A publicly traded cryptocurrency mining company will pay $10 million and completely change its business model to one with “lower corruption risk” as part of a settlement over violations of the Foreign Corrupt Practices Act (FCPA), two regulators announced.
Anti-Bribery
Posted inAnti-Bribery
Experts explain why red flags can often be ignored due to ‘underlying systematic issues’
Companies spend huge sums on audit, risk management, and compliance to alert them about potential legal issues before they escalate into serious corporate governance failings. There’s only one problem, however–they often misread their own early warning signs or ignore them altogether.
Posted inAnti-Bribery
Spanish telecomm Telefónica S.A. fined $85M over bribes to government officials in Venezuela
A subsidiary of Spanish telecommunications provider Telefónica S.A. will pay $85.2 million to settle a charge that it violated the Foreign Corrupt Practices Act when it paid bribes to Venezuelan officials to gain preferential access to a currency auction.
Posted inAnti-Bribery
Raytheon parent RTX settles false claims, defective pricing, Qatar FCPA violations for $950M
The other shoe finally dropped for Raytheon and parent company RTX, as two U.S. regulators announced nearly $1 billion in penalties to settle defective pricing in defense contracts, false claims related to inflated prices on government contracts, and bribes paid to government officials in Qatar that violated the FCPA.
Posted inAccounting & Auditing
Poor internal controls led to FCPA violations in Moog’s $1.7M settlement with SEC
A company culture geared to “win business at any cost” encouraged employees of New York-based aerospace manufacturer Moog to pay bribes in India to win contracts, the Securities and Exchange Commission alleged.
Posted inAnti-Bribery
AAR Corp. discloses former exec implicated in Nepal, South Africa FCPA violations
Aviation maintenance services provider AAR Corp. disclosed that several former employees may have bribed officials in Nepal and South Africa to win contracts, and chose to self-report violations of the Foreign Corrupt Practices Act to authorities in the U.S. and U.K.
Posted inAnti-Bribery
John Deere to pay $10M to settle FCPA violations by subsidiary in Thailand
Illinois-based manufacturer John Deere will pay approximately $10 million in penalties and disgorgement to the Securities and Exchange Commission for violating the Foreign Corrupt Practices Act with bribes paid by a Thai subsidiary.
Posted inAnti-Bribery
Ex-trader at Vitol latest to plead guilty in alleged PEMEX bribery scheme
A former trader at the U.S. affiliate of energy giant Vitol pleaded guilty to bribing officials at Petroleos Mexicanos in an effort to secure contracts.
Posted inAnti-Bribery
Podcast: BCG managing director on anti-financial crime technology
Staff writer Aaron Nicodemus discussed anti-financial crime technology in banking with Hanjo Seibert, managing director and partner of Boston Consulting Group, during the latest episode of the Compliance Week podcast.
Posted inAnti-Bribery
Game-changing DOJ pilot whistleblower program panned by critics
The Department of Justice released the details of its long-awaited corporate whistleblower awards pilot program that will prioritize reporting in areas of corporate crime not currently covered by existing whistleblower programs.
