All Internal Investigations articles
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News Brief
Chemours: DOJ, SEC probing exec accounting misconduct
Chemours disclosed it received requests for information from the Department of Justice and Securities and Exchange Commission regarding findings from an internal review into alleged accounting misconduct by several of its top executives.
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News Brief
Equinix probing short seller accusations amid DOJ scrutiny
Data center owner Equinix disclosed it launched an independent investigation to review matters referenced in a recent short seller report that also caught the attention of the Department of Justice.
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Premium
Chapter 4: Investigations into misconduct: What banks can do
Both JPMorgan Chase and Deutsche Bank retained their respective Jeffrey Epstein relationships for too long. Yet, there is a case to be made for why exiting a high-risk relationship too soon can become an inverse form of recklessness.
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Chapter 3: Egregious failures: Customer due diligence and transaction monitoring
Why did JPMorgan Chase retain Jeffrey Epstein for more than a dozen years? How did the relationship persist despite glaring red flags? The “why” is straightforward; the “how” is more complicated.
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Chapter 2: KYC shortfalls: JPMorgan and Deutsche Bank’s onboarding of Epstein
Jeffrey Epstein’s designation as a high-risk client should have subjected him to enhanced due diligence that never appeared to occur, most notably at Deutsche Bank. Instead, Epstein was allowed to continue his misconduct despite numerous red flags.
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Chapter 1: Compliance v. complicity: The ‘underbelly’ of bank culture
Why were decisions made the way they were at the banks that serviced Jeffrey Epstein? Evidence points to a cultural tension: a tug-of-war between the allure of profit and the drag of compliance, with the former having all the pulling power.
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News Brief
EFG International settles Cuba, blocked persons U.S. sanctions case
Swiss-based global private banking group EFG International agreed to pay more than $3.7 million as part of a settlement with the Office of Foreign Assets Control addressing apparent violations of U.S. sanctions against Cuba and two blocked individuals.
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News Brief
DOJ joins SEC in probing ADM accounting practices
ADM disclosed the Department of Justice joined the Securities and Exchange Commission in probing the food processing company’s accounting practices.
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News Brief
Chemours says probe found accounting misconduct by execs
Chemours said an internal review into the actions of senior managers alleged to have engaged in accounting misconduct uncovered violations of the chemicals company’s code of ethics regarding the promotion of full, fair, accurate, timely, and understandable disclosure.
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Podcast
CW National 2024 preview: Former Albemarle CCO on FCPA case lessons
Andrew McBride, former chief risk and compliance officer at chemical company Albemarle Corp., joins the Compliance Week podcast with Aaron Nicodemus to preview his session at CW’s National Conference in Washington, D.C.
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News Brief
Gunvor to pay $661M to settle FCPA violations in Ecuador
Swiss-based oil trader Gunvor will pay more than $661 million as part of a plea agreement with the Department of Justice to resolve violations of the Foreign Corrupt Practices Act involving a long-running scheme to bribe officials in Ecuador to secure oil contracts.
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News Brief
Chemours places senior execs on leave over accounting review
Chemours announced it placed its chief executive officer, chief financial officer, and principal accounting officer on leave pending completion of an internal review into potential material weaknesses in its internal control over financial reporting.
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News Brief
ADM delays annual report filing amid ICFR assessment
ADM disclosed it will be late in filing its annual report for 2023 as it continues to investigate potential accounting improprieties regarding its nutrition reporting segment.
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The path to DOJ cooperation credit: Analyzing recent FCPA cases
Recent enforcement actions offer guidance on what the Department of Justice considers to be an “imminent threat” of disclosure or government action, what it means by “prompt” disclosure, and how a company can earn credit for revealing all relevant facts.
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News Brief
Ex-Sterling Bank GC cited by OCC over BSA-related failures
The Office of the Comptroller of the Currency issued a cease-and-desist order against the former general counsel at Sterling Bank and Trust for not ensuring the institution’s Bank Secrecy Act compliance and failing to timely file suspicious activity reports.
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News Brief
Zoetis says no action from OFAC in Iran sanctions matter
Zoetis, a developer and manufacturer of vaccines and medicines for animals, disclosed it was informed by the Office of Foreign Assets Control that it won’t face enforcement for potential violations of Iran sanctions uncovered during an acquisition integration.
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Experts: SCOTUS ruling shifts onus to employers in whistleblower cases
The Supreme Court’s unanimous decision to reaffirm whistleblower protections under the Sarbanes-Oxley Act in a case involving UBS has wide ramifications in many other industries beyond financial services, according to legal experts.
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News Brief
SCOTUS reaffirms whistleblower protections in ruling against UBS
The Supreme Court reaffirmed whistleblower protections guaranteed under the Sarbanes-Oxley Act in a unanimous decision expected to set a precedent that impacts all corporate internal reporting cases.
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News Brief
Raytheon parent discloses indications of improper payments in Middle East
RTX Corp., parent company of aerospace and defense giant Raytheon, disclosed an internal investigation launched into potential improper payments in connection with contracts in the Middle East found indications of misconduct.
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News Brief
China-based Cloopen Group avoids fine in SEC accounting fraud case
China-based technology company Cloopen Group Holding won’t pay a fine in settling with the Securities and Exchange Commission over an alleged accounting fraud scheme perpetrated by two of its former senior managers.