All articles by Jaclyn Jaeger – Page 59
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Blog
Report: Financial firms fined $26B for AML, sanctions, KYC non-compliance since 2008
A staggering $26 billion in fines has been imposed for non-compliance with Anti-Money Laundering (AML), Know Your Customer (KYC), and sanctions regulations in the last decade, according to new research.
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Blog
Department of Justice updates, renames U.S. Attorneys’ Manual
The Department of Justice announced the roll out of an updated U.S. Attorneys’ Manual, now titled the Justice Manual. It is the first comprehensive review and overhaul of the manual in more than 20 years.
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Blog
SEC awards $4M to overseas whistleblower
The Securities and Exchange Commission has awarded nearly $4 million to an overseas whistleblower whose “extensive assistance” helped it bring a successful enforcement action, the agency announced on Sept. 24.
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Blog
Deutsche Bank latest to come under fire for lax AML controls
Deutsche Bank has become the fourth bank in the past month to get into regulatory trouble for having lax anti-money laundering controls in place, joining Danske Bank, ING, and Credit Suisse.
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Article
Compliance measures for reducing export-corruption risk
A recent study from corruption watchdog Transparency International rates countries on their enforcement processes, or lack thereof, under the OECD Anti-Bribery Convention.
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Blog
SeaWorld, CEO settle fraud charges with SEC for $5M
SeaWorld Entertainment and its former CEO have agreed to pay a total of more than $5 million to settle fraud charges for misleading investors about the impact the documentary film Blackfish had on the company’s reputation and business, the Securities and Exchange Commission announced.
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Blog
FINMA finds deficiencies in AML processes at Credit Suisse
The Swiss Financial Market Supervisory Authority FINMA has concluded two enforcement procedures against Credit Suisse. In the first procedure, FINMA identified deficiencies in the bank’s adherence to anti-money laundering due diligence obligations. The second procedure relates to a significant business relationship for the bank with a politically exposed person.
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Article
English Court of Appeal preserves litigation privilege
An English Court of Appeal decision giving companies the right to protect documentation gathered during an internal investigation is a blow to both U.S. and U.K. regulators, who have grown increasingly concerned that firms may be hiding critical evidence under the guise of it being “privileged.”
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Blog
UTC to pay $13.9M to settle SEC FCPA charges
United Technologies on Sept. 12 reached a $13.9 million settlement with the Securities and Exchange Commission to resolve charges that it violated the Foreign Corrupt Practices Act by making illicit payments in its elevator and aircraft engine businesses.
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Article
New SFO director will leverage compliance officers’ expertise
Head of the Serious Fraud Office Lisa Osofsky laid out her priorities for the agency in the coming months and provided CCOs a glimpse into what the SFO will expect.
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Blog
Moody’s to pay $16.25M for internal controls failures and ratings symbols deficiencies
The SEC has filed its first-ever enforcement action involving rating symbol deficiencies, hitting Moody’s Investors Service with $16.25 million in penalties to settle charges involving internal control failures and failing to clearly define and consistently apply credit rating symbols.
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Article
New guidance (somewhat) relaxes federal contractors’ compensation audits
The Labor Department’s Office of Federal Contract Compliance Programs has released a new directive outlining the agency’s procedures for reviewing contractor compensation practices that promises “greater transparency, consistency, and efficiency in compliance evaluations.”
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Blog
SEC awards $54M to two whistleblowers
The Securities and Exchange Commission today announced it is awarding $54 million to two whistleblowers, whose critical information and continued assistance helped the agency bring an enforcement action.
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Blog
Ensco: U.S. authorities will not be bringing enforcement actions
U.K.-based offshore drilling contractor Ensco announced this week that the U.S. Department of Justice and Securities and Exchange Commission do not intend to bring enforcement actions in connection with a previously disclosed investigation into alleged irregularities related to a drilling services contract.
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Article
ING reaches $900M settlement with Dutch authorities
Global financial institution ING announced Tuesday that it has reached a $900 million settlement with Dutch authorities to resolve its money laundering case. A close reading of the enforcement action offers numerous lessons for compliance and risk officers.
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Blog
Sanofi to pay $25M to resolve FCPA violations
The SEC on Tuesday announced that Paris-based pharmaceutical company Sanofi has agreed to pay more than $25 million to resolve charges that its Kazakhstan and Middle East subsidiaries made corrupt payments to win business.
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ArticleCompliance analytics can help you harness the power of data
If you’re drowning in a sea of information, compliance analytics might be the life vest that can rescue you from chaos.
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Article
Second Circuit ruling limits scope of FCPA liability
Compliance officers and in-house counsel should take a close look at a recent Second Circuit decision that limits the scope of the FCPA liability.
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Blog
Swiss bank to pay $60.4M in U.S. tax evasion case
Swiss bank Basler Kantonalbank entered into a deferred prosecution agreement and will pay $60.4 million in total penalties for conspiring with others to evade U.S. taxes, the Department of Justice announced.
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Blog
Legg Mason to pay $34M to resolve FCPA charge
Investment management firm Legg Mason will pay over $34 million to resolve a charge brought by the Securities and Exchange Commission that the company violated the Foreign Corrupt Practices Act in a scheme to bribe Libyan government officials.