Facebook Parent Company Fined $1.3 Billion by E.U. – CPA Practice Advisor

Technology The ban on data transfers was widely expected and once prompted the U.S. firm to threaten a total withdrawal from the EU. May. 22, 2023 By Stephanie Bodoni – Bloomberg News (via TNS). Facebook owner Meta Platforms Inc. was hit by a record €1.2 billion ($1.3 billion) European Union privacy fine and given a deadline to stop shipping users’ data to the U.S. after regulators said it failed to protect personal information from the American security services. The social network giant’s continued data transfers to the U.S. didn’t address “the risks to the fundamental rights and freedoms” of people whose data was being transferred across the Atlantic, the Irish Data Protection Commission said on Monday. On top of the fine, which eclipses a €746 million EU privacy penalty previously doled out to Amazon.com Inc., Meta was given five months to “suspend any future transfer of personal data to the U.S.” and six months to stop “the unlawful processing, including storage, in the US” of transferred personal EU data. Shares in Meta were down 1% to $243.15 in pre-market trading. The ban on data transfers was widely expected and once prompted the U.S. firm to threaten a total withdrawal from
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