All Europe articles – Page 16
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News BriefEDPB task force latest scrutinizing ChatGPT, AI accountability
The European Data Protection Board is the latest regulatory body assessing the applicability of ChatGPT amid skyrocketing data privacy concerns regarding the popular artificial intelligence platform.
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News BriefOFAC sanctions International Investment Bank over Russian ties
The International Investment Bank, a multinational development institution headquartered in Hungary, was designated by the Office of Foreign Assets Control for potentially facilitating the evasion of U.S. sanctions against Russia.
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News BriefOCC ‘reluctantly’ drops enforcement, fine against former Rabobank CCO
The Office of the Comptroller of the Currency dismissed an enforcement action and withdrew a fine against the former chief compliance officer for the now-defunct U.S. branch of Rabobank N.A.
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News BriefMicrosoft to pay $3.3M to settle sanctions, export control violations
Microsoft will pay more than $3.3 million to settle charges from the Office of Foreign Assets Control and Bureau of Industry and Security its subsidiaries violated sanctions laws and export controls across their dealings in four sanctioned countries and Ukraine’s Crimea region.
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News BriefUBS prepping for ‘Herculean task’ of integrating Credit Suisse
Senior leadership at UBS acknowledged the significant work ahead of Switzerland’s largest bank as it begins preparing to absorb the country’s second-largest bank, Credit Suisse.
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News BriefChatGPT exits Italy after GDPR violation warning
The Italian data protection authority shut down ChatGPT in the country, alleging the AI chatbot violates European Union privacy laws and has no controls to stop it interacting inappropriately with young children.
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News BriefEY Germany receives two-year ban over Wirecard audit work
Big Four audit firm EY will be prohibited from taking on new public interest clients in Germany for two years following an investigation into its work at collapsed payment processor Wirecard.
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Premium‘An unexpected stress test’: European banks weathering storm of U.S. failures
Except for Credit Suisse’s demise, Europe has so far largely patted itself on the back for preventing further contagion in the banking sector following the failures of Silicon Valley Bank, Silvergate Bank, and Signature Bank in the United States.
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Blog
Volkswagen names chief sustainability officer
Volkswagen Group announced the appointment of Dirk Voeste as chief sustainability officer. He succeeds Ralf Pfitzner, who plans to pursue new opportunities outside the company.
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News Brief
Ex-OneCoin compliance head charged over alleged fraud role
The former head of legal and compliance at OneCoin was indicted on separate charges of conspiracy to commit wire fraud and money laundering for her role in the $4 billion cryptocurrency fraud scheme.
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News Brief‘Crisis of confidence’ leads Credit Suisse to merger with UBS
Credit Suisse will merge with UBS in a move approved by Swiss banking regulators after a proposed cash injection from the Swiss National Bank failed to stabilize Credit Suisse’s rapidly declining finances.
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News BriefDanske Bank to name audit exec new chief compliance officer
Danske Bank will appoint Chief Audit Executive Dorthe Tolborg to serve as its chief compliance officer after current CCO Satnam Lehal announced he would depart the bank in early 2024.
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News BriefCredit Suisse discloses ICFR ‘not effective’ in 2022
Credit Suisse Group disclosed in its annual report its internal control over financial reporting was “not effective” for the fiscal year ending December 2022.
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News Brief
Swedbank reserves $3.7M for OFAC settlement
Swedbank said it expects to pay 40 million Swedish krona (U.S. $3.7 million) as part of a settlement with the U.S. Treasury’s Office of Foreign Assets Control related to apparent sanctions violations.
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News BriefEricsson to pay $207M for breaches of 2019 DPA over FCPA violations
Swedish telecommunications company Ericsson agreed to pay nearly $207 million following two breaches of its 2019 deferred prosecution agreement with U.S. authorities.
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PremiumPrivacy Shield replacement on track, though hurdles remain
The agreement on a new framework for transatlantic data flows between the United States and European Union could be finalized this year. Whether it can stand legal scrutiny is the real question.
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News BriefItalian DPA fines Edison Energia $5.2M over GDPR lapses
The Italian data protection authority penalized electric utility company Edison Energia for multiple alleged violations of the General Data Protection Regulation regarding marketing communications and data processing transparency.
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News BriefFINMA: Credit Suisse ‘seriously breached’ duty regarding Greensill
Poor risk management by Credit Suisse’s asset management company kept the bank mostly unaware of the risky nature of lending procedures used by Lex Greensill that would lead to the collapse of Greensill Capital, according to Switzerland’s Financial Market Supervisory Authority.
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News BriefEricsson searching for CCO successor amid extended compliance monitorship
Ericsson announced the departure of Chief Compliance Officer Laurie Waddy as the Swedish telecommunications company braces for another year under an independent compliance monitorship.
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PremiumRuling 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.