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MUFG names risk chief for securities business

2024-12-05T09:28:00+00:00By

Financial group MUFG announced that Charles Green, Jr., will assume the role of chief risk officer for MUFG Securities Americas, head of market risk Americas, MUS(CAN), and International CRO for MUSI, effective Feb 1.

Global sanctions

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U.K., EU enforcement regimes set to escalate, but critics question sanctions’ effectiveness

2024-12-04T16:32:00+00:00By

With a new political regime ready to take over in the U.S., the effectiveness of sanctions against malign foreign actors like Russia, North Korea, and Iran have come into question. While the European Union and U.K. have increased sanctions pressure, critics have publicly asked: Is it enough?

Crypto coins

News Brief

U.S. Appeals Court ruling in Tornado Cash case opens door for AML regulatory unwind

2024-12-02T22:55:00+00:00By

In striking down penalties against cryptocurrency mixer Tornado Cash for violating U.S. sanctions, a federal appeals court may have started to chip away at anti-money laundering regulations established by Democrats even before President-elect Donald Trump takes office.

Blog

RateGain announces GC

2024-11-28T09:24:00+00:00By

RateGain Travel Technologies Limited announced the appointment of Mukesh Kumar as its new general counsel and company secretary, joining as senior vice president – legal & compliance.

Blog

Thunes appoints chief compliance officer

2024-11-28T08:25:00+00:00By

Cross-border payments network Thunes announced the appointment of Peter Cohen as its new chief compliance officer.

Thales_web

News Brief

French defense contractor Thales Group under investigation for bribery in Asia

2024-11-26T17:29:00+00:00By

French defense and aviation contractor Thales Group is under investigation by authorities in the U.K. and France for allegedly participating in bribery and corruption.

adani_web

News Brief

Adani Group CEO, seven business executives charged in huge $250M bribery scheme

2024-11-22T14:39:00+00:00By

Eight business executives, including the billionaire owner of Indian energy company Adani Group, were charged with fraud for their alleged roles in a multi-million bribery scheme to win a solar energy contract in India.

gambling

News Brief

BIT Mining changes business model, pays $10M fine to resolve FCPA violations

2024-11-19T19:26:00+00:00By

A publicly traded cryptocurrency mining company will pay $10 million and completely change its business model to one with “lower corruption risk” as part of a settlement over violations of the Foreign Corrupt Practices Act (FCPA), two regulators announced.

ChinaUS

News Brief

DOJ proposes rule that would block sale of Americans’ personal data to Chinese, Russian firms

2024-10-22T14:37:00+01:00By

The Department of Justice (DOJ) has proposed a new rule that would regulate the use of Americans’ personal information by foreign companies and foreign persons in six “countries of concern,” prohibiting and restricting the sale of data to thwart the use of data for cyber-enabled activities, espionage, coercion, influence and ...

North Korea sanctions

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Vietnamese business pays $860K for violating U.S. sanctions on North Korea

2024-10-18T18:10:00+01:00By

A Vietnamese alcohol company has agreed to pay $860,000 to settle allegations by the Office of Foreign Assets Control that its business with North Korea involved U.S. financial institutions.

Blog

Genius Group names Tokinvest CCO to board

2024-10-17T10:52:00+01:00By

Genius Group Limited, an AI-powered education and acceleration group, announced that Tokinvest Chief Compliance Officer and Chief Financial Officer Ian Putter was appointed to its board.

Bribery

News Brief

Poor internal controls led to FCPA violations in Moog’s $1.7M settlement with SEC

2024-10-15T17:05:00+01:00By

A company culture geared to “win business at any cost” encouraged employees of New York-based aerospace manufacturer Moog to pay bribes in India to win contracts, the Securities and Exchange Commission alleged.

AAR_Corp_web

News Brief

AAR Corp. discloses former exec implicated in Nepal, South Africa FCPA violations

2024-09-25T20:22:00+01:00By

Aviation maintenance services provider AAR Corp. disclosed that several former employees may have bribed officials in Nepal and South Africa to win contracts, and chose to self-report violations of the Foreign Corrupt Practices Act to authorities in the U.S. and U.K.

Blog

Bank of China appoints risk chief

2024-09-19T04:32:00+01:00By

Bank of China announced the appointment of Zhao Rang as its chief risk officer.

John_Deere_Web

News Brief

John Deere to pay $10M to settle FCPA violations by subsidiary in Thailand

2024-09-11T14:16:00+01:00By

Illinois-based manufacturer John Deere will pay approximately $10 million in penalties and disgorgement to the Securities and Exchange Commission for violating the Foreign Corrupt Practices Act with bribes paid by a Thai subsidiary.

Steel factory

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SEC fines Esmark, CEO combined $600K over false offer to U.S. Steel Corp.

2024-09-09T18:28:00+01:00By

A privately held family company and its CEO, who announced a $10 billion bid to buy U.S. Steel without having the cash on hand, will pay $600,000 in penalties to the Securities and Exchange Commission for making materially false statements.

Raytheon

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Raytheon parent to pay $200M in fines, remediation over export control violations

2024-09-05T12:00:00+01:00By

RTX Corp., the parent company of Raytheon, agreed to pay $200 million in fines and remediation to address hundreds of export control violations that led to the disclosure of sensitive military secrets.

Blog

Bitget welcomes new legal chief

2024-08-29T17:55:00+01:00By

Cryptocurrency exchange and Web3 company Bitget announced the appointment of Hon Ng as its chief legal officer.

Blog

Maybank promotes deputy risk chief to head of group risk

2024-08-14T18:59:00+01:00By

Maybank announced the promotion of Deputy Group Chief Risk Officer Mohamed Rezwan Abdullah Ismail to group chief risk officer.

Blog

StarHub appoints general counsel

2024-07-30T15:01:00+01:00By

Communications, entertainment and digital services provider StarHub announced the appointment of Audra Balasingam as general counsel and company secretary.

Blog

PharmaEssentia appoints legal head

2024-07-30T14:52:00+01:00By

PharmaEssentia USA announced the appointment of Beth Krewson as head of legal.

Executive Compensation

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Compensation survey finds average annual CCO pay jumped above $400K

2024-07-25T18:15:00+01:00By

A new compensation survey found base pay for chief compliance officers has risen 36 percent since 2021 to an average of more than $403,000.

Blog

HanAll Biopharma appoints legal chief

2024-07-23T15:43:00+01:00By

HanAll Biopharma announced the appointment of Christopher Slavinsky as chief business development and legal officer.

Diversity

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Survey tackles aligning cross-generational views of ethics in the workplace

2024-07-22T16:04:00+01:00By

Companies may need to examine employees by age group to find out how likely some workers might be to ditch compliance to complete tasks.

Blog

Mahindra Group announces sustainability chief

2024-07-17T18:06:00+01:00By

Mahindra Group announced the appointment of Ankit Todi as the new group chief sustainability officer.

ChinaCargoContainer

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Updated UFLPA enforcement strategy targets aluminum, PVC, seafood imports

2024-07-16T15:08:00+01:00By

U.S. Customs and Border Protection will make it a priority to check shipments of aluminum, polyvinyl chloride, and seafood from China and elsewhere in the region for links to forced labor, according to an updated Uyghur Forced Labor Prevention Act enforcement strategy.

Blog

C1 names chief risk officer

2024-07-15T19:11:00+01:00By

C1, a global technology solution provider, announced that Rui Goncalves has been promoted to chief legal officer.

BitMEX

News Brief

DOJ latest agency to charge crypto platform BitMEX for BSA/AML failures

2024-07-12T16:57:00+01:00By

The parent company of crypto-trading platform BitMEX is again facing charges of violating the Bank Secrecy Act, the latest in a string of punishments against the company and its founders for failing to implement adequate know your customer and anti-money laundering programs.

Brian_Nelson_web

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De-risking trend threatens global financial markets, Treasury official warns

2024-07-10T17:25:00+01:00By

As the United States and other Western countries turn the screws on criminals, hackers, terrorist organizations, and sanctions evaders attempting to access global financial markets, financial institutions could respond by reducing their connections to risky sectors, according to Treasury Under Secretary Brian Nelson.

Boeing

News Brief

Boeing agrees to plead guilty, pay additional $244M for violating 2021 DPA

2024-07-08T18:41:00+01:00By

Boeing will plead guilty to a felony and pay an additional $243.6 million for violating the terms of a 2021 settlement it made with the Department of Justice related to safety lapses that contributed to the crash of two airplanes.

Dominic_Buckwell_web1

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Q&A: Seaco general counsel, compliance head on environmental regulations

2024-07-03T18:17:00+01:00By

Dominic Buckwell, general counsel and compliance head at global marine container leasing company Seaco, discussed key themes including anti-money laundering, sanctions, and why the industry needs common environmental reporting standards.

Turkey flag

News Brief

FATF removes Jamaica, Türkiye from watchlist; adds Monaco, Venezuela

2024-07-01T15:58:00+01:00By

Jamaica and Türkiye made “significant progress” addressing deficiencies in their anti-money laundering/countering the financing of terrorism (AML/CFT) programs, warranting their removal from the Financial Action Task Force’s grey list.

Blog

Jio Financial Services announces group CRO

2024-06-27T18:16:00+01:00By

Jio Financial Services announced the appointment of S. Anantharaman as group chief risk officer of the company.

North Korea sanctions

News Brief

Mondo TV reaches $538K settlement with OFAC over N. Korea sanctions violations

2024-06-27T16:56:00+01:00By

Italy-based Mondo TV agreed to pay $538,000 to settle charges with the Treasury Department’s Office of Foreign Assets Control over 18 apparent violations of North Korea sanctions regulations.

iran_sanctions_web

News Brief

OFAC sanctions nearly 50 entities for ‘shadow banking’ benefiting Iranian military

2024-06-26T14:37:00+01:00By

The Treasury Department’s Office of Foreign Assets Control sanctioned nearly 50 entities connected with so-called “shadow banking” networks that help Iran’s military evade U.S. sanctions and to sell the country’s oil and petrochemical products.

DOJ

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Washington state importer ordered to hire CCO in response to Lacey Act violations

2024-06-17T16:53:00+01:00By

A Washington state importer has been ordered by the Department of Justice to pay a $360,000 fine and hire a chief compliance officer after imported wood items the company claimed to be from Malaysia were found to be from China.

WIC_3

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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.

Blog

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.

Blog

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

News Brief

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.

Blog

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

News Brief

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.

Blog

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.

adani_web

News Brief

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.

Blog

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.

Blog

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.

Blog

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.