Anti-Corruption


SFO

SFO probing Sanjeev Gupta business ties to Greensill Capital

2021-05-14T17:20:00+01:00By

The U.K. Serious Fraud Office has launched an investigation into suspected fraud and money laundering in financing arrangements between steel and mining magnate Sanjeev Gupta and recently collapsed Greensill Capital.

woods

Deutsche Bank’s continued AML struggles worth questioning

2021-05-14T15:16:00+01:00By

How is it Deutsche Bank can spend more than $1 billion on compliance enhancements but still be ordered to do more to improve its AML controls? Is the bank to blame or are regulators missing the big picture?

N26

German finance regulator orders N26 to improve AML controls

2021-05-13T18:17:00+01:00By

BaFin, Germany’s market regulator, has ordered mobile bank N26 to improve its anti-money laundering controls, taking the unusual move to appoint a “special commissioner” to monitor its progress.

Ericsson

Ericsson to pay Nokia $97M to settle FCPA-related damages claim

2021-05-13T17:29:00+01:00By

Swedish telecom giant Ericsson has reached a settlement of €80 million (U.S. $97 million) with Nokia relating to events that were the subject of a 2019 FCPA resolution with U.S. authorities.

TerroristMoney

Combating terrorist financing: Coordination and the ‘human element’

2021-05-12T21:34:00+01:00By Nitin Sane, International Compliance Association

Fundamental differences in ideology and motivation differentiate a terrorist from organized criminal groups. However, a debate rages over the connection between transnational organized crime and terrorist financing.

Hackers

SEC fines broker-dealer $1.5M for SARs filing failures

2021-05-12T18:01:00+01:00By

GWFS Equities will pay $1.5 million as part of a settlement with the SEC for lapses in the filing of suspicious activity reports related to the threat of cyber-breaches.

Comey CW2021 blog

James Comey: Lessons from Enron era will ‘become real again’

2021-05-11T20:17:00+01:00By

Former FBI Director James Comey kicked off Compliance Week’s 16th annual National Conference on Tuesday by speaking candidly about a variety of risk and compliance matters, including the importance of a strong ethical culture in the coming post-pandemic “boom times.”

Justin Ross, CCO

Guiding FedEx through pandemic, Justin Ross named CCO of the Year

2021-05-11T16:00:00+01:00By

Companies across the globe faced a true test of competency this past year. FedEx passed the challenge with flying colors under the oversight of Justin Ross, CW’s CCO of the Year at the 2021 Excellence in Compliance Awards.

Bombardier sign

DOJ joins SFO in corruption probe of Bombardier

2021-05-10T17:51:00+01:00By

The U.S. Department of Justice has joined the U.K. Serious Fraud Office in an ongoing investigation into plane maker Bombardier over suspected bribery and corruption relating to contracts and orders from airline carrier Garuda Indonesia.

Pactiv Evergreen

DOJ closes FCPA investigation into Pactiv Evergreen

2021-05-10T15:57:00+01:00By

Pactiv Evergreen said it will not face an enforcement action by the Department of Justice, following an internal investigation launched last year into potential violations of the Foreign Corrupt Practices Act.

John Flint

Elevating compliance key for financial services, says former HSBC head

2021-05-07T15:14:00+01:00By James Thomas, International Compliance Association

John Flint, former group chief executive at HSBC, considered the progress compliance has made over the last 20 years and the strides the profession must continue to make as part of a keynote at the ICA’s 2021 BIG Compliance Festival.

MoneyGram sign

Monitor certifies MoneyGram’s AML program after lengthy DPA

2021-05-06T19:42:00+01:00By

MoneyGram International stated in a regulatory filing it has fulfilled its obligations under a DPA it entered with the Department of Justice eight years ago, and its AML program was given a thumbs-up by its compliance monitor.

David Lefort

5 reasons to be excited for Compliance Week 2021

2021-05-06T17:54:00+01:00By

Editor in Chief Dave Lefort shares what he’s most looking forward to ahead of Compliance Week’s 16th annual National Conference from May 11-13.

DNB

Norway’s DNB fined $48.1M for AML violations

2021-05-04T16:39:00+01:00By

DNB ASA, Norway’s largest financial services group, will pay a fine of NOK 400 million ($48.1 million) for failing to adhere to Norwegian Anti-Money Laundering Act standards.

Deutsche

Deutsche Bank ordered to further improve AML controls

2021-05-03T17:54:00+01:00By

BaFin, Germany’s market regulator, signaled Deutsche Bank still has more to do concerning previously ordered improvements to its AML compliance controls.

DOJSeal

DOJ FCPA head Christopher Cestaro to depart for WilmerHale

2021-04-30T17:08:00+01:00By

Christopher Cestaro, chief of the Justice Department’s FCPA Unit, is set to depart the agency for a partner position with law firm WilmerHale.

David Lefort

‘Coming Clean’ case study not just a Volkswagen story

2021-04-30T16:43:00+01:00By

Volkswagen’s recently concluded three-year monitorship is chronicled in CW’s latest in-depth case study: “Coming Clean: Volkswagen’s Dieselgate scandal and compliance monitorship.” It will be published for members during the week of May 17.

Danske

Danske Bank compliance costs down after completing internal Estonia probe

2021-04-29T20:27:00+01:00By

New Danske Bank CEO Carsten Egeriis told investors compliance costs at the bank have stabilized now that a forensic audit into a money laundering scandal involving its Estonia branch is complete.

Airbus building

Airbus subsidiary GPT pleads guilty to corrupt acts in Saudi Arabia

2021-04-28T19:47:00+01:00By

Airbus subsidiary GPT Special Project Management will pay approximately £30.3 million (U.S. $42.1 million) after pleading guilty to corruption relating to contracts it was awarded for work carried out in Saudi Arabia.

FirstEnergy

FirstEnergy could face DPA in corruption scandal settlement

2021-04-27T18:53:00+01:00By

FirstEnergy has begun discussions with the U.S. Attorney’s Office regarding resolution of the Ohio nuclear bailout federal corruption scandal, including possibility of a deferred prosecution agreement.

Londoncrop

U.K. rolls out new anti-corruption sanctions regime

2021-04-27T17:13:00+01:00By

The United Kingdom has in place a new global anti-corruption sanctions regime, and the government is wasting no time enforcing it, imposing its first wave of sanctions against 22 individuals.

Bob Mazur

Members only podcast: Robert Mazur shares first-person AML lessons

2021-04-27T12:21:00+01:00By Compliance Week

Robert Mazur, the famous undercover agent portrayed in the 2016 film “The Infiltrator,” delivered an hour-long keynote at CW’s Financial Crimes virtual event in March.

SFO

SFO strikes out again in Serco execs case

2021-04-26T17:32:00+01:00By

Two former executives at security company Serco were acquitted of defrauding the U.K.’s Ministry of Justice after the Serious Fraud Office failed to disclose documents to the defense.

LN cover img

White paper: Concentrate on effective compliance

2021-04-26T05:59:00+01:00Provided by

The Anti-Money Laundering Act of 2020 (AMLA) is intended to improve transparency between financial institutions and regulators in an effort to streamline financial crime compliance.

Nailedit1200x800

Video: ABN AMRO refreshingly accountable; pharmacists lose in COVID-19 vaccine push

2021-04-22T19:36:00+01:00By Compliance Week

Kyle Brasseur seeks silver linings from ABN AMRO’s €480 million settlement for AML failures, while Aly McDevitt calls out the retail pharmacies overextending their employees for the sake of distributing more COVID-19 vaccines.

AIdata

Regulators want answers from financial services on AI/ML tools

2021-04-21T20:23:00+01:00By

The financial services industry is at the cutting edge of the utilization of artificial intelligence and machine learning tools. Regulators have recently requested to understand how these technologies are being used—or misused.

woods

ABN AMRO fine response suggests moral compass of banking is shifting

2021-04-21T18:26:00+01:00By

ABN AMRO CEO Robert Swaak acknowledging his bank’s “moral duty” to prevent money laundering should be welcomed by all in the global AML community as progress, writes Martin Woods.

ABN AMRO

ABN AMRO to pay $575M in money laundering settlement with Dutch authorities

2021-04-19T17:41:00+01:00By

Dutch bank ABN AMRO reached a €480 million (U.S. $575 million) settlement with the Netherlands Public Prosecution Service to resolve money laundering charges.

Danske

Danske Bank CEO, board member resign amid ABN AMRO probe

2021-04-19T16:58:00+01:00By

Danske Bank CEO Chris Vogelzang and board member Gerrit Zalm each resigned after being identified as suspects in ABN AMRO’s money laundering scandal. Chief Risk Officer Carsten Egeriis will take over as Danske’s CEO.

Braskem

Ex-Braskem CEO pleads guilty for role in bribery scheme

2021-04-16T15:44:00+01:00By

The former CEO of Brazilian petrochemical giant Braskem pleaded guilty for his role in a scheme to divert hundreds of millions of dollars in bribe payments from the company to government officials and political parties in Brazil.

Honduras

Honduras drug trafficking case highlights danger of unchecked corruption

2021-04-15T14:28:00+01:00By Robert Mazur

Former federal agent and best-selling author Robert Mazur shares his uniquely informed take on anti-corruption regarding the recent U.S. sentencing of the Honduran president’s brother for drug trafficking.

Ponzi scheme mastermind Bernie Madoff dead at 82

2021-04-14T18:58:00+01:00By

Disgraced financier Bernie Madoff, whose decades-long fraud swindled thousands of investors out of billions of dollars, died in federal prison Wednesday.

Car lease

SFO launches fraud investigation into Buy2Let Cars owner

2021-04-09T15:36:00+01:00By

The U.K. Serious Fraud Office announced a fraud investigation into car leaser Buy2Let Cars and several other companies operated by Raedex Consortium. Further details are expected next month.

Michaela Ahlberg

Michaela Ahlberg: Building a compliance program amid an FCPA probe

2021-04-06T15:49:00+01:00By

Michaela Ahlberg created a compliance program from scratch when she was hired by Swedish telecom Telia following allegations of corruption in its foreign business dealings. She shared what she learned with the audience at CW’s Financial Crimes virtual event.

Citi

Outgoing FinCEN head Kenneth Blanco to join Citi as financial crimes CCO

2021-04-05T17:13:00+01:00By

Kenneth Blanco has been tapped to lead a new financial crimes unit at Citi following his departure as director of the Treasury Department’s Financial Crimes Enforcement Network later this week.

FinCEN logo 300x200

FinCEN Director Kenneth Blanco to step down

2021-04-02T15:10:00+01:00By

FinCEN Director Kenneth Blanco, who has served in the position since December 2017, will step down April 9, and Michael Mosier, formerly the deputy director of FinCEN, will return to the agency as acting director.

U.K. money laundering

U.K. AML update: New obligations for cryptocurrency firms

2021-04-01T18:39:00+01:00By

Mark Steward, executive director of enforcement and market oversight at the U.K. Financial Conduct Authority, recently shared insights into the agency’s pipeline of AML investigations and what lies ahead for regulated firms.

Accounting fraud

How might U.K. mandate for audit to find fraud work in practice?

2021-04-01T18:35:00+01:00By

Experts weigh in on the hurdles to be overcome and clarifications needed if U.K. auditors are going to be mandated to detect and prevent fraud as spelled out in new proposals.

Rulemaking

FinCEN launches rulemaking on beneficial ownership

2021-04-01T16:54:00+01:00By

The Financial Crimes Enforcement Network has launched its rulemaking process that will require corporations report the individual or individuals who own and control them, part of an initiative to help U.S. law enforcement fight financial crime.

Bob Mazur

Robert Mazur: Old tricks still work for launderers; new policies could help

2021-04-01T16:02:00+01:00By

Former federal agent Robert Mazur revealed secrets of the money-laundering trade to attendees of CW’s Financial Crimes virtual event and proposed two solutions for financial institutions in the fight against bad actors.

Daniel Kahn

DOJ’s Daniel Kahn talks FCPA, evaluation of compliance, more

2021-03-30T18:57:00+01:00By

Daniel Kahn, acting chief of the Department of Justice’s Fraud Section, discussed the Foreign Corrupt Practices Act, evaluating companies’ investments in compliance, and more at Compliance Week’s Financial Crimes virtual event.

James Comey

James Comey: Buckle up for dangerous post-pandemic risk landscape

2021-03-30T17:41:00+01:00By

Former FBI Director James Comey predicted a “time of extraordinary change” is ahead for the compliance profession in the post-pandemic world during a prerecorded video message at Compliance Week’s Financial Crimes virtual event.

Volkswagen

Volkswagen to seek damages from former CEOs over Dieselgate

2021-03-29T20:40:00+01:00By

Volkswagen’s supervisory board has accused former CEOs Martin Winterkorn (Volkswagen) and Rupert Stadler (Audi) of negligent breaches of duty during the diesel scandal.

FirstEnergy

Corruption-embroiled FirstEnergy names chief ethics and compliance officer

2021-03-22T19:30:00+00:00By

FirstEnergy named Antonio Fernández vice president and chief ethics and compliance officer, effective April 12. His appointment comes amid U.S. government scrutiny over a corruption scandal.

Toyota

Toyota discloses ‘possible anti-bribery violations’ to U.S. authorities

2021-03-19T15:38:00+00:00By

Toyota said in a regulatory filing it has “reported possible anti-bribery violations related to a Thai subsidiary” to U.S. enforcement agencies.

Magnifying glass

SFO closes bribery investigation into KBR’s U.K. subsidiaries

2021-03-18T17:17:00+00:00By

The Serious Fraud Office announced it closed its bribery and corruption investigation into the activities of KBR’s British subsidiaries and employees, weeks after the U.K. Supreme Court unanimously ruled the agency breached its authority in the case.

Shell

Italian court acquits Eni, Shell of corruption charges

2021-03-18T16:50:00+00:00By

An Italian court acquitted oil companies Royal Dutch Shell and Eni and a group of current and former executives of corruption charges surrounding a widespread bribery scheme to acquire oil exploration rights in Nigeria.

SEC

Och-Ziff ex-CFO fined $35K for role in bribery case

2021-03-17T19:36:00+00:00By

The former chief financial officer at then-Och-Ziff Capital Management Group has agreed to pay $35,000 in a settlement with the SEC for his role in the firm’s notorious bribery scheme.

ABN AMRO

ABN AMRO facing new charges in money laundering probe

2021-03-17T18:32:00+00:00By

ABN AMRO is facing new charges from Dutch prosecutors that imply the bank is suspected of knowing of money laundering activities perpetrated by its customers without intervening.

Offshore engineering

John Wood Group earmarks $197M for global bribery settlement

2021-03-17T18:05:00+00:00By

Scotland-based multienergy services company John Wood Group is in “advanced stage” settlement talks with authorities in the United States, the United Kingdom, and Brazil regarding legacy bribery and corruption investigations.