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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Jeff Dale2023-08-25T17:10:00
The Securities and Exchange Commission (SEC) ordered multinational conglomerate 3M to pay nearly $6.6 million for alleged violations of the Foreign Corrupt Practices Act (FCPA) regarding hidden travel perks its foreign subsidiary made to government officials in China.
The agency charged 3M and its subsidiary, 3M China, with violating the books and records and internal controls provisions of the FCPA, according to a press release Friday. The company agreed to cease and desist from further violations and pay disgorgement plus prejudgment interest totaling nearly $4.6 million and a $2 million civil penalty, the SEC said.
The SEC alleged 3M China improperly recorded legitimate business expenses and consolidated them into its books and records and failed to maintain an adequate system of internal accounting controls over the cross-border transfer of funds to vendors.
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News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
2024-01-25T18:01:00Z By Aaron Nicodemus
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.
2023-11-08T14:45:00Z By Jaclyn Jaeger
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.
2023-11-01T16:06:00Z By Kyle Brasseur
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.
2024-10-22T21:18:00Z By Adrianne Appel
Precision Toxicology has agreed to pay $27 million to settle allegations first brought by whistleblowers in three cases, that the company billed the federal government for unnecessary drug tests and paid kickbacks to doctors, the Department of Justice (DOJ) said.
2024-10-22T16:08:00Z By Aaron Nicodemus
Fund management company WisdomTree will pay $4 million to settle allegations by the Securities and Exchange Commission that it improperly invested in fossil fuel and tobacco companies in environmental, social and governance (ESG) funds despite promising to avoid them.
2024-10-18T18:10:00Z By Adrianne Appel
A Vietnamese alcohol company has agreed to pay $860,000 to settle allegations by the Office of Foreign Assets Control (OFAC) that its business with North Korea involved U.S. financial institutions.
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