Anti-Corruption


FirstEnergy

FirstEnergy to pay $230M in Ohio corruption settlement

2021-07-23T17:09:00+01:00By

FirstEnergy Corp. agreed to pay a $230 million criminal penalty as part of a settlement with the U.S. Attorney’s Office for the Southern District of Ohio surrounding the state’s nuclear bailout federal corruption scandal.

AML Euros

New agency Europe’s latest hope to curb AML struggles

2021-07-22T13:06:00+01:00By

The European Commission unveiled new plans to set up an agency specifically aimed at tackling the region’s spiraling problems with money laundering.

SFO

SFO secures DPAs worth $3.4M with two unnamed companies

2021-07-20T17:18:00+01:00By

The Serious Fraud Office announced deferred prosecution agreements worth £2.5 million (U.S. $3.4 million) with two unidentified U.K.-based companies for bribery offenses.

Accounting fraud

Former FTE Networks CEO, CFO charged with accounting fraud

2021-07-15T17:05:00+01:00By

The former chief executive officer and chief financial officer of telecommunications company FTE Networks were arrested and charged with accounting fraud among a series of other alleged crimes.

U.K. bribery

10 years of U.K. Bribery Act: Compliance enough to define law’s success?

2021-07-14T15:15:00+01:00By

The U.K. Bribery Act marked its 10th anniversary this month, but views are mixed about how the legislation and its enforcement have fared in the decade since it came into force.

RisksAhead

Survey: Emerging TPRM trends in anti-corruption

2021-07-07T20:12:00+01:00By

Kroll’s newest anti-corruption benchmarking report highlights current TPRM trends such as evolving challenges with enhanced due diligence, the rise of automation, the growing incorporation of ESG matters into compliance programs today, and more.

Robinhood

Robinhood Crypto anticipates $10M penalty for cyber, AML failures

2021-07-07T18:26:00+01:00By

Robinhood Markets said its cryptocurrency platform might face a penalty of “at least” $10 million from the New York State Department of Financial Services for anti-money laundering and cyber-security failures.

BlacklineFraudOnline

e-Book: Automate your accounting process: Wring out financial fraud

2021-07-06T18:32:00+01:00Provided by

A recent CW Webcast, sponsored by BlackLine and recapped here, discusses how automation can create a more efficient and effective approach to your accounting process.

Charles Duross

Charles Duross: Tips for managing third-party FCPA risks

2021-06-30T21:00:00+01:00By

Charles Duross, former deputy chief of the DOJ’s Fraud Section, shared tips on how companies can best manage third parties and employees who willfully try to circumvent internal controls during his keynote speech at CW’s virtual TPRM conference.

Dark money

FinCEN puts financial institutions on notice with first AML/CFT priorities

2021-06-30T17:59:00+01:00By

The Financial Crimes Enforcement Network tipped its hand at changes ahead for the Bank Secrecy Act in announcing the first government-wide list of priorities for anti-money laundering and countering the financing of terrorism.

Accounting fraud

Want to wring out fraud? Automate your accounting processes

2021-06-29T15:12:00+01:00By

What allows bad actors to perpetuate accounting fraud? In many cases, it’s bad processes and controls. Consider introducing automation to help your company more successfully detect and prevent bad actors.

Spinning globe

FATF adds four jurisdictions to AML/CFT watchlist

2021-06-28T18:59:00+01:00By

The Financial Action Task Force added Haiti, Malta, the Philippines, and South Sudan to its “grey list” focused on areas subject to increased monitoring for deficiencies in fighting financial crime.

John Wood Group

Compliance lessons from Wood Group’s $177M global bribery settlement

2021-06-28T17:37:00+01:00By

John Wood Group reached a $177 million settlement with authorities in the United States, the United Kingdom, and Brazil, concluding legacy bribery and corruption investigations into Amec Foster Wheeler companies.

British pounds

U.K. AML expert convicted of aiding money launderers

2021-06-25T16:22:00+01:00By

A U.K. money laundering prevention expert was found guilty of allowing criminals to use his company to launder the proceeds of an £850,000 (U.S. $1.2 million) investment fraud that resulted in dozens of victims being ripped off.

GoldmanSachs

Ex-Goldman Sachs exec Asante Berko settles FCPA case

2021-06-24T20:54:00+01:00By

The SEC obtained final judgment against a former Goldman Sachs executive charged with violating the FCPA by orchestrating a bribery scheme to help a client win a power plant contract in the Republic of Ghana.

UK cryptocurrency

AML compliance proving tall hurdle for U.K. crypto firms

2021-06-22T15:34:00+01:00By

The U.K.’s financial regulator has been forced to extend a registration deadline for cryptocurrency firms by nearly nine months because so few have been able to meet even basic anti-money laundering requirements.

Deutsche Bank

Embattled Deutsche Bank to overhaul anti-financial crime controls

2021-06-16T20:26:00+01:00By

Deutsche Bank is planning to shake up its internal structure around anti-financial crime efforts in the wake of criticism from multiple regulators.

Globe

How global compliance works at the local level

2021-06-11T16:30:00+01:00By David Povey, International Compliance Association

For compliance officers working for global companies, it is important to understand the way different regions view compliance and how it may differ from your home country’s views.

VWcrop

Volkswagen secures $21.7M in executive clawbacks for Dieselgate roles

2021-06-10T20:19:00+01:00By

Volkswagen’s supervisory board announced agreements to recover €17.8 million (U.S. $21.7 million) in compensation from former executives and board members for their respective roles in the Dieselgate emissions scandal.

Cost rising

Study: Financial crime compliance costs climb 18 percent in 2020

2021-06-09T20:43:00+01:00By

Projected costs for financial crime compliance among financial services companies worldwide reached nearly $214 billion last year, according to the latest survey from LexisNexis Risk Solutions.

NAB

Australia’s NAB cited for ‘serious and ongoing non-compliance’ with AML laws

2021-06-07T17:57:00+01:00By

Australia’s financial regulator has identified “serious concerns” with National Australia Bank’s compliance with anti-money laundering and counter-terrorism financing rules but indicated it won’t fine the bank—for now.

White House

Biden memo establishes fighting corruption as national security priority

2021-06-04T17:57:00+01:00By

A new directive released by President Biden instructs U.S. federal agencies to make combating corruption a national security interest. Compliance practitioners in the financial services industry, particularly, may feel the ripple effect

Avianca

SEC drops FCPA probe into Avianca

2021-06-04T17:39:00+01:00By

Avianca Holdings disclosed in a regulatory filing that the SEC has dropped its FCPA investigation into the company and will not recommend an enforcement action.

FinCEN Files

‘FinCEN Files’ source sentenced to 6 months in prison for disclosing SARs

2021-06-04T15:37:00+01:00By

Natalie Mayflower Sours Edwards, a former senior advisor at FinCEN who provided 2,100 SARs to BuzzFeed News that would form the basis of 2020’s “FinCEN Files” investigation, was sentenced to six months in prison.

Bulgaria

OFAC bills Bulgarian sanctions as ‘single largest action targeting corruption’

2021-06-03T18:15:00+01:00By

Calling it the “single largest action targeting corruption to date,” the Office of Foreign Assets Control sanctioned three prominent Bulgarian individuals along with their network of 64 companies for their “extensive roles” in corruption in Bulgaria.

Apple

Calif. judge dismisses bribery charge against Apple security chief (and former CCO)

2021-06-02T17:36:00+01:00By

A bribery charge against Apple’s chief security officer was dropped by a California Superior Court judge, citing a lack of evidence.

Julius Baer

Julius Baer pays $80M in FIFA corruption settlement

2021-05-27T22:26:00+01:00By

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.

Odebrecht site

Austrian banker arrested for role in Odebrecht-related scheme

2021-05-26T19:32:00+01:00By

The former CEO of an Austrian bank was arrested in the United Kingdom on criminal charges for his alleged role in a massive money laundering scheme involving Brazil-based global construction conglomerate Odebrecht.

Authentic8 cover img v2

e-Book: New thinking, new strategies needed for AML

2021-05-26T03:00:00+01:00Provided by

Bank culture continues to be a problem, and strategies formed following the financial crisis to prevent money laundering haven’t fared much better. Perhaps it’s time for a new approach.

woods

AML culture is in need of a revamp

2021-05-25T18:28:00+01:00By

Bank culture continues to be a problem following the 2008 financial crisis, and strategies formed to prevent money laundering haven’t fared much better. It’s time for a new approach, writes Martin Woods.

Deutsche Bank

Deutsche Bank names new group AML officer amid enhanced scrutiny

2021-05-20T20:33:00+01:00By

Deutsche Bank named Joe Salama global head of anti-financial crime and group anti-money laundering officer less than a month after its AML controls were criticized by German financial regulator BaFin.

VW Drive Bigger

Chapter 5: Volkswagen’s path to winning back trust

2021-05-20T13:00:00+01:00By

Its monitorship now complete, Volkswagen’s new focus is to rebuild its reputation among its customer base. It’s a long process, says Board Member Hiltrud Werner, one supported by a shift in strategy.

VW group board

Chapter 4: Tangible measures of cultural progress at Volkswagen

2021-05-20T13:00:00+01:00By

At the end of the day, how does an organization measure the effectiveness of company-wide cultural initiatives? Volkswagen has answers, utilizing perception workshops, mood barometers, and new diversity and inclusion initiatives as part of its culture rebuild post-Dieselgate.

SEC

SEC tops $900M in whistleblower awards with $28M payout

2021-05-19T18:31:00+01:00By

The SEC has surpassed $900 million in whistleblower awards with a $28 million payout announced Wednesday. The award is said to be related to a Panasonic FCPA settlement from 2018.

Volkswagen T4I key initiatives

Chapter 3: VW operationalizes its Dieselgate monitorship

2021-05-19T13:00:00+01:00By

A revamped code of conduct and the Together4Integrity campaign stood out as significant milestones for Hiltrud Werner & Co. as Volkswagen began to embrace its Dieselgate monitorship as a way to improve company culture.

Hiltrud Werner index

Chapter 2: Volkswagen monitorship falls in line under Hiltrud Werner

2021-05-18T13:00:00+01:00By

While Larry Thompson assembled his team for the Dieselgate monitorship, Volkswagen countered with appointments of its own, including Hiltrud Werner as head of integrity and legal affairs. Their relationship would determine the success of the monitorship going forward.

Diesel emissions

Chapter 1: Volkswagen’s Dieselgate scandal exposed; enter Larry Thompson

2021-05-17T13:00:00+01:00By

The Volkswagen Dieselgate scandal wasn’t the work of one executive who thought to install illicit software into diesel motor vehicles. It was born from a “chain of errors that was never broken,” forming the basis for one of the largest and most high-profile corporate compliance monitorships in history.

Dirty window

CW presents: ‘Coming Clean: Volkswagen’s Dieselgate scandal and compliance monitorship’

2021-05-17T13:00:00+01:00By

Volkswagen’s recently concluded three-year monitorship is chronicled in CW’s latest in-depth case study, which spares no detail in following the world’s largest automaker’s comeback from its biggest mistake.

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.