All Anti-Corruption articles – Page 24
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ArticleFinCEN report: Ransomware SARs surge past 2020 totals
A Financial Crimes Enforcement Network report on financial trends in Bank Secrecy Act data found a greater number of SARs related to ransomware filed between January and June 2021 than during all of 2020.
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ArticleNew DOJ tip line created to fight corruption in Central America
The Department of Justice has created a tip line to assist its Anticorruption Task Force in fighting corruption in El Salvador, Guatemala, and Honduras.
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ArticleWhen academic studies and hoax hotline claims go ‘off the rails’
Imagine this: An anonymous hotline tip comes through that a senior executive has engaged in insider trading. This scenario happened this summer as part of academic research, effectively leaving hundreds of unwitting corporate subjects to foot the bill for unnecessary follow-up conducted.
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ArticleFINRA encourages proactive compliance with FinCEN AML/CFT priorities
The Financial Industry Regulatory Authority is encouraging member firms to start proactively incorporating new AML/CFT priorities mandated by Congress into their risk-based compliance programs.
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ArticleEx-Braskem CEO gets 20 months in prison over bribery scheme
Jose Carlos Grubisich was sentenced to 20 months in prison for his role in a scheme to divert hundreds of millions of dollars in bribe payments from Braskem to government officials and political parties in Brazil.
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ArticlePandora Papers exposed gaps in AML compliance. Is beneficial ownership registry the answer?
FinCEN’s upcoming ultimate beneficial ownership registry could help to combat some of the anti-money laundering deficiencies put on display by the Pandora Papers, but not until Congress gets serious about funding the initiative.
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ArticleMetals Technology Initiative issues new anti-corruption resources
The Metals Technology Initiative has launched a new website making its guidance on gifts and hospitality and third-party due diligence freely accessible.
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ArticlePetrofac fine fallout: Penalty too light for SFO to claim success?
Petrofac’s relatively low penalty for multiple bribery offenses might encourage companies to take their chances when faced with the choice of a possible criminal conviction or cutting a deal with the Serious Fraud Office, legal experts warn.
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ArticleNatWest pleads guilty in landmark U.K. money laundering case
National Westminster Bank pleaded guilty to landmark criminal charges brought by the U.K. Financial Conduct Authority for violations of the Money Laundering Regulations 2007.
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ArticlePetrobras fulfills obligations of 3-year FCPA agreement
Brazilian state-owned energy company Petrobras announced it has met the obligations of a three-year agreement reached with the Department of Justice for playing a role in one of the world’s largest political corruption investigations.
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ArticlePandora Papers: Takeaways for compliance
The “Pandora Papers” could open Pandora’s box for all businesses and organizations found to be entangled in its worldwide web of shell companies, offshore tax havens, and secret trusts.
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ArticleWaFd Bank to pay $2.5M for AML/BSA deficiencies
Washington Federal Bank has agreed to pay $2.5 million in accordance with a consent order reached with the Office of the Comptroller of the Currency in February 2018.
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ArticlePetrofac to pay $105M for widespread bribery scheme
Petrofac was ordered to pay £77 million (U.S. $105 million) to conclude a long-running investigation into allegations company executives paid to win lucrative oil contracts in Iraq, Saudi Arabia, and the United Arab Emirates.
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ArticleLPL Financial to pay $4.8M to settle claims of poor KYC procedures
The nation’s presumed top independent broker-dealer will pay more than $4.8 million to settle AML charges stemming from its alleged failure to reconcile inconsistencies of a new customer who would scam a Puerto Rican city out of millions of dollars.
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ArticleSNC-Lavalin touts compliance enhancements amid fresh corruption charges
Enforcement authorities in Canada arrested and brought charges against two former executives of SNC-Lavalin and its subsidiary, SNC-Lavalin International, for their role in a bribery scheme that occurred two decades ago.
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ArticleGermany’s N26 fined $5M for AML lapses
Mobile bank N26 revealed it paid a €4.25 million (U.S. $5 million) fine ordered by Germany’s market regulator regarding deficiencies in its reporting of suspicious activities “in the area of anti-money laundering.”
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ArticlePetrofac readies bribery guilty plea, touts compliance enhancements
Petrofac will plead guilty to seven counts of failing to prevent bribery, the potential endpoint in a long-running investigation into allegations company executives paid to win lucrative contracts in Iraq, Saudi Arabia, and the UAE.
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ArticleRed flags ignored in WPP $19M FCPA settlement
Global advertising giant WPP reached a more than $19 million settlement with the SEC to resolve charges of violating the anti-bribery, books and records, and internal accounting controls provisions of the Foreign Corrupt Practices Act.
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ArticleAnti-corruption leaders share upsides of remote compliance program
COVID-19 has altered how companies operate their anti-corruption compliance programs, but not necessarily for the worse, according to experts from PepsiCo and Cook Group who shared their experiences at a recent Diligent virtual summit.
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ArticleSwedbank CCO lauded for role in AML rebound to retire
Ingrid Harbo, Swedbank’s chief compliance officer during its ongoing recovery from a massive AML scandal, announced she will retire in March 2022.