All Anti-Corruption articles – Page 22
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ArticleBiden corruption strategy puts FCPA in spotlight overseas
President Joe Biden’s strategy on countering corruption shows tackling corporate abuses overseas is firmly back on the U.S. agenda. As such, European companies and executives should beware: The Foreign Corrupt Practices Act is likely to get a dusting off.
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ArticleNatWest fined $350M for AML failures in landmark case
National Westminster Bank was fined £264.8 million (U.S. $350 million) for three offenses of failing to comply with the United Kingdom’s anti-money laundering laws.
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ArticleSFO integrity questioned after Unaoil conviction overturned
The Serious Fraud Office will be investigated by the U.K. Attorney General’s Office after a court said the agency denied a convicted former oil and gas executive the right to a fair trial.
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ArticleTen things I’d like to see happen in 2022 (2021 in review)
ESG and cryptocurrency figure to be key topics in 2022, but we’re also keeping an eye on President Biden’s anti-corruption efforts, details on Amazon’s record GDPR fine, the status of Facebook’s first CCO, and more.
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ArticleFinCEN beneficial ownership registry takes shape in proposed rule
FinCEN’s proposed rule for a new beneficial ownership registry was released as part of the U.S. government’s efforts to pull back the veil on anonymous shell companies used to launder illicit profits from corruption, money laundering, and other financial crime activities.
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PremiumTop ethics and compliance failures of 2021
Systemic risk management lapses at a financial services firm, allegations of toxic culture at a video game giant, and more of the same baffling behavior from one of the world’s largest tech companies comprise CW’s list of the biggest ethics and compliance fails of 2021.
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ArticleCompliance takeaways from Biden strategy on countering corruption
President Joe Biden’s sweeping anti-corruption initiative includes developments in two key areas of interest for the compliance profession: the U.S. beneficial ownership registry and a new proposal to expand reporting requirements on cash real estate transactions.
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ArticleEx-Roadrunner CFO gets two years in prison for accounting fraud scheme
Peter Armbruster, the former chief financial officer of trucking and logistics company Roadrunner Transportation Systems, was sentenced to 24 months in prison for his role in a complex securities and accounting fraud scheme.
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ArticleHSBC, Credit Suisse, Barclays, NatWest fined $389M total for currency cartel scheme
The European Commission fined HSBC, Credit Suisse, Barclays, and NatWest a total of €344 million (U.S. $389 million) for their participation in a trader-driven scheme to manipulate the foreign exchange spot market. UBS was not fined after first reporting the scheme.
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ArticleSBM Offshore subsidiaries fined $7.6M in Swiss bribery probe
The Swiss Public Prosecutor’s Office ordered three subsidiaries of Dutch oil and gas services company SBM Offshore to pay a criminal penalty of CHF 7 million (U.S. $7.6 million) as part of the conclusion of a legacy bribery investigation.
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ArticleFinCEN notice warns banks of environmental crime
The Financial Crimes Enforcement Network issued a notice to banks and other financial institutions calling attention to what it has identified as a rising trend in environmental crimes.
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ICA launches financial crime risk assessment tool
The International Compliance Association has launched an enterprise-wide risk assessment tool to help its members better assess, document, and manage financial crime risk.
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Article2021 TRACE Bribery Matrix: Post-Trump U.S. still outside top 20
A negative trend in the U.S. business bribery risk environment that began under the Trump administration has yet to reverse, according to TRACE International’s 2021 Bribery Risk Matrix.
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ArticleDutch authorities warn Rabobank of pending action for AML failures
Rabobank announced the Dutch Central Bank ordered it to “remedy deficiencies in its compliance with the Dutch Anti-Money Laundering and Anti-Terrorist Financing Act.”
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ArticleLawsuit: Ex-JPMorgan VP links firing to concerns raised about compliance program
A former compliance executive with JPMorgan Chase alleges she was fired after pointing out flaws in the bank’s compliance program and misrepresentations the bank made to regulators regarding a 2016 settlement of bribery allegations in the Asia Pacific region.
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ArticleVolkswagen not resting on laurels post-monitorship
Volkswagen CCO Kurt Michels shared how the company has intensified business partner due diligence in the wake of completing its three-year U.S. monitorship during a fireside chat at CW’s virtual Europe event.
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ArticleEx-McKinsey partner charged with insider trading on Goldman Sachs deal
Former McKinsey Partner Puneet Dikshit was arrested and charged with using inside information to profit on the acquisition of a fintech company by his firm’s client, Goldman Sachs Group.
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ArticleMexico AML chief resigns amid wedding scandal
Santiago Nieto stepped down as head of Mexico’s Financial Intelligence Unit after controversy surfaced regarding a large amount of cash found on a plane carrying guests to his wedding in Guatemala.
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ArticleSupreme Court declines challenge to SEC’s Bank Secrecy Act authority
The Supreme Court turned down a bid by brokerage firm Alpine Securities Corp. petitioning for review of the Securities and Exchange Commission’s power to enforce the Bank Secrecy Act.
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ArticleNikola sets aside $125M in potential SEC settlement
Electric semitruck startup Nikola has set aside $125 million for a potential settlement with the SEC regarding fraud allegations raised in a short-seller report in September 2020.