Anti-Corruption


NCAHeadquarters

Suspecting illicit assets, British police freeze record $121M

2019-08-15T14:33:00+01:00By

The U.K.’s National Crime Agency announced it has frozen eight bank accounts containing more than £100m (U.S. $121 million), which it suspects derived from bribery and corruption overseas. This represents the largest amount of money frozen to date.

Ruling

A critical review of the SFO’s DPA process

2019-08-09T17:14:00+01:00By

Companies considering entering a deferred prosecution agreement with the U.K. Serious Fraud Office might instead want to take their chances with a trial following the outcomes of a trio of recent high-profile corruption cases.

Fragrance

International Flavors and Fragrances discloses bribery investigation

2019-08-07T17:34:00+01:00By

International Flavors and Fragrances says it is investigating potential improper payments made in Russia and Ukraine by an Israeli-based company it acquired last year.

JusticeDepartment

New legislation would criminalize extortion by foreign officials

2019-08-05T15:50:00+01:00By

The Justice Department might get some new powers under legislation proposed by the U.S. House of Representatives that criminalizes extortion by foreign officials.

Petrobras

Petrobras receives $112.3M from leniency agreements, other deals

2019-07-30T14:56:00+01:00By

Petrobras said it has received 425 million reais (U.S. $112.3 million) from leniency agreements and repatriations carried out by Brazil’s Federal Prosecutor’s Office.

FCPA-July

3M discloses FCPA probe

2019-07-30T13:54:00+01:00By

3M said it is conducting an internal investigation into potential violations of the Foreign Corrupt Practices Act concerning suspicious travel activities and related recordkeeping issues with regard to marketing efforts in China.

Alstom

Appeals Court upholds bribery conviction of Alstom Network

2019-07-23T19:43:00+01:00By

The Criminal Division of the U.K. Court of Appeal has upheld the April 2018 conviction of Alstom Network UK over a bribery case concerning an infrastructure contract in Tunisia.

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Webcast: Anti-Bribery and Corruption Challenges, Trends and New Lines of Defense

2019-07-23T16:30:00+01:00Provided by

Experts from Refinitiv and ProcessUnity discuss the types of risks facing companies today; how to tackle third-party risks using data, technology, and automation; and best practices for implementing processes and procedures for integrated, ongoing due diligence.

Microsoft

Microsoft to pay $25M in FCPA case

2019-07-23T14:01:00+01:00By

Microsoft and a subsidiary will pay $25.3 million in combined criminal and civil penalties to resolve the U.S. government’s investigation into violations of the Foreign Corrupt Practices Act.

Walmart

Five compliance lessons from Walmart’s FCPA settlement

2019-07-22T13:29:00+01:00By

Walmart’s FCPA settlement serves as a cautionary tale for chief compliance officers everywhere of what not to do, but also on how to successfully redress underlying problems.

pills

Novartis sets aside $700M in kickback case

2019-07-19T15:19:00+01:00By

Swiss pharmaceutical drug maker Novartis announced it has set aside $700 million for a potential settlement in a long-running lawsuit over allegations that the company paid hundreds of millions of dollars in kickbacks to doctors to induce them into prescribing drugs to patients to boost their sales.

petrobras

Honeywell discloses Petrobras-related FCPA probe

2019-07-19T15:01:00+01:00By

Honeywell International announced in a regulatory filing that it is being investigated by U.S. and Brazilian authorities as to whether the company’s use of third parties in Brazil violated the Foreign Corrupt Practices Act.

AfricanCurrency

Report: Corruption worsening in Africa

2019-07-15T14:39:00+01:00By

Most African citizens believe corruption is getting worse in their country and that their government is doing a bad job tackling it, according to the 10th edition of the “Global Corruption Barometer – Africa.”

Danske

Embattled Danske hires HSBC compliance head

2019-07-10T14:52:00+01:00By

Danske Bank, embroiled in a substantial money laundering scandal, has added to its compliance team with the appointment of Simon Kingsbury as head of surveillance & investigation.

DOJSeal

Regulatory events: What’s hot this summer!

2019-07-09T20:46:00+01:00By DeAnn Orie

Here’s a look at some upcoming events and training from regulators like the SEC, DOJ, and PCAOB.

Fellouse

Cécilia Fellouse-Guenkel on France’s compliance community

2019-07-08T16:06:00+01:00By

Cécilia Fellouse-Guenkel, executive secretary at Le Cercle de la Compliance in Paris, discusses with columnist Tom Fox how compliance is viewed in France and touches on the country’s new anti-corruption law, Sapin II.

SFC

Hong Kong’s SFC bans former Goldman Sachs officer for life

2019-07-03T19:08:00+01:00By

Hong Kong’s Securities and Futures Commission has banned Tim Leissner, a former participating managing director at Goldman Sachs (Asia), from re-entering the industry in connection with his crimes relating to 1MDB.

Whistleblower

CFTC issues joint $2M whistleblower award

2019-07-02T14:12:00+01:00By

The Commodity Futures Trading Commission announced on July 1 an award of $2 million to two “model whistleblowers” who provided the agency with “significant information” that prompted the CFTC to open an investigation.

Dankse

Yet another misstep by Danske results in firing of interim Danish CEO

2019-06-27T14:06:00+01:00By

Danske Bank has been forced to fire yet another board member—this time for mis-selling thousands of customers a wealth management product that charged excessive fees.

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Public register pros trump cons

2019-06-26T21:02:00+01:00By Matthew Stephenson

Harvard Law School’s Eli Goldston Professor of Law Matthew Stephenson discusses the benefits of public registers.

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No proof in public register value

2019-06-26T21:00:00+01:00By Geoff Cook

Consultant and independent director Geoff Cook offers evidence on why public registers are still lacking.

Technip

Compliance lessons from Technip’s $301.3M global foreign bribery settlement

2019-06-26T19:31:00+01:00By

TechnipFMC and its wholly owned U.S. subsidiary Technip USA will pay a combined $301.3 million settlement to resolve foreign bribery charges with authorities in the United States and Brazil.

LatinAmericaFlags

New index assesses Latin America’s anti-corruption efforts

2019-06-25T13:50:00+01:00By

Chief compliance officers and chief risk officers will want to check out a new index that assesses Latin American countries’ ability to uncover, punish, and deter corruption.

Airbus

Airbus subsidiary at center of bribery probe to cease operations

2019-06-24T19:20:00+01:00By

A U.K. subsidiary of Airbus that has been at the center of a seven-year bribery investigation disclosed in an annual report that it will be ceasing business operations, meaning it could potentially avoid criminal charges in connection with the matter.

Surgical devices

SEC closes FCPA probe into Misonix

2019-06-24T17:59:00+01:00By

The SEC has closed its FCPA investigation into medical device company Misonix and will not be recommending an enforcement action, the company announced.

IsleOfManTop

U.K. tax havens promise greater transparency on company ownership

2019-06-21T17:14:00+01:00By

Starting in 2021, Guernsey, Jersey, and the Isle of Man will make records of company ownership public, which should please members of parliament who have argued that not doing so has made them vulnerable to financial crime.

Nordea

Nordea raided over ML probe in Denmark

2019-06-21T16:46:00+01:00By

Scandinavian banking giant Nordea revealed its Copenhagen office was raided by Danish police as part of an ongoing investigation into alleged money laundering.

Walmart

Walmart agrees to $282.7M FCPA resolution

2019-06-20T19:29:00+01:00By

Walmart has agreed to pay a combined total of $282.7 million to resolve a more than seven-year investigation resulting from violations of the Foreign Corrupt Practices Act.

Maritime

Maritime Anti-Corruption Network to develop ‘Global Port Integrity Index’

2019-06-20T14:17:00+01:00By

The Maritime Anti-Corruption Network has announced a new partnership with the Ministry of Foreign Affairs of Denmark to launch the first-ever “Global Port Integrity Index” and to scale up its collective action activities in West Africa.

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White paper: Global AML Screening: Leveraging Technology to Combat False Positives

2019-06-13T17:52:00+01:00Provided by

Organizations across regulated industries are obligated to screen transactions and customers against sanctions lists in order to avoid transacting with sanctioned countries, individuals and entities.

Treasury

Bill demands ownership reveals for shell companies

2019-06-11T15:08:00+01:00By

The newly proposed ILLICIT CASH Act would, for the first time, require shell companies to disclose their true owners to the U.S. Department of Treasury.

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White paper: US in Focus: AML/KYC & Sanctions Fines 2008-2018

2019-06-05T16:29:00+01:00Provided by

Over the past ten years, US regulators have increasingly prioritized the importance of strict AML law enforcement to effectively deter money laundering and terrorist financing activity, with over $24bn in AML, KYC and sanctions penalties levied.

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How to best leverage data to identify corruption

2019-05-28T18:46:00+01:00By

A panel of CCOs met at Compliance Week’s annual conference to discuss how data and analytics can be used to prevent corruption.

MoneyLaunderingWar

Nordic and Baltic regulators join to combat money laundering

2019-05-28T14:54:00+01:00By

Regulators in eight Nordic and Baltic countries are developing a joint effort to exchange information with regard to fighting money laundering.

Venezuelaprotest

FinCEN to financial institutions: Beware of Venezuelan money laundering

2019-05-20T11:23:00+01:00By

FinCEN recently alerted financial institutions of continued widespread public corruption in Venezuela and the methods Venezuelan senior political figures and their associates may use to move and hide proceeds of their corruption.

ForexArticle

European Commission fines five banks €1B over foreign exchange cartel

2019-05-16T16:39:00+01:00By

In two separate settlements, the European Commission fined five banking giants for colluding in the trade of significant sums of foreign currency.

Notebooks

The compliance side of Argentina’s ‘notebook’ scandal

2019-05-15T19:56:00+01:00By

Given the heightened risks associated with Argentina’s “notebook” scandal, compliance officers might want to enhance their due diligence efforts in the country.

FirstStory

How to determine when enhanced due diligence is warranted

2019-05-15T18:17:00+01:00By

It can cost time and money and could even drown a deal. So when do the challenges and costs associated with this step outweigh the risks of not doing it?

SecondStory

Poll shows room for improvement on training third parties

2019-05-15T18:16:00+01:00By

Results from the Compliance Week and Refinitiv survey revealed some surprising facts about companies’ third-party training; based on those results, the following article offers suggestions for how to enhance the process.

ThirdStory

Identifying high-risk third parties a nuanced exercise

2019-05-15T18:11:00+01:00By

Determining which business partners to flag for enhanced due diligence all depends on the quality, and sources, of your data.

FourthStory

Dark Web grows as an investigative tool

2019-05-15T18:10:00+01:00By

A telling detail uncovered in the 2019 Survey on Anti-Bribery & Corruption was that about 6 percent of respondents said they extend their data searches into the “Dark Web.”

ExecSummaryTop

Anti-bribery and anti-corruption survey

2019-05-15T18:09:00+01:00By

The 2019 Survey on Anti-Bribery & Corruption explores everything from the monitoring of third parties to the evaluation of training programs.

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2019 Survey on Anti-Bribery and Corruption

2019-05-15T17:46:00+01:00Provided by

In early 2019, Compliance Week and Refinitiv jointly conducted a special benchmark report on anti-bribery and anti-corruption compliance practices.

Autonomybuilding

Former Autonomy CFO sentenced to 60 months in prison

2019-05-15T15:15:00+01:00By

Sushovan Hussain, the former chief financial officer of U.K. software firm Autonomy, has been sentenced to 60 months in prison for his role in falsifying the company’s revenues prior to its acquisition by Hewlett-Packard.

DOJSeal

Informatica to pay $21.57M in False Claims Act case

2019-05-14T17:52:00+01:00By

The Department of Justice says Informatica will pay over $21 million stemming from a False Claims Act investigation.

Corruption map

Corruption and transparency challenges around the world

2019-05-13T16:26:00+01:00By

The Risk Advisory Group has released its 2019 Corruption Challenges Index, which will give CCOs an idea of the level of corruption in countries where they operate.

Meet24

FTC cracks down on Ukrainian dating apps

2019-05-07T19:22:00+01:00By

The FTC has removed dating apps from Apple’s App Store and Google’s Google Play Store following allegations they allowed children as young as 12 to access them.

Shirley-Mary

Mary Shirley: The great empowerer

2019-05-07T12:57:00+01:00By

Her compliance career has been (literally) all over the map, but Mary Shirley remains fixed on a few key principles: aiming high, helping colleagues advance their careers, and making compliance sexy.

EuroMoney

TRACE: How the GDPR interferes with anti-corruption compliance

2019-05-06T19:48:00+01:00By

Anti-bribery business association TRACE has submitted its overview of new issues that have emerged in the fight against foreign bribery due to implementation of the EU’s General Data Protection Regulation.

Sullivan

Scott Sullivan on compliance lessons from news

2019-05-06T15:32:00+01:00By

Scott Sullivan, former chief compliance officer at Flowserve, explains to columnist Tom Fox how he incorporated the publicized misdeeds of other companies into his compliance training program.