All Europe articles – Page 32
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ArticleEU regulators beef up SCCs as temporary Privacy Shield alternative
The key data regulators that oversee the European Union’s strict privacy regulation agreed to a beefed up set of contractual terms to provide more clarity about the level of protection data transfers to countries outside the EU can enjoy.
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ArticleCJEU opinion could further expose Big Tech under GDPR
Any European Union data protection authority should be allowed to pursue legal action against Big Tech firms over privacy issues, according to an opinion from the advocate general of the region’s top court.
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ArticleGerman laptop retailer fined $12.7M under GDPR for employee surveillance
A German data regulator fined an online laptop and electronic goods retailer €10.4 million (U.S. $12.7 million) for video-monitoring employees for at least two years without legal basis.
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ArticleFive key points from the EU-U.K. Brexit trade deal
The Brexit trade deal agreed to by the European Union and United Kingdom details how all business between the two markets will be transacted from now on. Neil Hodge examines five key areas of the deal.
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ArticleGDPR priorities for 2021: Twitter ruling stresses need for harmonization
European data protection authorities need to speed up their decision-making processes—especially with regard to cross-border complaints—before regulators lose patience and find legal means to mete out penalties under national laws instead of the GDPR.
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ArticleCharles Schwab U.K. fined $12M for failing to protect client assets
The U.K. Financial Conduct Authority fined Charles Schwab U.K. approximately £9 million (U.S. $12 million) for compliance failures related to the protection of client assets.
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Article
OFAC closes investigation into Danske Estonia case
Danske Bank received a no-action letter from the U.S. Department of the Treasury’s Office of Foreign Assets Control regarding an investigation at the bank’s infamous Estonian branch.
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U.K. court upholds insider trading charges against former UBS compliance officer
A U.K. appeals court upheld five insider trading convictions against a former senior compliance officer at investment bank UBS.
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ArticleBarclays fined $34.8M over treatment of cash-strapped customers
The U.K. Financial Conduct Authority fined Barclays Bank and its related units £26 million (U.S. $34.8 million) for poor treatment of consumer credit customers experiencing financial hardship.
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ArticleTwitter’s tiny $547K GDPR fine leaves many scratching their heads
Ireland’s first major decision against a Big Tech company under the GDPR has stirred controversy as the country’s data regulator hit Twitter with an underwhelming €450,000 (U.S. $547,000) fine for a 2018 data breach.
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Facebook reserves $366M for expected GDPR fines in Ireland
Facebook Ireland has set aside €302 million (U.S. $366 million) for possible fines from the Irish Data Protection Commission for violations of the General Data Protection Regulation.
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ArticleFrance sidesteps GDPR in fining Google, Amazon $163M combined
Data privacy watchdog CNIL utilized the French Data Protection Act in fining Google and Amazon a combined €135 million (U.S. $163 million) for illegal cookie practices, sidestepping the “one-stop shop” provision of the GDPR.
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ArticleReports: Ex-EY partner steps aside as Deutsche exec amid Wirecard probe
A former EY partner is reportedly relinquishing his position as Deutsche Bank’s head of accounting temporarily after German prosecutors launched an investigation into his role as a lead auditor for Wirecard.
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ArticleUBS chief facing investigation in ING money laundering case
A Dutch court has ordered a criminal investigation into UBS CEO Ralph Hamers for his role in the ING money laundering scandal that occurred during his tenure as the latter financial institution’s leader.
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ArticleFive challenges for European CCOs heading into 2021
Many of the problems European compliance officers faced in 2020 will remain in place going into the new year, but new risks and new regulations will also present new challenges.
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ArticleRecord year of FCPA enforcement a sign of more to come in 2021
Major bribery scandals, record enforcement actions, unprecedented cross-border coordination and prosecutions—all this amid a global pandemic made 2020 an unforgettable year for FCPA enforcement.
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ArticleCompanies should create ‘Ombuds’ function to meet EU whistleblower rules
The creation of an independent, competent “Ombuds” function could be used by companies to respond to certain key requirements in the EU’s Whistleblower Protection Directive.
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U.K. firm BlueCrest fined $170M for violating U.S. securities laws
U.K.-based investment fund BlueCrest Capital Management has agreed to pay $170 million as part of a settlement with the SEC for allegedly violating anti-fraud provisions of U.S. securities laws.
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PremiumTop ethics and compliance failures of 2020
From a massive accounting fraud scandal in Germany to deceitful consumer tactics among China-based companies to unethical practices on the environmental front in the United States—CW’s list of the top ethics and compliance failures of 2020 spans the globe.
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ArticleNorway’s DNB facing potential $45M AML fine
DNB ASA, Norway’s largest financial services group, is facing a potential fine of NOK 400 million (U.S. $45.4 million) for inadequate compliance with the Norwegian Anti-Money Laundering Act.