By Aaron Nicodemus2022-12-05T16:19:00
Swiss technology company ABB agreed to pay $327 million in penalties to settle coordinated charges it paid bribes to win South African energy contracts.
The settlement, announced late Friday by the U.S. Department of Justice, saw ABB admit to a scheme from 2014-17 to pay bribes to a South African energy official. The scheme involved ABB making payments to subcontractors connected to the high-ranking official at the energy company Eskom Holdings. In return, ABB received “improper advantages” in its efforts to obtain work with Eskom, including access to confidential and internal Eskom documents.
ABB and Eskom then conducted “sham negotiations” that resulted in inflated contracts being awarded to ABB.
2024-08-01T17:01:00Z By Aaron Nicodemus
The International Police Organization will launch a pilot anti-money laundering initiative in Africa that will trace and recover funds stolen by corrupt officials and criminals.
2024-01-12T20:32:00Z By Aaron Nicodemus
Andrew McBride, chief risk officer of Albemarle Corp., and Tapan Debnath, head of integrity, regulatory affairs and data privacy at ABB, discussed how and why their respective organizations use data analytics to conduct business as part of a recent webcast.
2024-01-10T20:31:00Z By Kyle Brasseur
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.
2025-09-11T20:53:00Z By Neil Hodge
Europe’s banking regulator warns that weak compliance at fintech, regtech, and crypto firms may let money laundering and terrorist financing risks slip through. The EBA also found EU regulators’ approaches are often inconsistent and unclear.
2025-09-10T22:24:00Z By Adrianne Appel
California, Colorado, and Connecticut launched a joint enforcement sweep against businesses that fail to honor consumers’ online opt-out requests, the states announced Tuesday.
2025-09-09T16:51:00Z By Oscar Gonzalez
A Houston-based freight forwarder, Fracht FWO Inc., will pay $1.6 million for violating U.S. sanctions tied to Venezuela and Iran, according to the Treasury Department’s Office of Foreign Assets Control (OFAC). The fine comes as OFAC ramps up enforcement in recent months.
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