering deficiencies at its former Estonia branch.
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ArticleSantander UK fined $132M for poor AML controls
The U.K. arm of Santander was fined approximately £107.8 million (U.S. $132 million) by the Financial Conduct Authority for “serious and persistent” gaps in its anti-money laundering controls.
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ArticleRabobank probed by Dutch prosecutors over potential AML violations
Rabobank, the second largest bank in the Netherlands, is being investigated by the Dutch Public Prosecution Service for potential violations of the country’s anti-money laundering/countering the financing of terrorism law.
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ArticleThree KPMG firms disciplined in $7.7M enforcement sweep
The Public Company Accounting Oversight Board announced $7.7 million in total penalties against three separate KPMG firms and four individuals for varying violations of audit standards and ethical rules, including alleged exam cheating.
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ArticleGlencore to pay $180M in DRC corruption case
Commodity trading and mining company Glencore agreed to pay $180 million to the government of the Democratic Republic of the Congo to settle claims arising from alleged corrupt practices that took place for more than a decade.
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ArticleClubhouse app operator fined $2M for GDPR violations
Alpha Exploration, operator of the social media app Clubhouse, received a penalty from the Italian data protection authority for the unlawful processing of EU citizens’ data in violation of the General Data Protection Regulation.
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ArticleBarclays fined $10.2M over EU interchange fee violations
Barclays was fined £8.4 million (U.S. $10.2 million) by the U.K.’s Payment Systems Regulator for failing to provide retailers with complete information about the costs of the card services it supplied.
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ArticleABB avoids DOJ monitor, to pay $327M over South African bribes
ABB agreed to pay $327 million in penalties to settle coordinated charges it paid bribes to win South African energy contracts. The company entered into a three-year deferred prosecution agreement with the DOJ for violations of the Foreign Corrupt Practices Act.
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ArticleFCA fines Julius Baer subsidiary $21.5M for bribery scheme
Julius Baer International will pay more than £18 million (U.S. $21.5 million) to settle charges laid by the U.K. Financial Conduct Authority for paying bribes to generate business with a Russian oil company.
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ArticleDanish financial regulator refers Jyske Bank to police for AML violations
The Danish Financial Supervisory Authority reported Jyske Bank to Danish police for allegedly violating the country’s anti-money laundering law regarding its customer due diligence measures.
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ArticleExperts: AML efforts dealt blow by CJEU beneficial ownership ruling
Determining the true owner of a company might become more difficult after Europe’s top court ruled automatic access to registers of beneficial ownership conflicted with the right to privacy.