“Only when the tide goes out do you discover who’s been swimming naked,” said Warren Buffett. With the pandemic tide out, here are some related frauds that are likely already occurring that corporations should be watching for.
AML
Posted inAnti-Bribery
Analysis: When a bonus becomes less incentive, and more compromise
Financial crime expert Martin Woods explores what happens when the annual bonus causes employees to disregard their values for want of a dollar.
Posted inAccounting & Auditing
Investigation into EY’s audit of Danske Bank dropped
Denmark’s state prosecutor has dropped its investigation into whether Big Four firm EY violated anti-money laundering laws in connection with its audit of Danske Bank.
Posted inAML
Westpac announces more executive changes amid investigation
Amid a money-laundering investigation and faced with allegations of facilitating child exploitation in the Philippines and Southeast Asia, Westpac has appointed a new head of financial crime compliance.
Posted inEurope
Analysis: Fraud in Germany propels new European AML plan
Financial crime expert Martin Woods reviews the “cum-ex” scandal and how a recent action plan from the European Banking Authority aims to help stop such schemes from burgeoning.
Posted inEurope
EC unveils six-point plan to tackle money laundering
The European Commission’s new six-point plan highlights what measures the agency will take to enforce, supervise, and coordinate EU rules on combating money laundering and terrorist financing.
Posted inAnti-Bribery
Justice Department to recover more than $49M involving 1MDB
The Department of Justice reached a settlement to recover more than $49 million in assets associated with the international money laundering and bribery scheme involving Malaysia’s state development fund 1MDB.
Posted inRisk Management
Cyber-criminals have supply chains, too
All cyber-attacks leave a trail. These trails can be complex, of course, but the criminals cannot avoid them. Thus, they leave a supply chain of intelligence and data.
Posted inInternal Controls
Lesson from Westpac: If you can’t do the simple things correctly, watch out
If a bank or a firm cannot execute on the simple things, such as cash transaction reporting, there is little reason to be confident of compliance in other more complex and challenging areas.
Posted inRegulatory Enforcement
Bank Hapoalim’s bad day: $904M in tax evasion, FIFA fines
Israel’s largest bank and its Swiss subsidiary will pay a total of $904 million in separate DOJ settlements related to (1) a massive tax-evasion scheme and (2) its role in a money-laundering conspiracy with FIFA.
