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Ecopetrol taps temporary compliance VP

2024-04-17T09:17:00+01:00By

Colombia-based oil company Ecopetrol announced Alberto Vergara Monterrosa will temporarily take over as corporate vice president of compliance and compliance officer.

Koenig_DOJ_SEC_Day2

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JBS CECO on overcoming ‘fear, anxiety, and chaos’ of taking job post-FCPA settlements

2024-04-12T14:57:00+01:00By

Mike Koenig explained at Compliance Week’s 2024 National Conference how he helped rebuild JBS Foods’ compliance department following Foreign Corrupt Practices Act settlements with the Department of Justice and Securities and Exchange Commission.

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.

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.

DOJ building

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Ex-Stericycle finance director charged for bribery scheme role

2024-03-20T18:17:00+00:00By

A former finance director at medical waste disposal company Stericycle faces Department of Justice charges for his alleged role in a bribery scheme that led the company to an $84 million settlement regarding violations of the Foreign Corrupt Practices Act.

Koenig_web

Article

CW National 2024 Q&A: JBS CECO on compliance post-settlement

2024-03-08T15:17:00+00:00By

Michael Koenig, global chief ethics and compliance officer at JBS Foods, previews his session on rebuilding the compliance department following settlements with the Department of Justice and Securities and Exchange Commission at CW’s National Conference in Washington, D.C.

Oil barrels

News Brief

Gunvor to pay $661M to settle FCPA violations in Ecuador

2024-03-04T16:12:00+00:00By

Swiss-based oil trader Gunvor will pay more than $661 million as part of a plea agreement with the Department of Justice to resolve violations of the Foreign Corrupt Practices Act involving a long-running scheme to bribe officials in Ecuador to secure oil contracts.

JBS

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NYAG lawsuit: JBS misleading public with sustainability claims

2024-02-29T20:54:00+00:00By

Two U.S. subsidiaries of Brazilian meat processing company JBS are the subject of a lawsuit filed by the New York attorney general accusing the businesses of using misleading statements and marketing regarding their environmental commitments.

Blog

Nubank adds chief legal officer

2024-02-28T17:00:00+00:00By

Brazil-based financial services platform Nubank announced the arrival of Elita Ariaz as its new chief legal officer.

Blog

Marimaca Copper appoints general counsel

2024-02-22T11:24:00+00:00By

Canadian copper company Marimaca Copper Corp. welcomed Solange González as general counsel and corporate secretary.

Gallagher

News Brief

Insurance broker Gallagher off hook in DOJ FCPA probe

2024-02-12T14:45:00+00:00By

Arthur J. Gallagher disclosed the Department of Justice ended an investigation into the insurance broker’s business in Ecuador for potential violations of the Foreign Corrupt Practices Act.

Brazil oil

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Freepoint Commodities to pay $99M in Brazil bribery FCPA case

2023-12-14T21:08:00+00:00By

Freepoint Commodities agreed to pay nearly $99 million to settle allegations by the Department of Justice that it paid bribes to Brazilian government officials in return for business from state-owned oil company Petrobras.

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.

Ecuador street

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British reinsurers Tysers, H.W. Wood settle with DOJ over Ecuador bribes

2023-11-20T22:10:00+00:00By

Two U.K.-based reinsurance brokers, Tysers Insurance Brokers and H.W. Wood, reached separate settlements with the U.S. Department of Justice addressing their participation in a wide-ranging scheme to pay bribes to Ecuadorian government officials.

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.

Brazil

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OECD group questions Brazil’s momentum on anti-bribery

2023-10-23T17:48:00+01:00By

Brazil has made strides in its anti-bribery enforcement efforts, but a working group at the Organization for Economic Cooperation and Development is concerned the country doesn’t have the controls in place to sustain its progress.

Venezuelaprotest

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Treasury eases Venezuela sanctions amid electoral progress

2023-10-20T12:28:00+01:00By

The U.S. Treasury Department dialed back certain of its sanctions against Venezuela after the latter’s government and an opposition faction agreed to work together toward the prospect of a presidential election in 2024.

Deloitte

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Deloitte Colombia fined $900K by PCAOB for quality control violations

2023-09-27T20:21:00+01:00By

A Colombian affiliate of Big Four audit firm Deloitte agreed to pay $900,000 as part of a settlement with the Public Company Accounting Oversight Board addressing alleged quality control lapses that occurred during the 2016 audit of a bank.

BDO

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PCAOB fines three in latest reporting requirement sweep

2023-08-11T18:03:00+01:00By

The Public Company Accounting Oversight Board continued its crackdown on reporting requirement violations with penalties against three audit firms, including a BDO affiliate.

Colombia

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​Grupo Aval to pay $81M in landmark FCPA case

2023-08-11T14:52:00+01:00By

Colombian conglomerate Grupo Aval agreed to pay nearly $81 million as part of settlements addressing alleged bribes paid by its bank subsidiary Corficolombiana to win a highway construction contract.

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.

Blog

Mariva Capital Markets recruits CCO from Beta Capital Securities

2023-06-14T17:07:00+01:00By

Financial services veteran Robert Lebowitz joined Mariva Capital Markets as chief compliance officer.

DOJ wall

News Brief

IRB Brasil to pay shareholders $5M over CFO’s claims

2023-04-25T22:33:00+01:00By

Brazilian reinsurance company IRB Brasil RE agreed to pay $5 million to harmed investors after its former chief financial officer allegedly lied about Berkshire Hathaway investing in the company.

Venezuela flag

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Uphold HQ fined $72K in OFAC sanctions case

2023-03-31T19:51:00+01:00By

Uphold HQ will pay $72,230 to settle charges levied by the Office of Foreign Assets Control that it processed sanctioned transactions for persons in Iran and Cuba and government employees in Venezuela.

SEC building

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Vale to pay $55.9M in SEC settlement over dam disclosures

2023-03-29T17:02:00+01:00By

Brazilian mining company Vale agreed to pay $55.9 million to settle Securities and Exchange Commission charges it issued false and misleading statements regarding the safety conditions of its dams.

Bribery

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​TRACE enforcement report highlights anti-bribery trends from 2022

2023-03-16T15:11:00+00:00By

The United States broke from a three-year downturn in bribery-related enforcement actions, while Brazil continued its emergence in the space, according to the results of the latest annual Global Enforcement Report by nonprofit TRACE.

JBS

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JBS accused of greenwashing in SEC whistleblower complaint

2023-01-24T21:31:00+00:00By

Brazilian meat processing company JBS faces accusations of issuing $3.2 billion worth of “misleading and fraudulent” sustainability bonds in a whistleblower complaint filed with the Securities and Exchange Commission.

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.

KPMG

Article

Three KPMG firms disciplined in $7.7M enforcement sweep

2022-12-07T14:55:00+00:00By

The Public Company Accounting Oversight Board announced $7.7 million in total penalties against three separate KPMG firms and four individuals for varying violations of audit standards and ethical rules, including alleged exam cheating.

Ecuador flag

Article

Insurance broker Gallagher latest target of DOJ Ecuador probe

2022-11-07T20:56:00+00:00By

Insurance broker Arthur J. Gallagher is under investigation by the Department of Justice related to its business in Ecuador.

Venezuela sanctions

Article

NodusBank avoids fine in OFAC case over Venezuela sanctions violations

2022-10-19T16:55:00+01:00By

Nodus International Bank was found to have violated U.S. sanctions against Venezuela by the Office of Foreign Assets Control for allowing three unlicensed transactions on a blocked account.

SEC office

Article

Compass Minerals fined $12M for disclosure control lapses

2022-09-26T17:31:00+01:00By

Compass Minerals International, a Kansas-based mining company, agreed to pay a $12 million fine to the Securities and Exchange Commission to resolve allegations deficiencies in its disclosure controls led to failures at facilities it operates in Canada and Brazil.

Article

JBS names global chief sustainability officer

2022-09-23T14:45:00+01:00By

JBS, the world’s largest meat processing company, announced the appointment of Jason Weller as its first global chief sustainability officer.

GOL_Web

Article

Brazil airline Gol settles FCPA bribery charges for $41M

2022-09-16T19:29:00+01:00By

Brazilian airline Gol agreed to pay $41 million as part of reduced settlements addressing bribery investigations conducted by authorities in the United States and Brazil.

Article

JBS appoints global chief ethics and compliance officer

2022-08-16T14:30:00+01:00By

Global meat processing company JBS announced the appointment of Michael Koenig as global chief ethics and compliance officer.

American Express

Article

American Express to pay $430K for violations of sanctions against drug kingpin

2022-07-18T18:06:00+01:00By

A subsidiary of American Express agreed to pay $430,500 to settle charges its network processed 214 transactions on behalf of a Venezuelan drug kingpin who was designated on the U.S. sanctions list, according to the Office of Foreign Assets Control.

JLT UK

Article

FCA fines JLT Specialty $9.7M for financial crime control lapses

2022-06-22T20:41:00+01:00By

The U.K. Financial Conduct Authority fined a unit of insurance broker Jardine Lloyd Thompson Group 7.9 million pounds (U.S. $9.7 million) for failing to control financial crime within its South and Central American subsidiaries.

Tenaris

Article

Tenaris to pay $78M to settle FCPA charges over bribes in Brazil

2022-06-03T13:28:00+01:00By

Tenaris, a global manufacturer of steel pipe products, agreed to pay more than $78 million to the SEC to settle charges it violated the Foreign Corrupt Practices Act by paying more than $10 million in bribes to a Brazilian government official.

Treasury

Article

Banco Popular to pay $255K for violating Venezuela sanctions

2022-05-31T18:23:00+01:00By

Banco Popular de Puerto Rico has agreed to pay more than $255,000 as part of a settlement with the Office of Foreign Assets Control to resolve its civil liability for 337 transactions processed in violation of U.S. sanctions.

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.

Article

JBS names corporate sustainability officer

2022-05-11T18:47:00+01:00By

JBS, the largest meat processing company in the world, appointed Maurício Bauer as corporate sustainability officer.

Brumadinho dam rupture

Article

SEC accuses Vale of safety audit manipulation in 2019 dam collapse

2022-04-29T17:21:00+01:00By

Brazilian mining company Vale was accused by the Securities and Exchange Commission of making false and misleading safety audit and disclosure claims prior to the January 2019 collapse of its Brumadinho dam.

Stericycle

Article

Stericycle to pay $84M to resolve FCPA violations

2022-04-20T18:50:00+01:00By

Medical waste disposal company Stericycle has agreed to pay $84 million in civil and criminal penalties to resolve allegations it paid bribes to win government contracts in Brazil, Mexico, and Argentina.

WEX

Article

WEX fined $350K over ICFR weaknesses

2021-12-13T19:32:00+00:00By

Financial technology service provider WEX agreed to pay $350,000 as part of a settlement with the SEC regarding violations of internal accounting control provisions in the federal securities laws at its former Brazilian subsidiary.

Honeywell

Article

Honeywell records charge of $160M in FCPA probe

2021-10-25T18:14:00+01:00By

Honeywell International has recorded a charge of $160 million in accrued liability concerning an investigation by U.S. and Brazilian authorities as to whether the company’s use of third parties in Brazil violated the FCPA.

Braskem

Article

Ex-Braskem CEO gets 20 months in prison over bribery scheme

2021-10-12T21:36:00+01:00By

Jose Carlos Grubisich was sentenced to 20 months in prison for his role in a scheme to divert hundreds of millions of dollars in bribe payments from Braskem to government officials and political parties in Brazil.

FCPA-July

Article

Petrobras fulfills obligations of 3-year FCPA agreement

2021-10-06T16:41:00+01:00By

Brazilian state-owned energy company Petrobras announced it has met the obligations of a three-year agreement reached with the Department of Justice for playing a role in one of the world’s largest political corruption investigations.

SEC

Article

Red flags ignored in WPP $19M FCPA settlement

2021-09-24T19:34:00+01:00By

Global advertising giant WPP reached a more than $19 million settlement with the SEC to resolve charges of violating the anti-bribery, books and records, and internal accounting controls provisions of the Foreign Corrupt Practices Act.