- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2022-11-30T16:54:00
Julius Baer International (JBI), a U.K.-based investment and wealth management subsidiary of Swiss-based Julius Baer Group, will pay more than 18 million pounds (U.S. $21.5 million) to settle charges laid by the Financial Conduct Authority (FCA) for paying bribes to generate business with a Russian oil company.
While JBI agreed to settle with the FCA, three of its former employees—Gustavo Raitzin, Thomas Seiler, and Louise Whitestone—decided to have their cases heard in court, the regulator said in a press release Wednesday.
The FCA alleged in addition to failing to conduct business with integrity, JBI failed to take “reasonable care to organize and control its affairs.” The firm was faulted for not being “open and cooperative” with the regulator because it delayed notification of the alleged bribery scheme for two years.
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Swiss bank Julius Baer entered a deferred prosecution agreement and will pay $80 million for its role in a money laundering conspiracy linked to world soccer federation FIFA, the Department of Justice announced.
Compliance officers can learn a lot from the anti-money laundering compliance shortcomings at Julius Baer Group, as well as from what the bank is now doing to enhance its risk management and AML compliance controls.
R.J. O’Brien & Associates, an independent futures brokerage and clearing firm, announced the appointment of John Robbins to the new role of global chief compliance officer.
A lack of supervision and internal controls at Morgan Stanley Smith Barney allowed four of its investment advisers to steal millions from customers before the behavior was detected, the SEC said in charging the firm.
A subsidiary of McKinsey & Co. will pay nearly $123 million to the Department of Justice to settle allegations that it bribed officials in South Africa to win consulting contracts.
A defamation lawsuit filed by a whistleblower against USAA, which a Florida judge recently dismissed on a technicality, revealed in public court records an estimated 400,000 violations of the Military Lending Act by USAA Federal Savings Bank (USAA Bank), an indirect wholly owned subsidiary of USAA.
