Three news to start your week: October 21
Slovenia to impose fines on those who fail to report foreign bank accounts
(Telegrafi)
In recent years, many Slovenian citizens have opted to open accounts registered abroad. While the total stood at approximately 40,000 at the end of 2018, that figure has now risen to over 55,000. Many of these accounts are with foreign online banks such as N26 from Germany and Revolut and Monese from the UK.
Individuals are required to report these accounts to the Financial Administration (FURS); however, a significant number of people have failed to do so. Current data reveals that around 35,000 Slovenians have accounts with the online bank Revolut, yet only 3,499 have complied by notifying FURS. Consequently, this oversight could potentially expose over 30 individuals to fines ranging from €200 to €1,200 if they neglect to declare their foreign accounts.
It is essential to remember that any bank account held abroad, including those with online banking services, must be reported to FURS within eight days of opening.
Commonwealth Bank cops another fine for breaching spam laws
(The Sydney Morning Herald)
The Commonwealth Bank of Australia (CBA) has been fined $7.5 million for sending over 170 million emails to customers without providing a necessary unsubscribe option. This marks CBA's second significant violation of spam regulations in less than 18 months, following a $3.55 million penalty in May 2023 for sending 65 million emails that also lacked functional unsubscribe features.
The Australian Communications and Media Authority (ACMA) investigation revealed that the recent infraction occurred between November 2022 and April 2024 and involved 34.8 million messages sent to individuals who had either not consented to receive them or had retracted their consent.
According to the 2003 Spam Act, all commercial marketing messages must include an unsubscribe option. The law permits non-commercial "service" messages to be sent without prior consent or with an unsubscribe feature. However, the ACMA determined that CBA's communications promoted various products and services, including insurance, credit, loan offerings, and the bank.
RTX Agrees to More Than $280 Million in Penalties to Settle Qatar Bribery
(The Wall Street Journal)
RTX, previously known as Raytheon Technologies, has committed to paying over $280 million to settle government investigations regarding alleged bribery in the Middle East and breaches of US arms control laws. The settlement, finalized in federal court in Brooklyn, NY, brings the defense contractor closer to resolving its regulatory challenges. Based in Arlington, VA, the company indicated in July that it had allocated $1.24 billion to address the costs associated with various government investigations.
As part of the agreement, prosecutors will drop the criminal charges against an RTX subsidiary, provided it adheres to the conditions of a deferred prosecution agreement for 3½ years. This agreement mandates that the RTX unit appoint a compliance monitor and implement measures to avert future infractions.
