ABOUT THIS EPISODE
In this episode Rachel Wolcott and Lindsey Rogerson discuss third quarter enforcement data provided by Corlytics.
They begin by reviewing the largest fine of the quarter handed down to fast fashion chain, Shein, by French privacy watchdog Commission nationale de l’informatique et des libertés’ (CNIL). Shein was fined US$175.7 million for multiple breaches of Article 82 of the EU General Data Protection Regulation (GDPR) after an August 2023 investigationproblems with the retailers’ cookies.
Rachel then explains the enforcement actions which lie behind a record quarter of fines from the Monetary Authority of Singapore (MAS), before moving on to discuss why anti-money laundering and financial crime are the common theme behind many of Q3’s enforcement decisions.
Finally, they discuss the messages coming from US and UK regulators on future enforcement actions as well as the prospects of more AML-related enforcements from United Arab Emirates. Are enforcements there token gestures or a sign of things to come?
Links:
Q3 enforcement: Singapore fines and bans for AML failings; Shein’s costly cookies
MAS Takes Regulatory Actions against 9 Financial Institutions for AML-Related Breaches
Cookies placed without consent: SHEIN fined 150 million euros by the CNIL | CNIL
Monzo fined £21 million for fincrime failures, third challenger bank fine inside a year
Weak bank customer due diligence in spotlight again after Barclays fined £42 million
Transparency International Russia (in Exile): “Gold and Crossbows: How Russian Mercenaries Enable Dirty Business in Africa”
Acting Chairman Pham Announces Successful Completion of Enforcement Sprint
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