Risk & Compliance weekly highlights—26 August 2021

Risk & Compliance weekly highlights—26 August 2021

In this issue:

Data protection

AML & counter-terrorist financing

Sanctions

Solicitors’ undertakings

Daily and weekly news alerts

New and updated content

Trackers


 

Data protection

ICO approves three UK GDPR certification scheme criteria

The Information Commissioner’s Office (ICO) has approved three certification scheme criteria under the UK’s General Data Protection Regulation (UK GDPR), Retained Regulation (EU) 2016/679 to help organisations demonstrate compliance and inspire trust in the people using their products, processes and services. The approved scheme criteria include ADISA’s standard to ensure personal data is handled correctly when IT equipment is re-used or destroyed and the Age Check Certification Scheme’s criteria relating to age assurance and children’s online privacy.

See: LNB News 19/08/2021 36.


UK’s first EU GDPR fine, on Doorstep Dispensaree, cut by two-thirds on appeal

MLex: A tribunal has slashed the UK’s first-ever fine imposed under the EU’s General Data Protection Regulation (EU GDPR), Regulation (EU) 2016/679. Pharmacy Doorstep Dispensaree appealed its £275,000 penalty, imposed in 2019 for failing to ensure the security of personal data. The First-tier Tribunal has now said that the fine should be cut to £92,000 as the original amount was based on an inaccurate measurement of the data breach’s severity.

See News Analysis: UK’s first GDPR fine, on Doorstep Dispensaree, cut by two-thirds on appeal.


 

AML & counter-terrorist financing

Global money-laundering problem still dwarfs crackdown efforts despite some momentum

MLex: While news this week that global money laundering fines in the first half of 2021 hit almost US$1bn sounds impressive, that conclusion would be misleading. The total is made up of several huge fines and a scattering of tiny ones, indicating continued patchy enforcement in many parts of the world. Efforts to stamp out dirty money flows involving financial institutions have a long way to go.

See News Analysis: Global money-laundering problem still dwarfs crackdown efforts despite some momentum.


 

Sanctions

UK Finance assesses impact of thematic sanctions replacing geographic ones

UK Finance has published a blog on thematic sanctions and how they will affect sanction compliance, indicating it does not believe thematic sanctions will have a major practical impact on financial organisations. Thematic sanctions are more flexible, creating one framework for all offenders, and reducing human rights impacts on individuals within geographic sanctions, who are often already suffering.

See: LNB News 19/08/2021 2.


 

Solicitors’ undertakings

Impact on solicitors’ undertakings given in property transactions post-Harcus Sinclair v Your Lawyers

Iain Miller, partner at Kingsley Napley, discusses the Supreme Court decision in Harcus Sinclair LLP v Your Lawyers Ltd and its possible impacts on solicitors’ undertakings given in property transactions.

See News Analysis: Impact on solicitors’ undertakings given in property transactions post-Harcus Sinclair v Your Lawyers.


 

Daily and weekly news alerts

Did you know that you can set up your own personal alerts to let you receive all of our news stories on either a daily or a weekly basis? Go to your ‘News’ tab and amend your personal settings to subscribe to regular updates by clicking on either ‘Email’ or ‘RSS’ (depending on how you prefer to receive them) on the right hand side of the blue banner.


 

New and updated content

Practice Note: What’s new and what’s changed in 2021—Risk & Compliance contains a summary of substantive changes to our content.
Updated Practice Notes

AML and counter-terrorist financing timeline

Coronavirus (COVID-19)—testing and vaccination issues for employers

Cyber security in the legal sector

Brexit legislation tracker

Brexit timeline


 

Updated Precedent

Policy—Coronavirus (COVID-19) testing


 

Trackers

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.

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