Compliance professionals asked to assess their anti-bribery and corruption efforts indicated resource support deficiencies in areas including staffing and technology, according to a survey conducted by Compliance Week and Morgan Lewis.
Third Party Risk
Posted inEurope
Experts: SEC or not, Scope 3 GHG disclosure requirements coming
The actions of companies like Amazon and new legislation passed in California prove it’s no longer a question of if companies will be required to disclose their greenhouse gas emissions—it’s a question of when, experts told attendees at CW’s virtual ESG Summit.
Posted inRisk Management
Preparing for SEC cybersecurity rules an opportunity for collaboration
Businesses can prepare for the Securities and Exchange Commission’s upcoming cybersecurity disclosure rule by going through it and identifying key gaps in compliance.
Posted inRegulatory Enforcement
Instinet fined $3.8M by FINRA over deficient CAT reports
Instinet, a brokerage firm subsidiary of Nomura Group, agreed to pay $3.8 million as part of a settlement with the Financial Industry Regulatory Authority regarding “tens of billions” of inaccurate or late reports filed to the consolidated audit trail central repository.
Posted inRegulatory Enforcement
Neogen discloses avoided OFAC fine in Iran sanctions probe
Neogen Corp. disclosed the Office of Foreign Assets Control concluded a probe into potential sanctions violations regarding transactions by the food and animal safety company with parties in Iran without issuing a fine.
Posted inRisk Management
Short seller accuses Freedom Holding Corp. of ‘brazen’ sanctions evasion
Freedom Holding Corp. was accused of “brazen sanctions evasion,” along with openly flouting anti-money laundering and know your customer regulations, as part of an investigative report published by short seller Hindenburg Research.
Posted inAnti-Bribery
Grupo Aval to pay $81M in landmark FCPA case
Colombian conglomerate Grupo Aval agreed to pay nearly $81 million as part of settlements addressing alleged bribes paid by its bank subsidiary Corficolombiana to win a highway construction contract.
Posted inAnti-Bribery
Albemarle reserves $219M for FCPA settlements
Chemical company Albemarle Corp. disclosed it is set to pay $218.5 million as part of proposed settlements reached with the Department of Justice and Securities and Exchange Commission regarding apparent violations of the Foreign Corrupt Practices Act.
Posted inRisk Management
Risks, opportunities under SEC’s cyber incident disclosure rule
The clock is ticking for public companies to put in place policies and practices to meet the requirements of the Securities and Exchange Commission’s newly approved cybersecurity incident disclosure rule.
Posted inInternal Controls
Common sanctions compliance trip points from 2023 enforcement cases
Penalties against companies including British American Tobacco, Wells Fargo, and Microsoft demonstrate the multiple ways in which businesses can run afoul of U.S. sanctions—an area receiving increased scrutiny by regulators.