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‘We have to stop shrinking ourselves’: Strategies for confronting BIPOC bias

2024-06-14T12:08:00+01:00By

Attendees at Compliance Week’s Women in Compliance Summit discussed strategies for confronting bias against Black, indigenous, and people of color professional women working in compliance and risk.

Sanctions compliance TPRM

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Panelists break down robust sanctions landscape at TPRM Summit

2024-06-12T02:35:00+01:00By

Sanctions compliance officers face myriad challenges as complex geopolitical situations heighten risks worldwide, experts discussed during Compliance Week’s Third-Party Risk Management & Oversight Summit.

Blog

Freedom Holding adds first legal chief

2024-06-05T12:21:00+01:00By

Financial services company Freedom Holding Corp. announced the appointment of Jason Kerr as its first chief legal officer.

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Slice names ex-Kotak risk chief as chief risk adviser

2024-05-15T13:18:00+01:00By

India-based consumer payments and lending company Slice announced the appointment of Arvind Kathpalia, president and group chief risk officer at Kotak Mahindra Bank, as chief risk adviser.

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Karnataka Bank appoints chief compliance officer

2024-05-03T12:52:00+01:00By

India-based Karnataka Bank announced the appointment of Vinaya Bhat P.J. as chief compliance officer.

Iran flag

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OFAC fines SCG Chemicals unit $20M over Iran sanctions violations

2024-04-22T16:49:00+01:00By

A subsidiary of Thailand-based SCG Chemicals Co. agreed to pay a $20 million fine to the Office of Foreign Assets Control over “egregious” violations of sanctions against Iran.

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Bank of Maharashtra appoints risk chief

2024-04-16T11:35:00+01:00By

India-based Bank of Maharashtra announced the appointment of Subhasish Roy as chief risk officer.

KPMG

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KPMG Netherlands fined record $25M by PCAOB for exam cheating

2024-04-10T18:35:00+01:00By

KPMG Netherlands agreed to pay a record $25 million penalty levied by the U.S. Public Company Accounting Oversight Board for allegedly allowing widespread cheating by employees on internal training exams and misinforming regulators about the misconduct.

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Giti Tire appoints chief sustainability officer

2024-04-01T13:52:00+01:00By

Singapore-headquartered tire company Giti Tire announced the appointment of Pang Chong Hau as chief sustainability officer.

Trafigura

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Trafigura pleads guilty, to pay $127M over FCPA violations in Brazil

2024-03-28T19:53:00+00:00By

Singapore-based commodity trading company Trafigura agreed to pay nearly $127 million as part of a resolution with the Department of Justice addressing violations of the Foreign Corrupt Practices Act in Brazil.

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Adani Group on defense over reports of FCPA probe

2024-03-21T18:21:00+00:00By

Indian conglomerate Adani Group said it is aware of an investigation by the U.S. Department of Justice into bribery allegations against a “third party” but denied a relationship with it.

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SMBC appoints Americas chief risk officer

2024-03-13T12:51:00+00:00By

Sumitomo Mitsui Banking Corp. announced the appointment of Mark Corteil as chief risk officer for the Americas division.

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ArcelorMittal Nippon Steel India appoints sustainability chief

2024-03-01T12:20:00+00:00By

Steel manufacturer ArcelorMittal Nippon Steel India appointed Arvind Bodhankar as chief sustainability officer.

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Angel One names group general counsel

2024-03-01T12:07:00+00:00By

India-based retail full-service broking house Angel One welcomed Meenal Maheshwari Shah as group general counsel.

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Allied Blenders and Distillers names chief risk officer

2024-02-21T17:00:00+00:00By

India-based beverages company Allied Blenders and Distillers appointed Jayathirtha Mukund as head of investor relations and chief risk officer.

Paytm

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Paytm denies money laundering claims amid regulatory scrutiny

2024-02-05T21:28:00+00:00By

The Reserve Bank of India ordered a halt to many banking activities of digital payments provider Paytm while the regulator investigates “persistent noncompliances and continued material supervisory concerns.”

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Ofi announces sustainability chief

2024-01-24T13:27:00+00:00By

Ofi, a Singapore-based food and beverage ingredients supplier, announced Roel van Poppel as its chief sustainability officer.

Deepfakes

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Deepfakes: A silent threat to digital integrity and AML efforts

2024-01-11T13:00:00+00:00By Rezaul Karim, CW guest columnist

Deepfakes have emerged in the digital world as a silent pandemic threatening not only our digital integrity but becoming a major risk to anti-money laundering efforts.

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.

Facial recognition

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Ethical compliance for facial recognition technology

2024-01-04T14:30:00+00:00By Manorama Kulkarni, CW guest columnist

The lack of clear regulations and guidelines for the ethical use of facial recognition technology further exacerbates concerns of discriminatory practices and potential infringements on human rights.

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LIC appoints new risk chief

2024-01-03T14:40:00+00:00By

Life Insurance Corp. of India announced the appointment of S Sunder Krishnan as chief risk officer.

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MAS fines Credit Suisse $3M for failing to monitor Singapore managers

2023-12-29T16:04:00+00:00By

The Monetary Authority of Singapore imposed a 3.9 million Singapore dollars (U.S. $3 million) penalty on Credit Suisse for failing to detect misconduct by relationship managers at its Singapore branch.

Binance

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Top ethics and compliance failures of 2023

2023-12-14T15:00:00+00:00By

A virtual currency exchange that sought to mislead regulators, banks failing after ignoring obvious risks, and a manufacturer that sold millions of its products in violation of U.S. export controls are among those that make up CW’s list of the biggest ethics and compliance fails of 2023.

Discover Financial Services

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Five compliance triumphs from 2023

2023-12-13T15:00:00+00:00By

A financial services giant’s compliance mea culpa that could serve to benefit the rest of the profession, a chemical company’s praised FCPA settlement, and an example of the value of whistleblowers highlight CW’s annual list of laudable ethics and compliance moments.

Nasdaq

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OFAC: Nasdaq to pay $4M over ex-subsidiary’s Iran sanctions lapses

2023-12-11T16:43:00+00:00By

Nasdaq agreed to pay more than $4 million as part of a settlement with the Office of Foreign Assets Control addressing apparent Iran sanctions violations at the stock exchange operator’s former Armenian subsidiary.

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.

Singapore money

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Singapore banks say money laundering risks up after $2B scandal

2023-11-27T19:38:00+00:00By

Risks posed by money laundering and the financing of terrorism have dramatically increased in Singapore, according to a recent survey of the city-state’s financial institutions conducted by the Monetary Authority of Singapore.

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NXTDIGITAL appoints chief general counsel

2023-11-24T15:49:00+00:00By

NXTDIGITAL, the digital media division of technology-led customer experience company Hinduja Global Solutions, announced the appointment of Viresh Dhaibar as chief general counsel.

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Yes Bank appoints chief risk officer

2023-11-22T16:32:00+00:00By

India-based Yes Bank announced the appointment of Tushar Patankar as chief risk officer.

Toyota

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Toyota finance arm to pay $60M in CFPB settlement

2023-11-20T18:53:00+00:00By

Toyota Motor Credit Corp. agreed to pay $60 million as part of a settlement with the Consumer Financial Protection Bureau addressing allegations of illegal lending and credit reporting misconduct.

KPMG

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KPMG Japan fined $500K over journal entry quality controls

2023-11-15T22:18:00+00:00By

The Japanese affiliate of Big Four audit firm KPMG was assessed a $500,000 penalty by the Public Company Accounting Oversight Board for quality control deficiencies regarding journal entry testing.

DBS

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​Singapore bank DBS says $74M exposure from money laundering scandal

2023-11-06T17:26:00+00:00By

The chief executive officer of DBS, Singapore’s largest bank, acknowledged exposure of about 100 million Singapore dollars (U.S. $74 million) related to the city-state’s money laundering scandal.

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Report: Credit Suisse facing probe in Singapore money laundering scandal

2023-10-20T16:28:00+01:00By

A Singapore financial regulator will reportedly conduct an on-site inspection of a local Credit Suisse unit in connection with a 2.8 billion Singapore dollar (U.S. $2 billion) money laundering scandal.

Karim headshot Web

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Q&A: Bangladeshi compliance AVP on future of AML, leadership strategies

2023-10-19T17:30:00+01:00By

Rezaul Karim, assistant vice president, risk and compliance at HSBC Bangladesh, discusses with Compliance Week recent changes in KYC/AML compliance, how new technology is shaping the banking industry, and strategies for building and leading effective AML teams.

Shinhan Bank

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Shinhan Bank enforcements a lesson in not prioritizing compliance

2023-10-06T14:09:00+01:00By

The recent $25 million in combined penalties levied against South Korean-based Shinhan Bank by three U.S. regulators was the culmination of the bank’s failure over an eight-year period to timely correct deficiencies with its anti-money laundering and Bank Secrecy Act processes.

Shinhan Bank

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Shinhan Bank America fined $25M for repeat AML compliance failures

2023-09-29T20:06:00+01:00By

The American branch of South Korea-based Shinhan Bank agreed to pay $25 million across settlements with three separate regulators for admitted violations of the Bank Secrecy Act and anti-money laundering requirements.

Albemarle

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Albemarle to pay $218M in FCPA settlements with DOJ, SEC

2023-09-29T15:11:00+01:00By

Chemical company Albemarle was assessed penalties totaling more than $218 million as part of settlements with the Department of Justice and Securities and Exchange Commission addressing alleged violations of the Foreign Corrupt Practices Act across a handful of foreign countries.

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Q&A: Zeta CCO on leading innovation with compliance

2023-09-05T16:12:00+01:00By

Karla Booe, chief compliance officer for Zeta Services, discusses with Compliance Week how the card processor bakes compliance into its decision-making process for new technologies and product offerings.

IKEA

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Large companies in crosshairs early under German Supply Chain Act

2023-09-01T13:22:00+01:00By

Amazon, IKEA, and Volkswagen were among the companies targeted in the first round of complaints under the German Supply Chain Due Diligence Act—an early indication nongovernmental organizations will seek to hold big businesses accountable for alleged human rights violations.

Primates

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​Inotiv discloses FCPA probe into primate importation practices

2023-08-16T16:22:00+01:00By

Inotiv disclosed the Securities and Exchange Commission is investigating potential violations of the Foreign Corrupt Practices Act by the pharmaceutical testing company regarding its importation of nonhuman primates from Asia.

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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.

G7_Web

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G7 task force to aid crack down on corruption in Ukraine

2023-07-10T17:22:00+01:00By

The Group of Seven justice ministers announced a Japan-led joint task force to “help Ukraine strengthen the rule of law and fight corruption,” according to U.S. Deputy Attorney General Lisa Monaco.

AIMaze

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Kroll survey: Firms rapidly adopting AI tools for financial crime compliance

2023-06-29T15:04:00+01:00By

A new survey of senior leaders and risk professionals from around the world found more than half the respondents have turned to artificial intelligence technology to address a perceived rise in financial crime risks, although most solutions are still rather new.

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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.

Eric Choy CW2023

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CW2023: CBP official on early impact of Uyghur forced labor law

2023-05-30T19:28:00+01:00By

Customs agents have flagged thousands of products marked as made in Malaysia, Vietnam, or elsewhere in accordance with the UFLPA, an official from U.S. Customs and Border Protection shared during a panel at Compliance Week’s 2023 National Conference.

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British American Tobacco to pay $635M in North Korea sanctions case

2023-04-25T21:59:00+01:00By

British American Tobacco will pay more than $635 million to settle allegations the company violated U.S. sanctions against North Korea using a complex, yearslong scheme to import tobacco products into the country.

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Business orgs fined $84K by DOJ over sanctioned Iran dealings

2023-04-20T16:34:00+01:00By

Taiwan-based DES International Co. and Brunei-based Soltech Industry Co. each agreed to pay fines of $83,769 after pleading guilty to Department of Justice charges of conspiring to violate U.S. export laws and sanctions by sending U.S.-origin goods to Iran.

DOJ building

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Ex-Goldman banker sentenced to 10 years for 1MDB fraud role

2023-03-10T20:40:00+00:00By

Former Goldman Sachs Managing Director Roger Ng was sentenced to 10 years in prison for his role in the 1MDB fraud scandal.

Ericsson

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Ericsson to pay $207M for breaches of 2019 DPA over FCPA violations

2023-03-03T19:53:00+00:00By

Swedish telecommunications company Ericsson agreed to pay nearly $207 million following two breaches of its 2019 deferred prosecution agreement with U.S. authorities.

North Korea sanctions

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Godfrey Phillips India to pay $333K in North Korea sanctions case

2023-03-02T20:34:00+00:00By

Tobacco company Godfrey Phillips India agreed to pay $332,500 to the Office of Foreign Assets Control to settle charges it violated U.S. sanctions by involving U.S. banks and bank personnel in payments for shipments to North Korea.