Volkswagen gets a nod this week for successfully completing its 3-year compliance monitorship related to Dieselgate. Deloitte, on the other hand, lands on the wrong side of our list.
The Financial Crimes Enforcement Network has proposed a plan to issue AML guidance every two years to encourage financial institutions to align their Bank Secrecy Act compliance programs with the agency’s enforcement priorities.
In both the U.S. and U.K., millions (perhaps billions) of dollars of coronavirus relief loans intended for small businesses is believed to have been misused. Legitimate businesses have been hurt as a result, writes Martin Woods.
The chairman and chief executive of Big Four auditing firm EY says auditors should do more to uncover fraud while conducting external audits, a topic the industry has historically been reluctant to tackle.
Daimler AG and subsidiary Mercedes-Benz USA have reached a proposed settlement with U.S. authorities totaling $1.5 billion in fines and other costs to resolve emissions-cheating allegations.
Elizabeth Holmes, founder and CEO of now-defunct blood testing company Theranos, is exploring the idea of using “mental disease or defect” as part of her defense during her criminal fraud trial, which is set to begin in March.
This installment looks back at Carnival’s history of environmental law convictions, plea agreements with the DOJ, criminal fines, and environmental compliance plans (yes, there is more than one).
A New Jersey-based asset management firm and its president and chief compliance officer are facing SEC charges for “cherry-picking” profitable stocks for new and favored accounts that diminished returns for other clients.
As artificial intelligence evolves and takes on new tasks, whether it can develop the instinct of an experienced compliance professional will be key to its prevalence in the AML world, writes Martin Woods.
JPMorgan Chase, Danske Bank, Deutsche Bank, and Bank of America all either “Nailed It” or “Failed It” this week.
The DOJ, together with a coalition of law enforcement partners, announced criminal charges against 50 individuals who allegedly committed fraud in obtaining money from the Paycheck Protection Program.
In its IPO filing, foodservice packaging company Pactiv Evergreen (currently Reynolds Group Holdings Limited) announced it might have potentially violated the Foreign Corrupt Practices Act regarding gift cards given in China.
While bribery can provide companies with major short-term gains, there is little evidence to support many other beliefs surrounding the “return on investment,” according to a new study.
A former attorney for AIG has alleged in a federal whistleblower lawsuit that he was fired after he complained about fraudulent activity related to an attempt to spin off a separate legal services company.
The AML community is guilty of tolerating the failing status quo, and very few have dared to confront, challenge, and disrupt the inefficient and ineffective practices. A proactive approach could be the solution, writes Martin Woods.
Silicon Valley’s social media heavyweights deserve a nod for “war-gaming” potential misinformation scenarios in advance of November’s elections, while McDonald’s again finds itself on our “Not Lovin’ It” list.
How do we, as AML professionals, assess negative media alerts? It should start with a conversation with the client relationship manager, but it shouldn’t end there, writes Martin Woods.
The U.K. Financial Conduct Authority seeks comment on a new proposal that would widen the scope of its annual financial crime reporting obligations to include firms whose regulated activities potentially pose a higher money laundering risk.
Lee Jae-yong, the heir and de facto leader at Samsung, was indicted by South Korean prosecutors on charges related to a 2015 merger of two subsidiaries and alleged irregularities in accounting practices at another subsidiary.
In advance of her keynote at Compliance Week’s upcoming TPRM virtual event (Sept. 17-18), former SEC official Kara Brockmeyer discussed with CW the heightened risk third parties have during a pandemic and what companies can do about it.
How we came to learn about the fraud allegedly perpetrated by Wirecard offers important lessons in compliance and corporate governance, writes financial crime expert Martin Woods.
Herbalife will pay $123 million to settle charges of violating the books-and-records and internal accounting controls provisions of the Foreign Corrupt Practices Act in China.
A scathing report on the extensive fraud at German payment giant Wirecard had a compliance silver lining: KPMG’s by-the-books, transparent approach to a special audit helped bring that fraud to light.
Financial crimes expert Martin Woods writes that, in his experience, the big consultancy firms have made a substantial negative contribution to global AML endeavors.
Five federal regulatory agencies issued a reminder to banks and financial institutions that they should continually monitor risks associated with the accounts of foreign officials.
A new global business ethics survey released by the Ethics & Compliance Initiative seeks to explain what factors contribute to employee pressure to compromise ethical policies or regulations and how to reduce that pressure.
John Carreyrou, the Wall Street Journal reporter who exposed Theranos and its founder Elizabeth Holmes as frauds, will be the keynote speaker on Day 2 of Compliance Week’s TPRM virtual conference Sept. 18.
Martin Woods explains how saying “I don’t know” helped him to learn and elicit the truth during his time as a financial crime compliance officer.
The Department of Justice last week issued its first FCPA opinion procedure in six years. Experts weigh in on the ruling, the gap between opinions, and more.
If you’re in search of proof that what you do matters, look no further than the AML efforts of HSBC in preventing $500 million from reaching the bank accounts of criminals, writes Martin Woods.
Staff members of Germany’s financial regulator, BaFin, were reportedly buying and selling Wirecard shares at a suspiciously higher rate leading up to the collapse of the FinTech firm.
Two strikes and you’re out, say four federal agencies to repeat violators of Bank Secrecy Act/anti-money laundering compliance requirements.
The Basel Committee on Banking Supervision recently issued an updated version of its guidelines on sound management of risks related to anti-money laundering and combating the financing of terrorism.
The New York Attorney General’s lawsuit to dissolve the National Rifle Association might not play out as intended, but it nevertheless exposes a number of systemic compliance flaws at the organization that appear to still need to be addressed.
Now more than ever, difficult conversations are necessary and increasingly expected of compliance professionals. Financial crime expert Martin Woods has some ideas on how to make them less painful.
Interactive Brokers has agreed to pay $38 million in settlements with three regulatory agencies related to anti-money laundering lapses, including repeated failures regarding the filing of suspicious activity reports.
No one knows a customer better than the customer. As such, financial crime expert Martin Woods believes the onus should be on the customer to provide the required data to keep KYC logs up to date.
Central to the New York Attorney General’s lawsuit seeking to dissolve the National Rifle Association are allegations that the nonprofit’s “culture of noncompliance” allowed EVP Wayne LaPierre and three other NRA officers to steal $64 million from the organization over three years.
World Acceptance Corp., a small-loan consumer finance company, has agreed to pay $21.7 million to resolve Securities and Exchange Commission charges for violations of the Foreign Corrupt Practices Act.
Zimmer Biomet Holdings disclosed in a regulatory filing it has reached the end of its monitorship, eight years after resolving parallel settlements with the DOJ and SEC for violations of the Foreign Corrupt Practices Act.
The U.K. Serious Fraud Office announced it has secured orders confiscating £5.45 million (U.S. $7 million) from two former executives of oil and gas exploration company Afren.
In order to prevent debacles like the one Deutsche Bank is embroiled in, there is a need to combine the processes of “know your employee” and “know your customer,” writes Martin Woods.
The International Compliance Association announced a partnership with the Mongolia Compliance Association to offer a bespoke e-learning program to 12 professional associations and their 10,000-plus members in compliance-related roles.
The lesson in this week’s edition of “Nailed It or Failed It?” is the more things change, the more they stay the same.
Now is the time to market compliance practices to customers who wear masks within our premises but drop the masks—and their guards—when answering calls and emails from the privacy of their own homes, writes Martin Woods.
The U.K. Serious Fraud Office announced charges against GPT Special Project Management and three individuals concerning a criminal investigation that began eight years ago into allegations of misconduct in Saudi Arabia.
Sculptor Capital Management (formerly Och-Ziff Capital Management) has “agreed in principle” to a $136 million settlement with former shareholders of Africo Resources and the DOJ for violations of the Foreign Corrupt Practices Act.
For the global AML community, there is a need to recognize too much valuable time is spent filing too many low-value suspicious activity reports that will never become the subject of any law enforcement action, writes Martin Woods.
Johnson & Johnson disclosed in a regulatory filing that it is fielding FCPA inquiries from the DOJ and SEC with regard to an investigation into potential bribery and anti-competitive practices in Brazil.
Goldman Sachs reached a nearly $4 billion agreement in principle with the Government of Malaysia to resolve all criminal and regulatory proceedings related to three 1MDB bond transactions.