Financial Crimes 2024 Axelrod


BIS’s Axelrod makes plea to financial services: ‘We want to work with you’


Matthew Axelrod, assistant secretary for export enforcement at the Bureau of Industry and Security, addressed efforts to reach financial services firms, working with the Financial Crimes Enforcement Network, and more during his fireside chat at CW’s Financial Crimes Summit.


News Brief

Additions to UFLPA Entity List signal seafood supply chain risks


The U.S. Department of Homeland Security added three China-based entities across the seafood, aluminum, and footwear industries to the Uyghur Forced Labor Prevention Act Entity List.

Sanctions compliance TPRM


Panelists break down robust sanctions landscape at TPRM Summit


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.


ByteDance names global general counsel


Social media app TikTok’s parent company ByteDance announced John Rogovin will join the company as global general counsel.


News Brief

Senate report cites VW, BMW, JLR for potential forced labor violations


A U.S. Senate report found three European automakers—Volkswagen, BMW, and Jaguar Land Rover—sold cars in the United States with parts sourced from a supplier suspected of using forced labor from China’s Xinjiang region.

U.S. China flags

News Brief

UFLPA Entity List nearly doubles with textile industry sweep


The Department of Homeland Security announced its largest batch of additions to the list of companies blocked under the Uyghur Forced Labor Prevention Act in the form of a sweep of the Chinese textile industry.


HKEX appoints group chief compliance officer


Hong Kong Exchanges and Clearing Limited announced the appointment of Lilian Cheng as group chief compliance officer.


News Brief

U.S. senator calls for Temu ban over forced labor, privacy concerns


Sen. Tom Cotton (R-Ark.) is calling on the Biden administration to investigate and ban Chinese e-commerce company Temu over forced labor and data privacy violation concerns.


News Brief

New DHS strategy sets textiles up for added UFLPA scrutiny


The Department of Homeland Security announced a new strategy set to help close a loophole that allows certain textile-related shipments from China to enter the United States without scrutiny under the Uyghur Forced Labor Prevention Act.

CW2024 leadership panel


CW2024 leadership panel on navigating scrutiny, prep for more change


The global political landscape should be high on the risk radar of compliance officers in 2024, according to compliance leaders speaking at Compliance Week’s 2024 National Conference, along with increased regulatory scrutiny toward forced labor, ESG, and M&A.

China flags


CBP stats show persistent problem areas under UFLPA

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

It’s been nearly two years since the Uyghur Forced Labor Prevention Act took effect, and as enforcement statistics and recent reports demonstrate, many businesses are still not adequately vetting their supply chains.


News Brief

PCAOB fines KPMG China partners combined $150K over audit violations


The Public Company Accounting Oversight Board imposed collective fines totaling $150,000 against three partners at KPMG China for violations of standards related to their audit work at education service provider Tarena International.


FinVolution Group CCO to serve as president


Financial technology platform FinVolution Group appointed Pingping Chen to serve as president and chief compliance officer.

Accounting investigation

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.

China scrutiny


What future holds for PCAOB post China crackdowns


The Public Company Accounting Oversight Board’s first enforcement settlements with mainland China and Hong Kong firms won’t be the last, as the chair of the regulator says its “just getting started.” U.S. firms must be mindful of the specific ethical issues highlighted.



FCPA violations in China: Lessons learned from 2023 cases


Enforcement actions regarding alleged violations of the Foreign Corrupt Practices Act at 3M, Albemarle, Clear Channel Outdoor, and Royal Philips each had China touchpoints. Experts assess third-party risk management lessons learned from each case.


News Brief

ICBC fined $32M by NYDFS, Fed over compliance lapses


The Industrial and Commercial Bank of China and its New York branch agreed to pay $32.4 million in penalties levied by two regulators for failing to address compliance failures and for the unauthorized disclosure of confidential supervisory information to an overseas regulator.

Facial recognition


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.



Top ethics and compliance failures of 2023


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.


LexinFintech Holdings appoints chief risk officer


Financial technology company LexinFintech Holdings announced its board of directors appointed Zhanwen Qiao as chief risk officer.


News Brief

China-based PwC affiliates fined $7M in historic PCAOB actions


The Public Company Accounting Oversight Board imposed $7 million in total penalties against two PwC affiliates under its first settlements with mainland Chinese and Hong Kong firms since the passage of the Holding Foreign Companies Accountable Act.

China scrutiny


Due diligence in China: Mitigating arrest, detention risks


Lack of transparency around how to remain within the legal bounds of China’s national security laws has heightened companies’ concerns regarding performing on-site due diligence in the country.


News Brief

GE HealthCare discloses FCPA reviews into China activities


GE HealthCare said it is cooperating with reviews by the Department of Justice and Securities and Exchange Commission into potential violations of the Foreign Corrupt Practices Act in China.


News Brief

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


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.


News Brief

Clear Channel Outdoor to pay $26M in FCPA case over China bribes


Clear Channel Outdoor Holdings agreed to pay more than $26 million as part of a settlement with the Securities and Exchange Commission alleging its former China-based subsidiary bribed government officials to obtain outdoor advertising contracts.


News Brief

DHS designates three Chinese companies for Uyghur forced labor


The Department of Homeland Security designated three companies to a growing list accused by the Biden administration of forced labor practices in the Xinjiang region of China.

Russia sanctions

News Brief

FinCEN analysis: Trends in Russia export control evasion attempts


Analysis of suspicious activity reports by the Financial Crimes Enforcement Network indicates nearly $1 billion in suspicious activity in cases of suspected evasion of Russia-related export controls.



Large companies in crosshairs early under German Supply Chain Act


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.


News Brief

SEC orders 3M to pay $6.6M over FCPA violations in China


The Securities and Exchange Commission ordered 3M to pay nearly $6.6 million for alleged violations of the Foreign Corrupt Practices Act regarding hidden travel perks its foreign subsidiary made to government officials in China.


News Brief

Lawsuit: Pfizer fired, retaliated against whistleblower who raised FCPA concerns


An ex-Pfizer compliance officer is suing his former employer claiming wrongful termination and whistleblower retaliation after discovering the company allegedly paid $168 million to potentially influential government officials in China.

U.S. China flags


Companies get say on Biden executive order restricting China tech investments


President Joe Biden’s recent executive order to restrict certain outbound investments to China offers an opportunity for companies to help shape the program by offering input through comment.

Microsoft store

News Brief

​Senator pushes for probe into Microsoft’s ‘negligent cybersecurity practices’


Sen. Ron Wyden (D-Ore.) is calling on federal agencies to hold Microsoft accountable for “negligent cybersecurity practices” that played part in a Chinese hacking campaign that targeted U.S. government email addresses.


News Brief

SEC orders Future FinTech Group to pay $1.65M over accounting lapses


Future FinTech Group agreed to pay $1.65 million to settle charges levied by the Securities and Exchange Commission for filing materially inaccurate annual reports and failing to maintain adequate books, records, and internal control over financial reporting.

Eric Choy CW2023


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


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.

Apple store

News Brief

Ex-Apple engineer charged with theft of trade secrets in DOJ sweep


A new strike force co-led by the Department of Justice and Commerce Department made an impact when charges against a former Apple engineer for theft and attempted theft of trade secrets were included as part of its first enforcement actions.


News Brief

Philips to pay $62M to settle alleged FCPA violations in China


Dutch conglomerate Royal Philips will pay more than $62 million to settle allegations it violated the Foreign Corrupt Practices Act when its subsidiaries engaged in improper conduct to win contracts in China.

China scrutiny

News Brief

PCAOB finds ‘unacceptable’ deficiency rates in first China/Hong Kong inspections


The Public Company Accounting Oversight Board found seven of eight audit engagements it reviewed in China and Hong Kong contained “unacceptable rates” of deficiencies.


News Brief

Lawmakers pressure SEC to examine Shein’s sourcing practices before IPO


Two dozen lawmakers have demanded the Securities and Exchange Commission require an independent third party to verify fast-fashion retailer Shein does not use Uyghur forced labor before allowing it to go public.



Record Seagate enforcement a reminder it doesn’t matter if you think you’re right


Not knowing with certainty whether the business you’re conducting meets all relevant regulatory standards is a recipe for trouble, as Seagate learned in paying $300 million for its restricted dealings with Chinese telecom Huawei.


News Brief

​Seagate fined record $300M over export business with Huawei


Seagate will pay the largest stand-alone administrative penalty in the history of the Commerce Department’s Bureau of Industry and Security for violating export control restrictions against Chinese telecommunications giant Huawei.


News Brief

TikTok fined $15.9M for violations of U.K. GDPR


Social media platform TikTok was fined £12.7 million (U.S. $15.9 million) by the U.K. Information Commissioner’s Office for using the personal data of children without parental consent and other violations of data protection mandates.


News Brief

Friedman latest fined in PCAOB crackdown on unregistered auditor use


Friedman agreed to pay a $100,000 penalty to settle charges by the Public Company Accounting Oversight Board it over-relied on the work of unregistered Chinese firms across 12 public company audits.

Forced labor hands


Good faith not good enough in navigating global supply chain laws


Differences in the level of duty of vigilance among supply chain legislation in countries including the United States, United Kingdom, and Germany mean best efforts to root out and stop slave labor and other worker exploitation are not enough, according to experts.


News Brief

Crypto exchange Bitzlato shut down, labeled ‘money laundering concern’


The Financial Crimes Enforcement Network designated Bitzlato, a Hong Kong-registered cryptocurrency exchange, as a “primary money laundering concern” in the first use of a law that targets entities that facilitate illicit Russian financial transactions.



Ten things I’d like to see happen in 2023 (2022 in review)


Expect big developments for the compliance profession in 2022 to continue to take center stage in the year ahead, including CCO certifications, climate-related disclosures, and more.



DOJ declines to prosecute Safran over alleged FCPA violations


The U.S. Department of Justice informed French aircraft equipment manufacturer Safran that the company would not face prosecution regarding alleged bribes paid by employees at two subsidiaries to a China-based consultant.

China scrutiny


PCAOB announces ‘complete access’ to audit papers of Chinese firms


The Public Company Accounting Oversight Board announced it received “complete access to inspect and investigate” audit firms in China and Hong Kong, potentially averting the delisting of hundreds of Chinese public companies from U.S. exchanges.



U.S. law to stop Uyghur forced labor remains compliance challenge


It’s been six months since the Uyghur Forced Labor Prevention Act took effect, and businesses are no clearer today on how to comply with it, those familiar with the law said.



Report: Global anti-bribery enforcement levels hit record low


Only the United States and Switzerland can be considered “active enforcers” in tackling foreign bribery, while countries like the United Kingdom and Israel have taken a step back, according to the latest report from Transparency International.



Deloitte China fined $20M for ‘basic’ audit standard violations


The Chinese affiliate of Big Four audit firm Deloitte agreed to pay a $20 million penalty and undertake extensive remedial measures as part of a settlement with the SEC for audit failures that included asking clients to conduct their own audit work.