Europe

 

AI_data_privacy

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EU AI Act next GDPR? Proof in the pudding as boardrooms prioritize data governance

2024-12-23T10:00:00+00:00By

Breaches of the EU’s GDPR can cost companies substantial sums and huge reputational damage. Now some are warning that the implementation of the EU’s AI Act will be just as far-reaching, and could potentially lead to similar numbers of cases.

EU_flags_web

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’Future-proofing’ products for safety next level of regulation under EU GPSR

2024-12-20T16:47:00+00:00By

Any product that uses AI needs to be safety assessed for its entire lifespan under new rules that went into effect recently across the EU. Experts warned companies using AI to tailor products could be classed as “manufacturers” and face the same duty of care as developed.

Blog

Deutsche Bank names CRO

2024-12-18T09:00:00+00:00By

Deutsche Bank appointed Marcus Chromik as chief risk officer, effective May 20.

British pounds

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Overabundance of U.K. AML regulators stretching enforcement resources thin, experts say

2024-12-12T19:59:00+00:00By

The U.K. will struggle to shed its reputation as one of the world’s biggest conduits for dirty money due to a combination of patchy intelligence-sharing and poorly resourced enforcement agencies, experts told Compliance Week.

Blog

Riksbank announces GC

2024-12-05T09:17:00+00:00By

Riksbank has appointed Annica Sandberg as its new general counsel, effective Jan. 7.

Global sanctions

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U.K., EU enforcement regimes set to escalate, but critics question sanctions’ effectiveness

2024-12-04T16:32:00+00:00By

With a new political regime ready to take over in the U.S., the effectiveness of sanctions against malign foreign actors like Russia, North Korea, and Iran have come into question. While the European Union and U.K. have increased sanctions pressure, critics have publicly asked: Is it enough?

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Opinion

German firm Aiotec to pay $14.5M to settle Iran sanctions violation

2024-12-03T21:32:00+00:00By

German petrochemical parts supplier Aiotec agreed to pay $14.5 million to settle allegations that it engaged in a four-year conspiracy to dismantle and ship a plastics manufacturing plant owned by a U.S. company to Iran, in violation of U.S. sanctions.

Blog

Banco BPM appoints CRO

2024-11-28T10:14:00+00:00By

Banco BPM appointed Edoardo Faletti as the new head of the risk management function (risk manager) as well as chief risk officer.

Thales_web

News Brief

French defense contractor Thales Group under investigation for bribery in Asia

2024-11-26T17:29:00+00:00By

French defense and aviation contractor Thales Group is under investigation by authorities in the U.K. and France for allegedly participating in bribery and corruption.

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Good AI governance starts with proactive, continuous risk assessments

2024-11-21T16:25:00+00:00By

Data governance has become a key concern for companies, especially when the EU AI Act and General Data Protection Regulation have put a premium on handling data responsibly and ensuring that artificial intelligence does not cause harm.

Meta building

News Brief

European Commission accuses Meta of anticompetive practices, issues $841M fine

2024-11-14T21:07:00+00:00By

Meta, the parent company of Facebook, has been fined nearly 798 million euros (U.S. $841 million) by the European Commission to resolve the agency’s long-running investigation into alleged “abusive practices” by Facebook Marketplace.

Deforestation

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EU Deforestation Directive delayed, experts advise compliance managers to not rest on laurels

2024-11-14T15:50:00+00:00By

If your business uses leather, rubber, wood, beef, palm oil, soy, or paper, then you may need to comply with the EU Deforestation Directive, a new rule intended to ensure that no goods traded in the EU contribute to global deforestation.

Blog

Allegion names general counsel

2024-11-13T11:19:00+00:00By

Global security products and solutions provider Allegion reappointed Jeff Braun as senior vice president, general counsel and corporate secretary.

Meta building

News Brief

Meta discloses potential CFPB lawsuit following probe into advertising, disclosure practices

2024-11-04T14:44:00+00:00By

Meta disclosed in a public filing that an investigation by the Consumer Financial Protection Bureau related to financial product advertising on platforms Instagram and WhatsApp may lead to a lawsuit.

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Meta-backed EU appeals body facing conflicts of interest concerns

2024-11-01T19:00:00+00:00By

Ireland’s cozy relationship with big business and Big Tech has once again come under scrutiny after the country’s media regulator allowed a $15 million one-off funding payment from Meta’s Oversight Board Trust to help launch the newly formed Appeal Centre Europe.

UK compensation

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U.K. Employment Rights Bill triggers debate over flexibility vs. exploitation

2024-10-30T19:25:00+00:00By

Contract workers’ rights are in the spotlight in the U.K. and some EU countries as governments seek to end exploitative practices by eliminating zero-hours contracts, much to the chagrin of some business leaders.

LinkedIn

News Brief

Irish DPC fines LinkedIn $335M over GDPR violations related to targeted advertising

2024-10-30T18:49:00+00:00By

The Irish Data Protection Commission fined Microsoft-owned LinkedIn 310 million euros (U.S. $335 million) over violations of the European Union’s General Data Protection Regulation related to the social media company’s data processing and targeted advertising.

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AI & Compliance Summit: Regs discuss artificial intelligence guardrails for financial services

2024-10-29T19:47:00+00:00By

Artificial intelligence is an exciting, new technology and it is well-regulated by old laws and rules already on the books, financial regulators said at Compliance Week’s AI & Compliance Summit at Boston University.

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EU businesses will soon have to report on supply chains and sustainability. Not all are ready

2024-10-25T15:38:00+01:00By

Supply chains are about to become the next big thing in sustainability compliance. However, many organizations still lack the data and assurance capabilities to track sustainability and human rights activities across their extended supply chains – which is required by the EU’s CS3D. Many others that fall out of scope ...

AI Act

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Pace of innovation will make EU AI Act hard to enforce, experts say

2024-10-17T16:22:00+01:00By

Concerns about how robustly European member states may enforce the EU AI Act, which took effect on Aug. 1, are divided between if regulators will take a “light touch” approach or a sledgehammer for noncompliance. One thing’s for sure, the pace of AI innovation will make enforcement very difficult.

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Event

Photo gallery: Compliance Week Europe 2024

2024-10-15T20:40:00+01:00By

Compliance Week Europe, held Oct. 15-16 in Amsterdam in partnership with our sister organization the Internation Compliance Association, gathered more than 200 GRC professionals across industries. Check out some of the sights from the event.

AI_data_privacy

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Control and delete: How regulators can shutdown companies’ AI investments

2024-10-11T19:20:00+01:00By

Companies are increasingly putting their faith in AI to realize the kind of business benefits that the technology seems to promise, but they are also opening themselves up to new and potentially crippling sanctions if they are unable to answer questions that surround how AI operates.

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AI & Compliance Summit notebook: ‘Think big. Start small. Scale fast.’

2024-10-09T14:35:00+01:00By

When starting artificial intelligence efforts for companies large or small, one approach compliance practitioners said they’ve found works best is to start with a specific use case.

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Companies are slowing AI launches in Europe, some say European Union regulations are why

2024-10-08T13:03:00+01:00By

The European Union’s Digital Markets Act is forcing many Big Tech companies to postpone the launch of artificial intelligence-powered features, like Apple Intelligence, over user privacy and data security concerns.

Blog

Oculis announces chief legal officer

2024-10-03T16:40:00+01:00By

Biopharmaceutical company Oculis Holding AG announced the appointment of Daniel Char to the role of chief legal officer.

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New U.K. enforcement body piles pressure on sanctions evaders

2024-10-03T16:02:00+01:00By

Global sanctions rules are increasing rapidly, as are tools to detect and punish those who break them. In response, the U.K. government is creating a new Office of Trade Sanctions Implementation to investigate and penalize those who break sanctions rules.

Meta building

News Brief

Irish DPC fines Meta $102M over GDPR violation linked to improper storage of passwords

2024-09-27T22:30:00+01:00By

The Irish Data Protection Commission fined Meta Ireland 91 million euros (U.S. $102 million) for multiple violations of the European Union’s General Data Protection Regulation related to the inadvertent storage of user passwords without encryption.

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AI misuse could lead to sanctions from multiple regulators, experts warn

2024-09-27T16:22:00+01:00By

The proliferation of AI, as well as the promised business cases promoting its use, has led companies around the world to quickly invest in the technology. Executives hope these AI tools will improve efficiencies, reduce costs, and help them stay competitive. But it could lead to just the opposite.

Blog

Technip Energies announces sustainability chief

2024-09-26T19:29:00+01:00By

Engineering and technology company Technip Energies announced the appointment of Benjamin Lechuga as chief strategy & sustainability officer and member of the group executive committee.

Blog

Prilenia appoints chief legal officer

2024-09-26T19:29:00+01:00By

Biotechnology company Prilenia Therapeutics B.V. announced the appointment of Jason Marks, J.D. as chief legal officer.

Blog

ABN AMRO names risk chief

2024-09-26T19:28:00+01:00By

ABN AMRO Bank announced that Serena Fioravanti was appointed as a member of the executive board of ABN AMRO Bank N.V. and chief risk officer, effective Oct. 1.

Blog

Louvre Hotels Group adds GC

2024-09-26T19:28:00+01:00By

Louvre Hotels Group announced that Grégoire Bouffard will join the executive committee as general counsel, effective Oct. 1.

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News Brief

AAR Corp. discloses former exec implicated in Nepal, South Africa FCPA violations

2024-09-25T20:22:00+01:00By

Aviation maintenance services provider AAR Corp. disclosed that several former employees may have bribed officials in Nepal and South Africa to win contracts, and chose to self-report violations of the Foreign Corrupt Practices Act to authorities in the U.S. and U.K.

Barclays

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Barclays is axing its bonus caps. Is it also ditching good governance?

2024-09-23T18:50:00+01:00By

Four years post-Brexit, London-based Barclays became the first British bank to scrap bonus caps for its traders that were meant to curb excessive risk-taking with client cash, improve corporate governance, and restore faith in an industry most working people still hold responsible for 15 years of economic misery. 

FTC

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FTC sounds alarm on business practices turning into ‘vast surveillance’

2024-09-20T14:07:00+01:00By

The Federal Trade Commission took aim at the business models of some of the world’s largest companies, publishing a years-long study that decried technologies that have created “vast surveillance” networks that expose people to “a host of harms” and violate children’s privacy laws.

Blog

WS Audiology announces legal chief, GC

2024-09-19T05:39:00+01:00By

WS Audiology announced that Hea Vinskov has been appointed chief legal officer and general counsel, effective Oct. 21.

Blog

ALFI appoints general counsel

2024-09-18T13:45:00+01:00By

The Association of the Luxembourg Fund Industry announced the appointment of Corinne Lamesch as deputy CEO and general counsel.

Blog

Amcor announces first sustainability chief

2024-09-18T13:11:00+01:00By

Packaging solutions firm Amcor announced that David Clark, previously its vice president, sustainability, has been appointed to the new chief sustainability officer role.

Budweiser Budvar_web

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Budweiser Budvar registration failures show ESG impacts of U.K. noncompliance

2024-09-16T18:14:00+01:00By

Most businesses think more about their products than what they come wrapped in, but a recent U.K. penalty against Czech brewery Budweiser Budvar indicates packaging is an increasingly important element in sustainability regulations.

Blog

Holcim announces group general counsel

2024-09-11T18:04:00+01:00By

Holcim, which manufactures building materials, announced that Lukas Studer, general counsel corporate and M&A, is appointed group general counsel, effective Nov. 1.

Blog

Perrigo appoints general counsel

2024-09-11T18:04:00+01:00By

Self-care products provider Perrigo Company announced the appointment of Charles Atkinson as executive vice president, general counsel and secretary.

Blog

Tuum appoints compliance, risk head

2024-09-11T18:01:00+01:00By

Core banking platform provider Tuum announced the appointment of Stephen Frame as its new head of compliance and risk.

Clearview AI

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Clearview AI’s GDPR fines rise to $110M total after latest penalty by Dutch DPA

2024-09-09T13:08:00+01:00By

Clearview AI was fined 30.5 million euro (U.S. $33.8 million) by the Dutch Data Protection Authority and ordered to stop collecting images of Dutch citizens in the latest enforcement action against the U.S. company.

Raytheon

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Raytheon parent to pay $200M in fines, remediation over export control violations

2024-09-05T12:00:00+01:00By

RTX Corp., the parent company of Raytheon, agreed to pay $200 million in fines and remediation to address hundreds of export control violations that led to the disclosure of sensitive military secrets.

Blog

Alisa Bank announces general counsel

2024-09-04T14:19:00+01:00By

Alisa Bank appointed Katja Vähäsilta as general counsel and member of the management team, effective Oct. 1.

columnist_Sherr

Opinion

Ian Sherr joins Compliance Week as its new editor-in-chief

2024-09-03T13:47:00+01:00By

New Compliance Week Editor-In-Chief Ian Sherr shares his thoughts on where compliance is headed as businesses meet the realities of not just following the rules, but staying ahead of the pace of regulatory change at a global scale. 

BCG_web

News Brief

BCG avoids criminal prosecution for FCPA violations related to bribes in Angola

2024-08-30T13:53:00+01:00By

The Department of Justice declined to prosecute Boston Consulting Group for allegedly bribing Angolan officials in violation of the Foreign Corrupt Practices Act, citing the firm’s prompt self-disclosure and timely remediation.

Blog

NN Group names new CRO

2024-08-29T17:52:00+01:00By

International financial services company NN Group announced that Wilbert Ouburg will be appointed chief risk officer and member of the management board, effective Oct. 1.

Blog

N26 promotes risk head to chief regulatory officer

2024-08-29T17:05:00+01:00By

Digital bank N26 announced that Chief Risk Officer Carina Kozole has been named as its chief regulatory officer.

Blog

Helvetia Insurance appoints group risk chief

2024-08-29T16:34:00+01:00By

Helvetia Insurance announced the appointment of Bernhard Kaufmann as group chief risk officer, effective Nov. 1.