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First Bank of Nigeria promotes risk chief to acting CEO

2024-04-25T15:42:00+01:00By

First Bank of Nigeria promoted its Chief Risk Officer Olusegun Alebiosu to acting chief executive officer.

Oilfield

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DOJ commodities trader FCPA sweep offers lessons in cooperation

2024-04-02T13:33:00+01:00By

The value the Department of Justice places on cooperation can be measured by studying penalties and agreements resulting from the agency’s long-running investigation into bribery and corruption by oil traders operating in Latin America and Africa.

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News Brief

FATF adds Kenya, Namibia to AML/CFT watchlist; UAE, Uganda removed

2024-02-26T20:14:00+00:00By

Kenya was one of two African countries included in the Financial Action Task Force’s latest update to its list of jurisdictions under increased monitoring for money laundering and terrorist financing, while the United Arab Emirates was among four countries removed.

SAP

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SAP to pay $220M in FCPA settlements

2024-01-10T20:31:00+00:00By

German-based software company SAP agreed to pay more than $220 million as part of resolutions with authorities in the United States and South Africa regarding alleged violations of the Foreign Corrupt Practices Act.

Blog

Flutterwave announces head of compliance, first risk chief

2023-12-20T12:31:00+00:00By

Payments technology company Flutterwave announced the appointment of Amaresh Mohan as its first chief risk officer and Amanda Ortega as head of compliance, United States.

Trafigura

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Trafigura to reserve $127M for DOJ settlement over Brazil bribes

2023-12-07T20:49:00+00:00By

Singapore-based commodity trading company Trafigura said it will disclose a $127 million provision related to the resolution of a Department of Justice investigation into alleged improper payments made in Brazil by former employees.

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News Brief

CCPA first state privacy law deemed adequate by Dubai financial hub

2023-08-10T16:52:00+01:00By

The Dubai International Financial Centre announced the California Consumer Privacy Act passes muster, allowing compliant California businesses to be the first permitted to transfer data with the DIFC without additional contractual measures.

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KPMG survey: ESG-related concerns in M&A derailing deals

2023-08-09T16:56:00+01:00By

Material findings related to environmental, social, and governance due diligence have disrupted mergers and acquisitions, forcing companies in the United States and abroad to back out of deals, according to a study from KPMG.

BAT_web

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Common sanctions compliance trip points from 2023 enforcement cases

2023-07-31T16:00:00+01:00By

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.

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News Brief

FATF flags Cameroon, Croatia, Vietnam on AML/CFT watchlist

2023-06-23T18:49:00+01:00By

The Financial Action Task Force added Cameroon, Croatia, and Vietnam as part of the latest updates to its so-called “grey list” of jurisdictions under increased monitoring for money laundering and terrorist and proliferation financing.

Forced labor hands

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Survey: Social risks in supply chain prove vexing for GRC professionals

2023-06-07T12:00:00+01:00By

Respondents to a survey conducted by the International Compliance Association said they were confident they understood and are properly monitoring the social risks in their companies’ supply chains, though blind spots regarding cultures and strategic plans remain.

Gartner

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Gartner to pay $2.5M to settle alleged FCPA violations in South Africa

2023-05-30T17:30:00+01:00By

Gartner agreed to pay nearly $2.5 million as part of a settlement with the Securities and Exchange Commission addressing alleged violations of the Foreign Corrupt Practices Act in South Africa.

Sudan money

News Brief

U.S. set to expand sanctions in Sudan

2023-05-05T18:26:00+01:00By

The United States is preparing to issue sanctions on individuals and entities it considers responsible for perpetrating civil unrest in Sudan.

Poloniex

News Brief

Crypto exchange Poloniex to pay $7.6M in OFAC sanctions case

2023-05-02T16:15:00+01:00By

Cryptocurrency exchange Poloniex agreed to pay nearly $7.6 million as part of a settlement with the Office of Foreign Assets Control for engaging with more than 200 customers across a handful of sanctioned regions.

Oilfield

News Brief

Frank’s International to pay $8M in FCPA case

2023-04-26T19:46:00+01:00By

Dutch oilfield services provider Frank’s International agreed to pay nearly $8 million as part of a settlement with the Securities and Exchange Commission for allegedly paying bribes to influence oil drilling contracts in Angola.

Wells Fargo

News Brief

Wells Fargo fined $98M for facilitating sanctions violations in Iran, Syria, Sudan

2023-03-30T21:05:00+01:00By

Wells Fargo will pay nearly $98 million to settle charges a subsidiary facilitated more than $532 million worth of prohibited transactions in violation of sanctions against Iran, Syria, and Sudan.

Coal mining

News Brief

DOJ declines to prosecute Corsa Coal in FCPA case

2023-03-13T13:40:00+00:00By

Corsa Coal Corp. was notified by the Department of Justice it won’t face prosecution for alleged bribes employees paid to Egypt’s Al Nasr Company for Coke and Chemicals to secure coal supply contracts.

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News Brief

SEC orders Rio Tinto to pay $15M over FCPA violations

2023-03-07T19:21:00+00:00By

U.K.-based mining and minerals company Rio Tinto will pay a $15 million fine to settle charges of violating the Foreign Corrupt Practices Act when it entered into a scheme with a consultant in 2011 to bribe government officials in Guinea.

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News Brief

South Africa, Nigeria added to FATF’s AML/CFT watchlist

2023-02-27T19:06:00+00:00By

The Financial Action Task Force placed Nigeria and South Africa on its list of countries requiring increased monitoring because of deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing.

Danfoss

News Brief

Danfoss to pay $4.4M in OFAC sanctions settlement

2023-01-03T19:23:00+00:00By

Danish manufacturer Danfoss agreed to pay nearly $4.4 million to settle allegations a subsidiary violated U.S. sanctions by running payments from customers based in Iran, Sudan, and Syria through the foreign branch of a U.S. financial institution.

Honeywell

Article

Honeywell to pay $203M over bribery claims in Brazil, Algeria

2022-12-19T20:58:00+00:00By

Honeywell International agreed to pay $202.7 million to settle charges it paid bribes to obtain contracts with government entities in Brazil and Algeria in violation of the Foreign Corrupt Practices Act.

Glencore site

Article

Glencore to pay $180M in DRC corruption case

2022-12-06T21:31:00+00:00By

Commodity trading and mining company Glencore agreed to pay $180 million to the government of the Democratic Republic of the Congo to settle claims arising from alleged corrupt practices that took place for more than a decade.

ABB

Article

ABB avoids DOJ monitor, to pay $327M over South African bribes

2022-12-05T16:19:00+00:00By

ABB agreed to pay $327 million in penalties to settle coordinated charges it paid bribes to win South African energy contracts. The company entered into a three-year deferred prosecution agreement with the DOJ for violations of the Foreign Corrupt Practices Act.

Glencore HQ

Article

Glencore Energy’s $324M fine for bribery comes with warning to others

2022-11-09T12:54:00+00:00By

Glencore Energy UK was ordered to pay nearly £281 million (U.S. $314 million) in fines and costs after an investigation by the U.K.’s Serious Fraud Office (SFO) found it paid $29 million in bribes to gain preferential access to oil in Africa to boost profits.

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Article

South Africa edges toward FATF watchlist

2022-10-31T13:47:00+00:00By Sholane Sathu, for International Compliance Association

South Africa could be designated by the Financial Action Task Force as a jurisdiction with anti-money laundering/countering the financing of terrorism risks subject to increased monitoring should a November review not meet the organization’s standards.

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Article

FATF classifies Myanmar as high risk for money laundering, terrorist financing

2022-10-24T16:06:00+01:00By

The Financial Action Task Force designated Myanmar as a high-risk jurisdiction with “significant strategic deficiencies” regarding its anti-money laundering, countering the financing of terrorism, and financing of proliferation prevention efforts.

KPMG

Article

KPMG South Africa, two partners fined $275K for using unregistered firm

2022-08-30T18:24:00+01:00By

The Public Company Accounting Oversight Board fined KPMG South Africa and two of its partners a total of $275,000 for supervisory failures and violation of accounting rules related to the use of an unregistered accounting firm.

African currency

Article

FCA fines Ghana International Bank $7.1M for AML failings

2022-06-23T14:27:00+01:00By

The U.K. Financial Conduct Authority fined Ghana International Bank £5.8 million (U.S. $7.1 million) for deficiencies in its anti-money laundering controls over its correspondent banking activities.

Article

ICA announces MENA financial crime compliance conference

2022-06-15T20:33:00+01:00By

The International Compliance Association, a leading professional body for the compliance community, announced its first MENA 2022 Regulatory and Financial Crime Compliance Conference on at the Fairmont Hotel, Dubai.

Glencore HQ

Article

Glencore fined $1B, placed under 3-year monitorship for FCPA violations

2022-05-24T21:47:00+01:00By

Glencore International AG, one of the world’s largest commodity traders, will be placed under a three-year compliance monitorship and pay more than $1 billion to resolve multiple investigations into alleged bribes paid in several countries over more than a decade.

Jaeger_opinion

Article

TI 2021 corruption index shows world not willing to make real change

2022-01-25T21:02:00+00:00By

The adage that “no news is good news” doesn’t apply to Transparency International’s 2021 Corruption Perceptions Index. That corruption levels remain at a global standstill or have worsened highlights a disturbing trend for companies, governments, and citizens alike.

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Article

FATF adds Turkey to AML/CFT watchlist

2021-10-25T18:07:00+01:00By

The Financial Action Task Force has added three new jurisdictions, including Turkey, to its list focused on areas subject to increased monitoring for deficiencies in fighting financial crime.

Article

ICA announces virtual African compliance event

2021-09-30T20:06:00+01:00By

The International Compliance Association will host a three-day virtual conference to explore the latest regulatory and financial crime compliance developments and challenges in Africa.

Schlumberger truck

Article

Schlumberger subsidiary to pay $1.4M for Russian sanctions violations

2021-09-28T20:28:00+01:00By

A Houston-based subsidiary of oilfield services company Schlumberger has been fined approximately $1.4 million by the Office of Foreign Assets Control for selling goods to a Russian-based energy firm that was under U.S. sanctions.