In this issue:
Risk & Compliance forecast
AML and counter-terrorist financing
Financial crime prevention
LexTalk®Risk & Compliance: a Lexis®PSL community
Virtual networking and forum events
Our new Risk & Compliance forecast (as at 18 January 2022) is now live. This month, we report on (1) a new economic crime bill may address a proposed register of overseas owners of British properties and failure to prevent offences; (2) materials to address the new UK Sanctions List; (3) a consultation on disability workforce reporting, and (4) adopted guidelines from the European Data Protection Board (EDPB) on Examples regarding Data Breach Notification. You can rest assured we’re tracking forthcoming regulatory changes so you can plan ahead.
See Practice Note: Risk & Compliance forecast as at 18 January 2022.
MLex: A controversial proposal to cut protections for users affected by machine-made decisions as part of the UK’s data reform agenda is unlikely to go ahead, a UK government official has said. A consultation paper proposed removing a provision on automated decision-making from the United Kingdom General Data Protection Regulation, Retained Regulation (EU) 2016/679 (UK GDPR), but the government has changed tack, the official said.
See News Analysis: UK GDPR—proposed reform concerning AI likely to be watered down, official says.
The EDPB has announced its adoption of the Guidelines on the Right of Access following the January 2022 plenary session. The guidelines were drafted following a stakeholder event, and aim to analyse the various aspects of the right of access and provide 'more precise guidance on how the right of access has to be implemented in different situations'. This includes clarifying the scope of the right of access, the information the controller has to provide to the data subject, the format of the access request, the main modalities for providing access, and the notion of 'manifestly unfounded or excessive requests'. The guidelines will be subject to public consultation for a period of six weeks.
See: LNB News 19/01/2022 76.
MLex: The conditions for awarding compensation for ‘non-material damage’ for violations of the EU General Data Protection Regulation, Regulation (EU) 2016/679 (EU GDPR) have come before EU judges following separate disputes in Germany over data breaches at an electronics store and a health insurance fund. The cases come on top of several years of debate over what claimants must prove to receive compensation for EU GDPR infringements.
See News Analysis: Questions of compensation for ‘non-material' EU GDPR damage land at Court of Justice.
The Financial Action Task Force (FATF) has updated their consolidated assessment ratings as of 14 January 2022.
See: LNB News 17/01/2022 90.
MLex: The Financial Conduct Authority (FCA) currently has 54 cases of suspected money-laundering breaches under investigation, a government minister has told lawmakers, an apparent dramatic jump from figures released two years ago. Minister of State for the Cabinet Office, Theodore Agnew, also said long-delayed legislation to lead to a register of overseas owners of British properties could appear in ‘months’.
See News Analysis: UK financial regulator has 54 money-laundering probes ongoing, minister says.
Law360, London: Small and medium-sized businesses should be on the alert for fraudsters who impersonate company bosses and target firms with remote working setups, a trade group for banks warned on 12 January 2022.
See News Analysis: Bankers' group warns of scams targeting remote workers.
HM Treasury and the Foreign, Commonwealth & Development Office have reported that the annual review of the Counter-Terrorism (Sanctions) (EU Exit) Regulations 2019, SI 2019/577, found that the regulations remain appropriate for their purposes and should thus be retained.
See: LNB News 13/01/2022 68.
The Department for Digital, Culture, Media and Sport (DCMS) has published its 2022 cyber security incentives and regulation review. This review reports the progress made in recent years and why further action needs to be taken. The government is continuing to improve the cyber resilience of businesses in the UK and to further understand the current position the government has launched two consultations. This includes a consultation on proposals for legislative changes to drive up levels of cyber resilience and a consultation on embedding standards and pathways across the cyber profession by 2025.
See: LNB News 19/01/2022 88.
Every business operating in the EU with 50 or more workers will have to take a hard look at its whistleblower policy and assimilate changes required by the new EU Whistleblower Directive (the Directive). It is also something companies with connections to EU companies need to think about. Jonathan Pickworth, partner, Adina Ezekiel, practice innovation knowledge attorney, and Harry Fathers, trainee solicitor, at Paul Hastings LLP provide a reminder of the implications of some of the key provisions of the Directive and an update on transposition across the EU.
See News Analysis: Don't get caught out by the Whistleblower Directive—how companies operating in the EU can prepare.
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 18 January 2022.
LexTalk®Risk & Compliance: a Lexis®PSL communityCollaborate 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.
26 January 2022
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30 March 2022
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