All Anti-Corruption articles – Page 17
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ArticleLessons 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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ArticleTen 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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ArticleWells 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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ArticleCarreyrou 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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ArticleExpert: 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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ArticleDOJ’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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ArticleReport: 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.
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ArticleReport: European AML compliance efforts remain substandard
European governments need to step up their efforts to combat money laundering and terrorist financing because their current capabilities are below par, according to a report by the Council of Europe’s Moneyval unit.
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ArticleWhy beneficial ownership is crucial in supporting current sanctions
To ensure Russian money is controlled, and for sanctions to work, it is imperative the beneficial owners of sanctioned firms are identified. But determining beneficial owners is not always straightforward.
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ArticleCW National 2022 Q&A: Tyler Hand on working in high-risk countries
Tyler Hand, chief compliance officer at Western Union, previews his panel titled, “The Fast-Evolving Risk Working in High-Risk Countries—Experiences and Lessons Learned,” at CW’s National Conference in Washington, D.C. from May 16-18.
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ArticleArchegos founder Bill Hwang indicted for fraud; chief risk officer pleads guilty
Bill Hwang, the founder of Archegos Capital Management, was arrested and charged with racketeering conspiracy, securities fraud, and wire fraud for orchestrating a multibillion-dollar market manipulation scheme that resulted in the U.S. hedge fund’s collapse.
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ArticleStericycle to pay $84M to resolve FCPA violations
Medical waste disposal company Stericycle has agreed to pay $84 million in civil and criminal penalties to resolve allegations it paid bribes to win government contracts in Brazil, Mexico, and Argentina.
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ArticleFinCEN advisory highlights Russian kleptocracy concerns
The Financial Crimes Enforcement Network issued an advisory offering red flag indicators of kleptocracy and foreign corruption, noting Russia as a country of “particular concern.”
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ArticleDOJ eyeing PetroNor board chairman in corruption probe
The Department of Justice has become involved in a corruption investigation focused on individuals at Oslo-listed oil and gas exploration and production company PetroNor that has grown to include Board Chairman Eyas Alhomouz, a U.S. citizen.
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ArticleFive considerations for a transaction monitoring system
Transaction monitoring is an area constantly in the spotlight. David Povey of the International Compliance Association explains five key monitoring considerations for anyone managing or working within financial institutions.
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ArticleEx-Goldman banker convicted of FCPA violations in 1MDB case
Roger Ng, one of the central figures of the Goldman Sachs 1MDB scandal, was found guilty by a federal jury of conspiring to violate the Foreign Corrupt Practices Act and commit money laundering.
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ArticleDOJ declines FCPA prosecution of insurance broker JLT
The Department of Justice informed Jardine Lloyd Thompson Group Holdings it would not face prosecution under the Foreign Corrupt Practices Act despite alleged evidence of nearly $3.2 million the company paid in bribes to Ecuadorian government officials.
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ArticleFinCEN fines A&S World Trading $275K in first GTO action
The Financial Crimes Enforcement Network fined A&S World Trading $275,000 for willful violations of the Bank Secrecy Act in its first enforcement action against a company for failing to comply with a geographic targeting order.
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ArticleEx-coal company exec charged with FCPA violations
Former coal company executive Charles Hunter Hobson was arrested on charges of violating the Foreign Corrupt Practices Act, laundering funds, and receiving kickbacks in an alleged bribery scheme in Egypt, the Department of Justice announced.
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ArticleSenators call for close of private investment AML/CFT loophole
Sens. Sheldon Whitehouse (D-R.I.) and Elizabeth Warren (D-Mass.) called on the Treasury Department and SEC to close a “disconcerting loophole” that exempts hedge funds and other private investment firms from reporting suspicious activity within their transactions to authorities.