To keep you up to date with all the latest news and events, we have selected the GRC category news highlights from the past month below. Click here to Subscribe to our regular GRC news updates.
Google fined a record €2.4 billion (June 27th)
aThe European Union (EU) has handed Google a record-breaking fine of €2.4 billion for its alleged tampering and abuse of the search engine market in order to give Google dominance, in particular its online shopping service. This follows from a seven year investigation into Googles domination of the search market. Further investigations are underway to see if there are any other violations and Google will face fines of up to €10.6 million a day until it stops its alleged search market abuse. (source)
New AML Directive for European Banks comes into effect (June 26th)
The European Union's fourth Anti-Money Laundering (AML) Directive came into effect on Monday the 26th June. The new directive introduces tighter laws around risk modeling, enhanced due diligence and identification of beneficial owners. The new directive looks set to make it more difficult to launder money through the EU financial system. (source).
French Regulator calls for reform of European Regulation (June 22nd)
There are calls for a number of reforms following an audit of the ESMA (European Securities and Markets Authority) by the main French financial regulator, the Autorite des Marches Financiers (AMF). The AMF highlighted three ways which they believe would strengthen decision-making at the ESMA. (source)
Barclays charged with fraud by the Financial Conduct Authority (June 20th)
The FCA has charged Barclays and four former executives with fraud over their alleged actions in the 2008 financial crisis. All of the charges pertain to the executive's apparent involvement in unlawfully raising capital in Qatar circa 2008. (source)
Privacy Shield up for review (June 15th)
The first annual review of Privacy Shield is approaching in September. A number of problems and concerns are expected to be brought to light by both the EU and the US. (source)
Euro-clearing may have to relocate from London post-Brexit (June 13th)
Firms which currently clear euro denominated derivatives in London may be forced to relocate to a location within the EU as part of the on-going Brexit negotiations. (source)
Deutsche Bank fined $41 million for AML breach (May 31st)
The German bank was fined by the US Federal Reserve for its failure to properly screen billions of dollars of potentially suspicious transactions.(source)
Read our GRC News recaps from previous months
