From antitrust and privacy concerns in the tech world to compliance officer liability in the pharmaceutical industry to unethical practices in the banking and accounting professions, more than a dozen companies made Compliance Week’s list of the biggest compliance fails in 2019.
Former Goldman Sachs Group executive Tim Leissner has settled charges brought by the SEC for alleged violations of the Foreign Corrupt Practices Act. His settlement includes a permanent bar from the securities industry.
The pernicious strength of terrorism is its element of surprise: Just when you think it’s disappeared, it rears its ugly head. A proven and effective method of preventing it is disrupting the financial networks used to fund it.
Swedbank CEO Jens Henriksson announced the financial institution is making some major organizational changes “to create simpler and clearer decision-making structures to facilitate the realization of the bank’s strategy.”
Australia’s financial crime regulator has accused Westpac Banking of committing over 23 million breaches of the country’s anti-money laundering and counter-terrorism financing rules.
A former Alstom executive was found guilty by a federal jury for his role in a multi-year, multi-million-dollar foreign bribery scheme and related money-laundering scheme in Indonesia.
Jho Low, a Malaysian businessman-turned-fugitive, has agreed to forfeit more than $700 million worth of assets that he and his family allegedly misappropriated from Malaysian’s sovereign-wealth fund, 1MDB.
Big Four audit firm EY has been accused of covering up evidence of smuggling by an organized crime gang that was laundering British drug money through gold dealings, according to an investigation by the BBC.
A proposed bill to crack down on anonymous shell companies passed a House of Representatives vote Tuesday and will progress to the Senate.
The evolution of technology is enabling myriad capabilities for regulatory and financial crime compliance, but it is also presenting complex financial crime risks, according to a representative from the Monetary Authority of Singapore (MAS) at the International Compliance Association’s second Asia Pacific (APAC) conference this week in Singapore.
Aimed at fighting money laundering, newly proposed legislation looks to mandate full transparency from shell companies on ownership and also fosters greater communication between financial institutions and law enforcement agencies.
Faced with numerous AML investigations, Swedbank made several significant moves this week, including naming a permanent CCO and agreeing to waive attorney-client privilege by handing over an internal report to local prosecutors.
The Swiss Financial Market Supervisory Authority has published new guidance on how it applies AML rules to the financial services providers it supervises in the area of blockchain technology.
FinCEN announced the launch of its newly created Global Investigations Division, with responsibility for targeting terrorist financing and money laundering threats, both domestically and internationally.