Businesses hit by fines due to new EU rules

March 17 2019
Michael Cogley, Sunday Independent Business

The lack of preparedness among Irish firms for GDPR changes and the European Commission's anti-money laundering directives has led to widespread fines, James Treacy, managing director of Stubbs Gazette, has warned.

High-ranking officials from banks, insurance companies, and government agencies alike will converge on the RDS for the company's fraud and cyber crime conference on May 17.

Treacy said that the topic had become particularly relevant in recent times.

"With the introduction of GDPR and the new EU anti-money laundering directives it makes it a lot easier for organisations such as banks and government agencies to share information as long as they have a legitimate purpose," he said.

"However, almost all of the major banks in Ireland have been slapped with fines, not because they're aiding money laundering but rather that they haven't got their documentation in place and they're not seen to do their screening and their ID verification checks."

Treacy described fraud as the "last great unreduced business cost" and said that it was costing around €3.8 trillion annually.

oHe said that he expects around 500 people, predominantly chief executives and chief technology officers, to attend. "The theme is collaboration and it's not just focusing on one aspect of fraud. At the moment there seems to be a big emphasis on cyber crime but that's only one aspect of the whole fraud scenario," Treacy said.

Mary Aiken, a cyberpsychologist and adviser to Europol, former High Court president Nicholas Kearns and Ibec CEO Danny McCoy are among the speakers, while the Sunday Independent is a media partner.

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