Once a bank decides to withdraw or wind down its Russian operations, there are a host of thorny compliance issues to navigate in a compressed timeframe, including sanctions implications, money laundering risks, and more.
Anti-Bribery
Posted inAnti-Bribery
MTS compliance monitorship extended one year
The Department of Justice and Mobile TeleSystems jointly agreed to voluntarily extend for one year the term of the Russian telecommunications company’s independent compliance monitorship in accordance with a 2019 deferred prosecution agreement.
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DOJ informs Ericsson of second breach of DPA
Ericsson announced the Department of Justice determined the Swedish telecom breached its obligations under a 2019 deferred prosecution agreement again, this time for insufficient disclosure regarding conduct in Iraq.
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Stericycle reaches $80.7M agreement in FCPA settlements
Stericycle, a medical waste disposal company, disclosed it expects to pay $80.7 million in principle agreements with the SEC and Department of Justice for violations of the Foreign Corrupt Practices Act concerning its operations in Latin America.
Posted inAnti-Bribery
KT to pay $6.3M in SEC settlement for FCPA violations
KT Corp., South Korea’s largest telecom operator, will pay $6.3 million in a settlement with the Securities and Exchange Commission for violations of the books and records and internal accounting controls provisions of the Foreign Corrupt Practices Act.
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Ericsson admits ‘corruption-related misconduct’ in Iraq
Ericsson announced an internal investigation uncovered evidence of “corruption-related misconduct” that occurred in the Swedish telecommunications company’s Iraq operations between 2011 and 2019.
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DOJ Fraud Section 2021 review: FCPA resolutions down
The Department of Justice entered into eight corporate resolutions in all of 2021, a decrease from 13 the previous year, according to the Fraud Section’s annual report. Three resolutions included violations of the Foreign Corrupt Practices Act.
Posted inAnti-Bribery
DOJ opinion offers take on whether ransom-like payment violates FCPA
A payment by a U.S.-based company to a third-party intermediary under circumstances that placed an employee’s life and well-being at “significant risk” would not trigger enforcement under the anti-bribery provisions of the FCPA, the Department of Justice stated in an opinion procedure.
Posted inAnti-Bribery
Tencent fires 70 employees in latest anti-bribery crackdown
Chinese gaming and social media company Tencent said it fired nearly 70 employees last year as part of its ongoing anti-graft campaign and will stop doing business with 13 Chinese firms that have violated its anti-bribery standards.
Posted inAnti-Bribery
Report: Financial crime fines down in 2021; AML penalties drop 78 percent
Fines for corporate crimes last year fell by more than half to 8.7 billion euros (U.S. $9.9 billion) from 2020’s total of €20 billion (U.S. $22.6 billion), according to a report released by research firm AML Intelligence.
