All Anti-Corruption articles – Page 14
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Law Commission proposals put heat on U.K. execs
The United Kingdom might make it easier for executives and senior managers to be held directly accountable for corporate crimes under reform proposals put forward by the body that reviews U.K. law.
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Strain in your supply chain no excuse for compliance shortcuts
With the Russia-Ukraine war’s ever-expanding sanctions landscape, supply chain strain and risk of enforcement are sharply increasing. Speakers at a recent event hosted by Drexel University’s Kline School of Law offered best practices.
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Survey: Cyber threats, remote work, financial pressures key ABC concerns for 2022
Compliance programs globally expect to shoulder more responsibilities in 2022, according to Kroll’s latest Anti-Bribery and Corruption Benchmarking Report.
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Addressing fraud via social media
Fraud and social media have a special relationship, with the two frequently combining to cause harm, distress, and loss to an enormous number of people.
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SEC probing Ericsson over Iraq corruption scandal
The Securities and Exchange Commission opened an investigation into Ericsson following the Swedish telecommunications company’s acknowledgement of evidence of “corruption-related misconduct” that occurred in its Iraq operations.
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Treasury considering rule to address AML ‘loopholes’ in private investment
The Treasury Department is considering rulemaking that would seek to mitigate the growing risk sanctioned Russian oligarchs and politicians will attempt to use “hedge funds, private equity firms, and investment advisers to hide their assets.”
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Tenaris to pay $78M to settle FCPA charges over bribes in Brazil
Tenaris, a global manufacturer of steel pipe products, agreed to pay more than $78 million to the SEC to settle charges it violated the Foreign Corrupt Practices Act by paying more than $10 million in bribes to a Brazilian government official.
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Law firm Dechert, SFO criticized in ENRC case ruling
A High Court judge found the U.K. Serious Fraud Office induced a lawyer from Dechert acting for Eurasian Natural Resources Corp. to provide it with privileged and unauthorized information.
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Court rules Lafarge to face crimes against humanity charges
A French court ruled Lafarge should face charges of complicity in crimes against humanity after its subsidiary allegedly paid up to €13 million (U.S. $14 million) to armed groups—including the Islamic State—to keep its Syrian cement factory running between 2012-14.
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Factors to consider when implementing risk assessment technology
With the growing demands of huge data sets, an everchanging regulatory landscape, and constantly evolving typologies, the challenge of assessing, documenting, and managing financial crime risk has never been greater.
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Best practices, common pitfalls in working in high-risk countries
A panel of compliance professionals discussed the increasingly relevant topic of working in high-risk countries, sharing their experiences and lessons learned at Compliance Week’s National Conference in Washington, D.C.
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Glencore fined $1B, placed under 3-year monitorship for FCPA violations
Glencore International AG, one of the world’s largest commodity traders, will be placed under a three-year compliance monitorship and pay more than $1 billion to resolve multiple investigations into alleged bribes paid in several countries over more than a decade.
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KPMG fined $4.3M for undocumented red flags in Rolls-Royce corruption case
The U.K. Financial Reporting Council announced a reduced penalty of approximately £3.4 million (U.S. $4.3 million) against KPMG for failures in its 2010 audit of car maker Rolls-Royce.
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Lessons learned from Olympus compliance monitorship
Christine Gordon, chief compliance officer at Olympus Corporation of the Americas, spoke about her company’s experience working with a DOJ-selected independent monitor at Compliance Week’s National Conference.
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Ten highlights from Compliance Week 2022
Editor In Chief Kyle Brasseur recaps the moments that stood out to him most from Compliance Week’s first in-person event since 2019.
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Wells Fargo unit fined $7M for AML transaction monitoring failures
For the second time in five years, a subsidiary of Wells Fargo has been charged by the Securities and Exchange Commission with failing to file suspicious activity reports in a timely manner due to deficiencies in the system it used to flag transactions.
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Carreyrou lauds whistleblowers’ roles in helping expose Theranos fraud
John Carreyrou, whose reporting exposed blood-testing company Theranos as a fraud, discussed the vital role lab director Adam Rosendorff and his other colleagues that came forward played as sources during a fireside chat at Compliance Week’s National Conference.
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Expert: Combating modern slavery starts with understanding the issue
Matthew Friedman, an expert on international human trafficking with more than 30 years of experience, discussed the importance of companies addressing modern slavery in their supply chains as part of a virtual fireside chat on the human factor of ESG at Compliance Week’s National Conference.
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DOJ’s Kenneth Polite to CCOs: Tell me your compliance success stories
Kenneth Polite Jr., head of the Department of Justice’s Criminal Division and a former chief compliance officer, delivered a dynamic keynote address emphasizing the importance of empowering compliance to avoiding prosecution at Day 2 of Compliance Week’s National Conference.
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Report: Investigation costs rising, driven by data assessment inefficiencies
More than three-quarters of respondents to a Kroll global benchmark report said they have conducted an internal investigation into fraud or corruption within the past three years and that the cost of such probes is on the rise.