SAI Global GRC Community

Building Organizational Integrity.
News >> Global

The Spanish government has announced its intention to collect data on the country's 34 million bank accounts as part of its efforts to combat money laundering and terrorist financing. The measure will reportedly require banks to provide the Secretary of State for the Economy with details of all the personal and business accounts that they hold, which will then be stored in a data archive.

Published in Anti-Money Laundering

The United States (US) Department of Justice (DoJ), the US Attorney's Office for the Southern District of New York (USAO SDNY) and the Internal Revenue Service (IRS) have jointly announced that Switzerland-based asset management group Swisspartners has agreed to pay US$4.4 million and enter into a non-prosecution agreement with the USAO SDNY to resolve criminal charges of "assisting US taxpayer-clients in opening and maintaining undeclared foreign bank accounts".

Published in Financial Integrity

The Federal Court of Australia (FCA) has handed down its decision in Australian Competition and Consumer Commission v NSK Australia Pty Ltd [2014] FCA 453 (13 May 2014). According to the Australian Competition and Consumer Commission (ACCC), ball bearings manufacturer NSK Australia has been fined A$3 million "for its involvement in cartel conduct in relation to the price of bearings in Australia".

Published in Competition

The Court of Justice of the European Union (CJEU) has handed down its decision in C-131/12 Google Spain SL, Google Inc. v Agencia Española de Protección de Datos, Mario Costeja González (13 May 2014), finding that an online search engine operator may under certain conditions and on the request of a user be obliged to remove its link to a third party's webpage that is returned by search queries featuring the user's name.

South Korea-based major web portal operator Naver is expected to be suspended from foreign exchange (FX) business for three months for allegedly failing to properly submit reports on its FX transactions. Reportedly, the Financial Supervisory Service will finalise the suspension at its next regular meeting and alleges that Naver has wrongfully traded an estimated total of KRW280 billion (approximately €200 million/US$274 million).

Published in Financial Integrity

The Organisation for Economic Co-operation and Development (OECD) has announced that the Declaration on Automatic Exchange of Information in Tax Matters (undated) has been signed by all 34 OECD member countries as well as a further 13 countries and was adopted on 6 May 2014.

Published in Financial Integrity

United States (US)-based bank JPMorgan Chase & Co (JPMorgan) has imposed measures affecting 3,500 accounts in an effort to manage compliance costs. Reportedly, JPMorgan has closed the accounts and stopped the credit cards of all current and former non-US senior government officials on the basis that they are politically exposed persons, whose transactions require added scrutiny under anti-money laundering (AML) regulations.

Published in Anti-Money Laundering

A United States (US) District Court jury has reaffirmed its verdict in an intellectual property case brought by smartphone maker Apple against competitor Samsung Electronics (Samsung), including almost US$120 million awarded to Apple in damages. Reportedly, the jury had been ordered to review its verdict reached on 2 May 2014 that Samsung infringed three of five Apple patents, after Apple's lawyers argued that the jury had made a technical error in relation to one patent.

Google has announced (30 April 2014) that it has permanently removed advertising from its Apps for Education suite of products for educational institutions; and permanently ceased its scanning of Apps for Education users' email content for the purposes of targeted advertising.

The United States Department of Justice (DoJ) has announced that online commerce platform provider eBay has agreed to settle allegations that "senior executives and directors of eBay and [software firm] Intuit entered into an [anticompetitive] agreement ... that prevented each firm from recruiting employees from the other and that prohibited eBay from hiring Intuit employees that approached eBay".

Published in Competition

© 2013 SAI Global Limited ABN 67 050 611 642




User Registration
or Cancel