All Europe articles – Page 7
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PremiumChapter 4: Investigations into misconduct: What banks can do
Both JPMorgan Chase and Deutsche Bank retained their respective Jeffrey Epstein relationships for too long. Yet, there is a case to be made for why exiting a high-risk relationship too soon can become an inverse form of recklessness.
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Blog
Fresenius appoints global legal, compliance head
Healthcare company Fresenius Medical Care announced the appointment of Jörg Häring as global head of legal, compliance, and human resources, effective June 1.
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PremiumChapter 3: Egregious failures: Customer due diligence and transaction monitoring
Why did JPMorgan Chase retain Jeffrey Epstein for more than a dozen years? How did the relationship persist despite glaring red flags? The “why” is straightforward; the “how” is more complicated.
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News BriefDeutsche Bank dinged $54K over IT incident reporting
Deutsche Bank was assessed a penalty of €50,000 (U.S. $54,000) by Germany’s financial supervisory authority for its alleged miscommunication of a 2023 information technology security incident.
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Blog
Halton Group names sustainability chief
Indoor air solutions technology provider Halton Group announced Riikka Paarma will join as chief sustainability officer.
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PremiumChapter 2: KYC shortfalls: JPMorgan and Deutsche Bank’s onboarding of Epstein
Jeffrey Epstein’s designation as a high-risk client should have subjected him to enhanced due diligence that never appeared to occur, most notably at Deutsche Bank. Instead, Epstein was allowed to continue his misconduct despite numerous red flags.
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PremiumChapter 1: Compliance v. complicity: The ‘underbelly’ of bank culture
Why were decisions made the way they were at the banks that serviced Jeffrey Epstein? Evidence points to a cultural tension: a tug-of-war between the allure of profit and the drag of compliance, with the former having all the pulling power.
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PremiumCase study: ‘The Banks Behind the Epstein Enterprise’
This Compliance Week case study offers a deep dive into the anti-money laundering compliance failures—and alleged complicity—of JPMorgan Chase and Deutsche Bank, the two banks that enabled the Jeffrey Epstein enterprise to flourish for decades.
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PremiumEU due diligence directive back on track, despite concession concerns
The future of the EU’s Corporate Sustainability Due Diligence Directive was thrown into doubt when the European Council failed to endorse proposals. The directive is back on track after being agreed upon, albeit in weaker form.
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PremiumPolicy changes underscore need for enhanced child labor due diligence
Rooting out potential child or forced labor violations in your company’s supply chain can have benefits beyond protecting reputation and being ethically sound. The process can also help your firm comply with pending child labor laws in other jurisdictions.
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News BriefDeparting ABN AMRO risk chief says climate, cyber among priorities
Tanja Cuppen, chief risk officer of ABN AMRO, shared her view on the Dutch bank’s biggest risk focus areas and the accomplishments of her tenure a month ahead of her planned departure.
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PremiumPrivacy by design a silver bullet for stemming AI risks?
The proliferation of artificial intelligence technologies—and their reliance on publicly available data—has reinforced the need for tech developers and the companies using their solutions to ensure privacy by design and by default is at the crux of any offering.
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Blog
Julius Baer nominates ex-NatWest chief risk officer for board
Swiss bank Julius Baer Group nominated Bruce Fletcher, former chief risk officer of NatWest Group, for election to its board of directors.
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News BriefEFG International settles Cuba, blocked persons U.S. sanctions case
Swiss-based global private banking group EFG International agreed to pay more than $3.7 million as part of a settlement with the Office of Foreign Assets Control addressing apparent violations of U.S. sanctions against Cuba and two blocked individuals.
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PremiumStudy: Climate transition impact reporting still lacking
Large polluters are failing to account for climate change impact and adaptation, but policymakers need to harmonize disclosure requirements to drive coherent action.
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Blog
Societe Generale appoints group deputy risk chief
French bank Société Générale announced the appointment of Ludivine Labarre as group deputy chief risk officer and member of the management committee.
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News BriefItalian DPA fines UniCredit $3M over data breach GDPR lapses
The Italian data protection authority announced a fine of €2.8 million (U.S. $3 million) against UniCredit for alleged violations of the General Data Protection Regulation regarding insufficient security measures the bank had in place during a cyberattack.
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News BriefEU to ban sale of products made with forced labor
The European Union announced an agreement to ban products made with forced labor, a decision that will oblige organizations to track and declare more information about their supply chains for goods entering EU markets.
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News BriefEricsson promotes investigations head to CCO
Ericsson shook up its reporting structure with the promotion of Head of Corporate and Government Investigations Rebecca Rohr to chief compliance officer.
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Blog
Cadeler announces legal chief
Denmark-based offshore wind support service provider Cadeler announced the appointment of Alexander Simmonds as chief legal officer and executive vice president.