BioMet said in a filing with the Securities and Exchange Commission last week that the SEC issued the medical device maker a subpoena requiring that the company produce certain documents relating to possible violations of the Foreign Corrupt Practices Act. BioMet said in a Form 8-K that it received a subpoena on July 2, 2014, […]
Anti-Bribery
Posted inAnti-Bribery
Tough Talk, Little Action on U.K. Bribery Act Enforcement
The Serious Fraud Office and other U.K. regulators have been ratcheting up the rhetoric about coming down hard on companies that commit bribery and corruption. But with puny enforcement budgets and still no major charges against any companies for violating the U.K. Bribery Act, some are wondering if it is mostly just talk. One of […]
Posted inAnti-Bribery
AML Costs Soaring at Financial Firms
As regulators continue to press financial companies to beef up anti-money laundering compliance, some are experiencing sticker shock as they consider implementing more extensive AML programs. By nearly all estimates, AML compliance costs have far surpassed most early assessments made by compliance departments in the financial services industry. According to a 2014 report by KPMG, […]
Posted inAnti-Bribery
Tough Talk, Little Action on U.K. Bribery Act Enforcement
The Serious Fraud Office and other U.K. regulators have been ratcheting up the rhetoric about coming down hard on companies that commit bribery and corruption. But with puny enforcement budgets and still no major charges against any companies for violating the U.K. Bribery Act, some are wondering if it is mostly just talk. One of […]
Posted inAnti-Bribery
Breaking Up Is Hard to Do
Paul Anka crooned, “Breaking up is hard to do” as he begged his love not to leave him in one of his most famous songs, but alas, we all know that relationships often come to an end. By contrast, management guru Peter Drucker cautioned “begin with the end in mind,” and even though it isn’t […]
Posted inAnti-Bribery
Grifols Conducting FCPA Probe in Europe, Middle East
Spain-based drug company Grifols disclosed in a recent securities filing that it is conducting an internal investigation across numerous countries in Europe and the Middle East into potential violations of the Foreign Corrupt Practices Act. The investigation, which is being carried out by an external legal adviser, focuses on sales to certain Central and Eastern […]
Posted inAnti-Bribery
Key Energy Widens FCPA Probe
Key Energy Services, an oilfield services company, disclosed in a securities filing this month that it has widened its initial probe into potential violations of the Foreign Corrupt Practices Act. “In April 2014, the company became aware of an allegation involving Key’s Mexico operations that, if true, could potentially constitute a violation of certain company […]
Posted inAnti-Bribery
FedEx Discloses FCPA Probe
FedEx disclosed this week that it is investigating potential violations of the Foreign Corrupt Practices Act. The allegations center around potential bribery payments made to customs officials in Kenya in exchange for clearing shipments without inspection. “Allegations were brought to FedEx’s attention in December 2013 regarding possible violations of the FCPA,” says Bonnie Kourvelas, a […]
Posted inAnti-Bribery
Survey: Firms Still Struggle Greatly with AML ‘Culture of Compliance’
Despite increasing government sanctions and larger fines, only 48 percent of financial institutions have a strong “culture of compliance” and face a dire need to improve their anti-money laundering efforts. That’s what employees at those firms reported in a new survey conducted by NICE Actimize, a risk and compliance software business. Identifying gaps in AML […]
Posted inAnti-Bribery
U.K. Bolstering Anti-Corruption Efforts with Agency Reviews, New Laws
The United Kingdom is taking steps to make sure its anti-corruption house is in order, with a review of its various enforcement agencies and new laws to clamp down on abuse. Prime Minister David Cameron and other leaders are in the process of setting up a multi-departmental team to review the different agencies charged with […]
