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Russian Risk Climate: Due Diligence Highly Recommended

Russian Tax Authorities recommend conducting due diligence when contracting with new counterparties Corporations and proprietors are often faced with additional VAT and income tax charges due to insufficient Due Diligence when dealing with fraudulent companies (in Russia, ‘fly-by-night’ is a common term used for such entities). Many such entities are involved in tax scams, which prompted the Russian tax authorities ... Read More »

Data Breaches Could Cost UK Businesses 20bn Pounds

New regulations will significantly raise reporting and financial stakes for companies.  Two thirds of customers affected say they would cease doing business with an affected organization.  New figures reveal that mid-sized and large businesses could be in line for fines totalling £20bn if they fail to protect their customers from data breaches.  Companies that suffer a breach could face serious ... Read More »

Regulatory Strategies Wins Consultancy Award for Second Year

Nottingham-based consultancy Regulatory Strategies Limited has been announced as the winner of the Most Outstanding Regulatory Consultancy Award (UK) for 2015 by leading corporate finance publication, Acquisition International Magazine, having won the same award in 2014. This year a particular citation was to be recognised for its innovation in the uses and applications of credit data in the development of ... Read More »

EU Data Protection Update

Mike Bradford, Owner and Founder of Regulatory Strategies, can now confirm the next steps in the adoption process for the new data protection law.  The regulation will now move to the final stages of negotiation.  Trialogues between the Commission, the Parliament and the Council will begin on 24 June 2015 to resolve differences between the three proposals and agree the ... Read More »

New PERC and TCAI Study: Is CROA Choking Credit Report Literacy

A newly released study finds that implementation of the Credit Repair Organizations Act (CROA) discourages interested consumers from learning more about their credit reports and scores, creating conflicts with other federal laws and public policy objectives. The authors, from the Policy and Economic Research Council (PERC) and Take Charge America Institute (TCAI) at the University of Arizona, examined data from ... Read More »

Arachnys Launches Brazil Country Audit

A practical guide to Brazil’s data and regulatory landscape As regulators demand greater sophistication from AML and compliance operations, global institutions are having to up-skill their teams and develop strategies to keep on top of developing regulatory and data landscapes. While many companies are able to build diverse teams of country specialists resembling a ‘mini United Nations’ within compliance departments, ... Read More »

Anti-money laundering Law to Create New Business Register for Europe

New rules on anti-money laundering could create an unprecedented central registry of European businesses’ real owners before 2018 after being agreed on by the European Council and endorsed by the European Parliament.  The fourth directive on anti-money laundering (AMLD4) – to stop terrorist financing and reduce tax crime – gives member states two years to complete a register of the ... Read More »

Australia: Metadata is Personal Data

The Australian Privacy Commissioner has ruled that telco metadata on the phone calls a person receives and sends is ‘personal information’ and therefore access rights apply. The requester, a journalist, wanted access to all the metadata information Telstra, a telecom company, had stored about him in relation to his mobile phone service, including (but not limited to) cell tower logs, ... Read More »

Equifax, Experian, TransUnion in Settlement of US$6 m with 31 State Attorneys

Equifax, Experian and TransUnion have agreed to improve their approach to fixing mistakes on credit reports and address consumer disputes more effectively under a $6 million settlement with 31 state attorneys. The credit bureaus pledged to more closely scrutinize companies that furnish them with data and to curb the marketing of credit monitoring products to consumers who dispute information on ... Read More »

EU to Announce ‘Digital Single Market’ Investigation

The EU will unveil its wide-ranging “digital single market” probe today, aiming to update copyright rules and ensure European online businesses can compete with their bigger U.S. rivals.  The inquiry differs from the EU’s antitrust investigation into Google, in that it is not aimed at enforcing existing law through penalties.  It will rather look at whether Internet platforms are transparent enough in ... Read More »

China’s State Council Releases Latest Directive on Exhibitions Industry

China’s State Council, headed by Premier Li Keqiang, has release an official directive which aims to boost development of the country’s exhibition industry.  According to the lengthy guidelines, a ministerial joint conference, including a dozen central government departments, will be established to coordinate the formulation and implementation of new market rules. The Chinese government has set a target to turn ... Read More »

Shangai Train-fare Dodgers Listed on Credit Reporting System

Role of Local Credit Reporting System to Combat Subway Ticket Fraud At a recent Shanghai city council conference, rail transportation was selected as one of the 20 sectors highlighted as a responsible industry.  Fare dodgers on the subway were pointed out as a major concern.  A new task force setup by the rail transport authority has prosecuted fare dodgers and ... Read More »