PARIS (Reuters) – France’s data protection watchdog fined Alphabet’s Google 50 million euros ($57 million) on Monday for breaching European Union online privacy rules, the biggest such penalty levied against a U.S. tech giant. The French regulator said the world’s biggest search engine lacked transparency and clarity in the way it informs users about its […]

The anti-corruption organisation Global Witness published a 26-report criticising the UK Financial Conduct Authority for its failure to investigate ROYAL BANK OF SCOTLAND AND STANDARD CHARTERED over their alleged involvement in the 1MDB scandal.   According to the US Department of Justice, which has already seized over USD 1 billion in potentially tainted assets, USD 3.5 billion […]

Carphone Warehouse has been fined £400,000 by the Information Commissioner’s Office for a series of “systemic failures” uncovered following a data breach in 2015. The ICO described the “number of distinct and significant inadequacies in the security arrangements” of Carphone Warehouse as “striking”, and said that it was “ particularly concerning that a number of the inadequacies related to basic, […]

Data breaches that arise after new EU data protection laws take effect but which stem from security flaws that were known about prior to then will be enforced under the General Data Protection Regulation (GDPR), the UK’s data protection watchdog has said. The Information Commissioner’s Office (ICO) clarified the position in a blog about the […]

NEW YORK (Reuters) – The Financial Industry Regulatory Authority said on Tuesday it fined JPMorgan Chase & Co’s (JPM.N) securities division $1.25 million for failing to conduct adequate background checks on 8,600 employees, including four people whose criminal convictions automatically disqualified them from working there. Of the four individuals that FINRA found who were subject […]

HONG KONG (Reuters) – A Hong Kong tribunal on Tuesday imposed a record fine of HK$400 million ($51 million) on the private banking unit of HSBC (HSBA.L) in a case related to the sale of Lehman Brothers-linked structured financial products between 2003 and 2008. The Securities and Futures Commission (SFC) had originally imposed a penalty […]

The Government of the British Virgin Islands has today announced that the independent regulator, the Financial Services Commission (FSC), has issued an enforcement action against Mossack Fonseca & Co (B.V.I) Limited that sees the firm fined $440,000 for its contravention of numerous sections of the Anti-Money Laundering and Terrorist Financing Code of Practice and BVI […]

The Financial Industry Regulatory Authority Inc. slapped two units of Raymond James Financial Inc. with a record $17 million in fines for widespread compliance failures in the brokerage firm’s anti-money laundering programs. Raymond James & Associates and Raymond James Financial Services failed to set up systems to properly prevent, detect and investigate suspicious activity for […]