All Europe articles – Page 12
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News BriefFrench high court orders new trial into $2B fine against UBS
France’s top court struck down a fine of €1.8 billion (U.S. $2 billion) imposed on UBS in 2021 by a lower court, despite upholding a guilty verdict related to money laundering and tax fraud in the Swiss bank’s cross-border activities.
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News BriefKPMG Japan fined $500K over journal entry quality controls
The Japanese affiliate of Big Four audit firm KPMG was assessed a $500,000 penalty by the Public Company Accounting Oversight Board for quality control deficiencies regarding journal entry testing.
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News BriefPwC Greece fined $3M for due care, skepticism failures
The Greece-based branch of Big Four audit firm PwC agreed to pay $3 million as part of a settlement with the Public Company Accounting Oversight Board addressing alleged failures in due professional care and appropriate skepticism regarding an audit of a marine fuel logistics company.
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PremiumCompanies must set clear tone under EU whistleblower rules
With a moving target for compliance under the EU’s Whistleblower Directive, the opportunity exists for companies to set their own standards on whistleblowing and engender greater trust among employees, according to a panel at Compliance Week’s Europe conference in London.
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PremiumEmbracing change key to success for compliance officer of tomorrow
Between changes in technology and regulation and worsening geopolitical tensions, the compliance officer is being tested like never before. Those who will succeed in this environment are the ones that will be open to change, a panel discussed at Compliance Week’s Europe conference in London.
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News BriefMerged UBS, AI on FINMA’s risk radar
A year of significant change in the Swiss banking sector, including the acquisition of Credit Suisse by UBS, has the country’s financial regulator prioritizing new risk areas on its radar.
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News BriefAxpo Italia fined $10.5M in GDPR case over data processing
Axpo Italia, a producer and trader of renewable energy products, was penalized under the General Data Protection Regulation by the Italian data protection authority for processing inaccurate and outdated personal data of customers.
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News Brief
Ex-OneCoin compliance head pleads guilty to fraud role
The former head of legal and compliance at OneCoin pleaded guilty to fraud charges regarding her role in a cryptocurrency marketing scheme that generated more than $4 billion in sales and revenue.
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Blog
Amarin names chief legal and compliance officer
Pharmaceuticals company Amarin Corp. announced the appointment of Jonathan Provoost as executive vice president, chief legal and compliance officer.
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PremiumSupply chain due diligence must go beyond self-assessments
So many companies rely on suppliers to self-certify they comply with buyers’ codes of business conduct that the practice is “almost useless,” a panel of experts discussed at Compliance Week’s Europe conference in London.
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News BriefFATF’s AML/CFT watchlist adds Bulgaria, drops 4 others
Bulgaria is the latest country to be identified by the Financial Action Task Force as a jurisdiction under increased monitoring for money laundering and terrorist and proliferation financing.
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News BriefCFTC, French AMF reaffirm collaboration on market oversight
The Commodity Futures Trading Commission and France’s Autorité des marchés financiers signed a new agreement to continue collaboration regarding the supervision and oversight of firms that operate on a cross-border basis in the United States and France.
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PremiumWirecard what happens when ‘those that are meant to check compliance don’t’
The Wirecard fraud highlights the result of regulators and auditors failing to act properly and underlines the importance of encouraging and protecting whistleblowers, said the reporter who exposed the firm in speaking at Compliance Week’s Europe conference in London.
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PremiumSocial risks prove tripping point in early CSRD compliance efforts
Companies are still struggling to report meaningfully on societal risks as part of their efforts to meet demands for better environmental, social, and governance disclosures, experts discussed at Compliance Week’s Europe conference in London.
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News BriefBaFin dings Deutsche Bank $180K over SARs filing delays
Deutsche Bank was assessed a penalty of €170,000 (U.S. $180,000) by Germany’s financial supervisory authority for failing to timely submit suspicious transaction reports.
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News BriefReport: Credit Suisse facing probe in Singapore money laundering scandal
A Singapore financial regulator will reportedly conduct an on-site inspection of a local Credit Suisse unit in connection with a 2.8 billion Singapore dollar (U.S. $2 billion) money laundering scandal.
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PremiumExperts: Copyright, IP concerns top of mind with AI use
Companies need to be aware of the legal risks and liabilities associated with their use of AI-based technologies, as technology firms are not the only ones in regulators’ sights, a panel of experts discussed at Compliance Week’s Europe conference in London.
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PremiumHumans vs. machines, it all comes back to data
A panel of experts discussed trending topics in the compliance space, including the debate over whether humans or machines will lead future efforts to fight financial crime, during the opening keynote at Compliance Week’s Europe conference in London.
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PremiumSpanish labor ministry continues working condition crusade with Big Four fines
Spain’s labor ministry fined the Big Four accountancy firms at least €1.4 million (U.S. $1.5 million) total for overworking and underpaying their respective employees, continuing a recent trend in the country of the government cracking down on apparent labor violations.
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News BriefEOS Matrix battles back against Croatian DPA in $5.8M GDPR case
Debt collector EOS Matrix said it will challenge a General Data Protection Regulation penalty levied against it by the Croatian data protection authority after finding the data in question in the case does not match the data in its database.