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 […]
Anti-Bribery
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 […]
Posted inAnti-Bribery
Companies Suffer Corruption Fatigue, Data Says
Companies are putting out about the same effort to combat corruption and fraud, but executives believe the incidence is growing, suggesting some compliance fatigue may be setting in. U.S. corporate executives say the incidence of fraud has doubled in the past two years, from 8 percent who said their organizations experienced a serious fraud in […]
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FCPA’s Ripple Effect Means Fines Only Part of the Cost
Allegations of a Foreign Corrupt Practices Act violation can easily cost a company hundreds of millions of dollars. And that’s before the U.S. Department of Justice or the Securities and Exchange Commission levies one dollar in fines or penalties. Internal investigations can quickly spiral into multi-million dollar affairs. Walmart, for example, spent nearly half a […]
Posted inAnti-Bribery
FCPA’s Ripple Effect Means Fines Only Part of the Cost.
Allegations of a Foreign Corrupt Practices Act violation can easily cost a company hundreds of millions of dollars. And that’s before the U.S. Department of Justice or the Securities and Exchange Commission levies one dollar in fines or penalties. Internal investigations can quickly spiral into multi-million dollar affairs. Walmart, for example, spent nearly half a […]
Posted inAnti-Bribery
Companies Suffer Corruption Fatigue, Data Says
Companies are putting out about the same effort to combat corruption and fraud, but executives believe the incidence is growing, suggesting some compliance fatigue may be setting in. U.S. corporate executives say the incidence of fraud has doubled in the past two years, from 8 percent who said their organizations experienced a serious fraud in […]
Posted inAnti-Bribery
Supply Chain Risk Assessments Require Digging Through the Data
Think you’ve got supply chain headaches? Consider the challenges facing George Henein, compliance officer for the United Nations’ procurement division. The UN deals with more than 60,000 vendors across the world and strives to give them all some level of scrutiny. The UN’s mission of fostering economic development among member states also often leads to […]
Posted inAnti-Bribery
A Look at the G20’s Anti-Bribery Enforcement Priorities
The G20 Anti-Corruption Working Group recently issued proposed recommendations for G20 countries on measures they can take to fight foreign bribery and corruption. The working group stressed that the level of enforcement among G20 countries is uneven. In order to make the joint efforts of G20 countries against foreign bribery successful, “their enforcement has to […]
Posted inAnti-Bribery
Conducting a Thorough, but Not Boundless, Global Investigation
Overseeing a global internal investigation can be one of the most difficult and perilous jobs that compliance officers do. Part of the challenge that comes with that job is setting the scope of the investigation at the outset. Set the scope too narrow and it could damage the company’s credibility with regulators down the road; […]
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Study: Companies Still Struggle With Corruption, Bribery Risks
Compliance officers are not doing a good job at managing cyber-security risks and plenty of gaps remain in anti-corruption compliance programs, says a recent survey conducted by Compliance Week and Kroll Advisory Solutions. Released last month at Compliance Week 2014 in Washington, D.C., the report examined the role of compliance executives in addressing bribery and […]
