Risk & Compliance weekly highlights—10th September 2021

Risk & Compliance weekly highlights—10th September 2021

In this issue:

Data protection

Crime prevention


LexTalk®Risk & Compliance: a Lexis®PSL community

Virtual networking and forum events


Data protection

Comment—WhatsApp’s appeal of Irish GDPR fine will throw up novel questions over EDPB’s role

MLex: Facebook’s WhatsApp could choose the Irish courts, the EU courts or both to fight an Irish fine of €225m for transparency failings. Given it will be the first challenge of a final decision by a regulator under instruction by the European Data Protection Board (EDPB), WhatsApp will likely want to question the influence of individual EU data protection authorities (DPAs) in the umbrella group.

See News Analysis: Comment—WhatsApp’s appeal of Irish GDPR fine will throw up novel questions over EDPB’s role.

ICO to present idea to G7 DPAs on combatting cookie consent pop-ups

The Information Commissioner’s Office (ICO) has announced that the UK Information Commissioner, Elizabeth Denham, will call on G7 DPAs to collaborate on overhauling cookie consent pop-ups, with the intention of improving privacy protection and enhancing web browsing experiences. Denham is virtually meeting G7 DPAs on 7–8 September 2021, and hopes to contribute ideas on how to ‘improve the current cookie consent mechanism, making web browsing smoother and more business friendly while better protecting personal data’. At the meeting, each G7 DPA is presenting a specific technology or innovation issue they believe requires closer co-operation. The ICO will present its ‘vision for the future’, which entails web browsers, software applications and device settings allowing users to set lasting privacy preferences, as opposed to users selecting their choice via pop-ups each time.

See: LNB News 07/09/2021 23.

ICO publishes Children’s Code introduction and 15 standards or online services

The ICO has published an introduction to the Children’s Code, which contains 15 standards for online services, including apps, games, connected toys and news services, to ensure they comply with data protection law obligations. The Code applies to UK companies or companies which provide ‘information society services’ to children. This includes those which are likely to be accessed by children—even if not aimed at them.

See: LNB News 02/09/2021 54.


AML and counter-terrorist financing

FATF publishes table detailing latest assessment ratings

The Financial Action Task Force (FATF) have published a table detailing its latest assessment ratings. The FATF and their FATF-Style Regional Bodies conduct peer reviews on an ongoing basis to assess how effectively their respective members’ measures work in practice and how well they have implemented the technical requirements of the FATF recommendations. The latest table provides up-to-date overview of the ratings that assessed countries obtained for effectiveness and technical compliance. They should be read in conjunction with the detailed mutual evaluation reports, which are available on the FATF website.

See: LNB News 06/09/2021 33.

Challenges await proposed EU anti-money laundering body

Practical hurdles facing the EU’s proposed anti-money laundering authority (AMLA) include the creation of workable measures for countries with varying criminal codes, the role of national supervisory authorities and UK-EU co-operation, say Ian Hargreaves and Mia Neafcy at Covington.

See News Analysis: Challenges await proposed EU anti-money laundering body.

Home Office and HMT issues guidance on countering terrorist financing

The Home Office and HM Treasury (HMT) have issued joint guidance for countering terrorist financing, which remains one of the UK’s priorities under the National Security objectives set out in the UK’s National Security Strategy. The joint guidance is aimed at reducing the threat of terrorist financing by making the financial system an unsafe space for terrorists to raise and move funds.

See: LNB News 02/09/2021 31.

UK signs up to best practice beneficial ownership transparency disclosure principle

The UK has signed a declaration of national commitment to meet the Beneficial Ownership Transparency Disclosure Principles.

See: LNB News 02/09/2021 57.


Crime prevention

Banking Protocol scheme stops £32m of fraud in first half of 2021

UK Finance has published figures which show that £32m of fraud was stopped between January and June 2021 through the Banking Protocol scheme. The UK-wide scheme was launched in 2016 and provides training to bank, building society, and Post Office staff to spot the warning signs that a customer may be falling victim to a scam, before alerting local police to intervene and investigate. During this period, the Banking Protocol was invoked 4,782 times by branch staff, saving an average £6,672 per potential victim, and resulting in the arrest of over 90 suspected criminals. Customers are offered ongoing support as part of the scheme to prevent falling victim to future scams, particularly through social services referrals, expert fraud prevention advice and enhanced checks on future transactions.

See: LNB News 07/09/2021 36.

Frozen assets reporting notice and template published by HMT

HMT and the Office of Financial Sanctions Implementation (OFSI) have published the frozen assets reporting notice and template. The notice provides an overview and guidance for the 2021 frozen asset reporting exercise, which is carried out by HMT on a yearly basis to update its records. It is a requirement for all persons that ‘hold or control funds or economic resources belonging to a designated person’ to complete the reporting form. The completed form must be sent to the OFSI by 15 October 2021.

See: LNB News 06/09/2021 44.

USA—cyber insurers top hackers’ hit list

Law360: Insurers offering coverage for cyberattacks have themselves been victims of cybercrime in recent months, fuelling concerns that hackers could steal and threaten to leak the details of cyber policies, affecting insurers and policyholders alike.

See News Analysis: USA—cyber insurers top hackers’ hit list.


Additional Risk & Compliance updates

Law Commission publishes 2021–2022 business plan

The Law Commission has published its business plan detailing its priorities for 2021–2022. The Law Commission outlines its targets for achieving reform of the law, and focuses on ensuring the current law is improved, engaging with stakeholders, considering how work is conducted in the future, and enhancing its Diversity and Inclusion strategy. The plan includes a review of 2020–2021 and whether its targets were met. Upcoming publications and the financial budget are also set out in the business plan.

See: LNB News 07/09/2021 43.



Lexis®PSL Risk & Compliance has a dedicated area on the Key Resources section of the home page that tracks interesting and important cases, legislation, consultations and other key developments in the world of Risk & Compliance. For more information, see: Risk & Compliance forecast as at 17 August 2021.


LexTalk®Risk & Compliance: a Lexis®PSL community

Collaborate and network with a community of expert lawyers

LexTalk® is an online community forum which gives Lexis®PSL subscribers the opportunity to post questions, hold conversations, participate in discussions and share best practice. It has been designed to provide a secure place for legal professionals to discuss legal developments, offer and receive peer support, and gain a sense of up-to-date market practice and advances in real-time. You can access and post questions on all of the dedicated practice area forums, including a dedicated community for Lexis®PSL Risk & Compliance.

Click here to sign up and meet like-minded community members, create a profile, connect, share, and start participating today! Alternatively, you can access LexTalk® on the key resources tab on your Practice Area home page.


Virtual networking and forum events


22 September 2021

Disrupted or accelerated? Digital transformation in legal teams

Register now to attend

COVID-19 showed how an agile in-house team can be a competitive advantage for a business. Yet did the pandemic accelerate or disrupt digital transformation in legal teams? In this session, we explore the issues that deserve deeper consideration on the topic of legal tech. How are other legal teams using technology to increase productivity, reduce risk and collect meaningful data to demonstrate their value? Is there just a shift from legal tech to enterprise tech? What should you expect from your law firms in relation to use of technology to improve efficiency and reduce costs? What practical strategies can be used in implementing an effective change management initiative?

3 November 2021

Your essential regulatory and commercial news update

Register now to attend

We are almost a year into Brexit and settling into a new way of life post-lockdown. Parts of the economy are rebounding after a tough 18 months. Yet challenges will remain, alongside renewing optimism. What should be on your radar to best support your organisation moving forward? Join us as we highlight the key priorities for legal departments from recent government and regulatory guidance updates and recommended practical next steps to consider.

8 December 2021

The fight against modern slavery

Register now to attend

40 million people are estimated to be trapped in modern slavery worldwide. 1 in 4 of them are children. 71% are women and girls. 10,000+ were identified as potential victims by the authorities in the UK in 2019. Join us as we welcome guest speakers and senior counsel to discuss the critical role you can play as senior counsel in helping in the fight against modern slavery. This is not only a moral obligation it is a regulatory obligation.

26 January 2022

The effective leader—how to lead amid disruption and complexity

Register now to attend

This free-to-join forum brings together in-house lawyers working solo, or in smaller teams, to network and learn from one another. It is a chance to connect, debate topical issues and stay ahead of the latest regulatory and legal commercial updates for legal teams. Held in partnership with Flex Legal, Radius Law and Crafty Counsel.

Various dates

LexisNexis® Aspire Forum for Junior In-house Lawyers

To register your interest in joining the events, sign up as an Aspire member today

Aspire is a professional development and networking forum for junior in-house counsel. We have several events planned for the new year to continue supporting you through these uncertain times and provide a platform for you to connect with your peers. Events take place at the same time each month, from 5pm to 6.30pm.


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About the author:
Allison is a former partner of Shoosmiths, with extensive experience of legal management and practice compliance.