Facebook becomes the tech company holding the title of larger fine imposed

Following the scandal of Cambridge Analytica which involved about 87 million Facebook users, the Federal Trade Commission imposes a 9% of global revenue fine to Facebook INC.
The fine materialises in $5 billion as per revenue 2018.
The settlement will extend for 20 years for execution.
Facebook claims that Cambridge Analytical violates term of use when performing their actions, nonetheless, communication analyses showed knowledge of the violation without action.

In addition, the Security Exchange Commission announced a settlement on $100 million for misleading information on data usage.
Several agencies have disclosed that the “one year grace period” for implementation of data protection and information security ended and enforcement of controls will be applied for now on.



Jaime Prieto

Mr. Jaime Prieto is a lawyer experienced in Financial Crime, Anti-Money Laundering and Counter Terrorism Financing having extensive professional experience in both public and private sectors. Mr. Prieto has been a Head of Compliance in the European Union, the Americas and the Caribbean for banks, trust companies, asset managers, Big Four audit and advisory firms, RegTechs, government agencies and other types of financial professionals. In addition to his experience, he has been legal and educational chair in several compliance and sectorial organisations and performed as a teacher and speaker for a number of organisations and in several local and international forums. Furthermore, Mr. Prieto is an experienced Money Laundering Reporting Officer anda Data Protection officer with additional experience in risk management.
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