Anti-Corruption


HangUpGloves

EC uses ‘interim measures’ on Broadcom to curb anticompetitive behavior

2019-10-18T18:31:00+01:00By

The European Commission has ordered Broadcom to cut out harsh contract terms with six TV and modem manufacturers because they may infringe antitrust rules. It’s the first time the agency has imposed “interim measures” in 18 years

CourtRulingBustsBalloon

Labeling employee a ‘compliance risk’ not defamation, says court

2019-10-16T19:51:00+01:00By

A former Biomet Argentina employee—in a bit of FCPA hot water—landed on his company’s restricted persons list, sued for defamation, and lost.

2nd Annual APAC Conference took place in Singapore on 16-17 October

Singapore regulator: Technology creates both challenges, opportunities

2019-10-16T13:22:00+01:00By Compliance Week

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.

CrackedSkinMan

Oxfam slams U.K. supermarkets over worker abuses in supply chains

2019-10-11T16:47:00+01:00By

In an effort to cut costs and raise revenue, U.K. supermarkets are endangering employees with such abuses as a lack of toilets, unsafe drinking water, and illnesses resulting from exposure to pesticides, says a new report from Oxfam.

DOJ

DOJ contests Eni’s statement concerning corruption case

2019-10-03T15:47:00+01:00By

Calling Eni’s statement “misleading,” the Department of Justice wants to make it clear its corruption inquiry into the Italian oil company was not closed for lack of evidence.

Refinitiv FCPA

e-Book: FCPA: More Crumble Under Revised DOJ Policy

2019-10-03T10:14:00+01:00Provided by

Violations of anti-corruption laws can have devasting consequences for any company across any industry, if not managed appropriately—including significant fines, reputational damage, and litigation that can span several years—all of which create disruption to business operations.

MoneyLaunderingTop

Bill requiring shell companies to disclose ownership introduced in Senate

2019-10-02T19:08:00+01:00By

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.

Take note

Compliance lessons from Quad/Graphics’ $10M FCPA settlement

2019-10-01T16:22:00+01:00By

Quad/Graphics will pay $10 million to resolve SEC charges that it violated the Foreign Corrupt Practices Act by engaging in widespread bribery schemes in Peru and China, but the compliance lessons are priceless.

Barclays

Compliance takeaways from Barclays’ $6.3M FCPA settlement

2019-10-01T14:39:00+01:00By

Barclays joins a growing list of financial institutions to pay a penalty for violations of the books and records and internal accounting controls provisions of the FCPA due to questionable hiring practices.

Bribe

Westport Fuels, former CEO pay $4.1M in FCPA case

2019-09-30T19:46:00+01:00By

Westport Fuels Systems and its former CEO have reached a $4.1 million settlement with the SEC for violating the Foreign Corrupt Practices Act by paying bribes to a foreign government official in China.

Pharmaceuticals

Avanir to pay $116M for engaging in kickback scheme

2019-09-30T19:30:00+01:00By

Avanir Pharmaceuticals will pay a combined $116 million in civil and criminal penalties for paying kickbacks to a physician to induce prescriptions of its drug Nuedexta, the Department of Justice announced.

Fiat

Fiat Chrysler to pay $40M for misleading investors

2019-09-30T17:57:00+01:00By

Automaker FCA U.S. and its parent company, Fiat Chrysler Automobiles, have reached a $40 million settlement with the SEC for misleading investors about the number of new vehicles sold each month to customers in the United States.

Prudential

FCA fines Prudential $26.4M in misselling scandal

2019-09-30T16:14:00+01:00By

The U.K. Financial Conduct Authority has hit Prudential with a £23.8 million (U.S. $26.4 million) fine for misleading 17,000 customers into accepting a deal with the insurance firm when they might have done better on the open market.

DentedCans

European Commission fines companies $34.5M in cartel case

2019-09-27T14:54:00+01:00By

The European Commission has fined Dutch food-processing company Coroos and French agricultural cooperative Groupe Cecab a total of €31.6 million (U.S. $34.5 million) for engaging in a cartel scheme that spanned more than a decade.

Kroner

Ericsson reserves $1.2B in FCPA case; speaks candidly on compliance program

2019-09-27T14:07:00+01:00By

Ericsson announced it has set aside $1.2 billion to resolve a long-running FCPA investigation that spans several geographies. CEO Börje Ekholm spoke candidly about the shortcomings of the company’s ethics and compliance program and how it’s addressing them.

Emissions

More VW execs charged in emissions scandal; Daimler fined $960M

2019-09-24T20:52:00+01:00By

German prosecutors have charged two current Volkswagen executives and its former CEO for alleged market manipulation practices relating to its emissions-cheating scandal. In a separate action, Daimler was fined $960 million, also related to emissions cheating.

Swedbank_Automat

Embattled Swedbank names permanent CCO

2019-09-19T13:52:00+01:00By

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.

Cognizant

Third Cognizant executive settles FCPA charges

2019-09-17T18:43:00+01:00By

A third former executive at Cognizant has settled charges with the SEC for violating the FCPA by participating in a scheme to bribe an Indian government official.

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SEC closes FCPA probe into Ciena

2019-09-16T15:37:00+01:00By

Ciena says the SEC advised the company it does not intend to recommend an enforcement action in connection with a previously disclosed investigation into potential violations of the FCPA.

Fraud

CFTC orders chief compliance officer to pay $150K for fraud

2019-09-13T15:44:00+01:00By

The CFTC has ordered a chief compliance officer to pay $150,000 for engaging in fraudulent acts and making false statements to a self-regulatory organization.

Jay Clayton

SEC’s Clayton calls out dearth of global assistance in battling corruption

2019-09-10T20:27:00+01:00By

Is the SEC tired of being a global cop? In a speech Monday, SEC Chair Jay Clayton rallied against a “continuing lack of global commitment” to combatting offshore corruption.

Crane

Odebrecht to make $50M in charitable contributions under settlement

2019-09-09T15:18:00+01:00By

Brazil-based construction and engineering company Odebrecht has committed to make $50 million in total charitable contributions as part of a settlement reached to resolve allegations of bribery.

Blockchain

FINMA publishes AML guidance on blockchain

2019-09-03T15:24:00+01:00By

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.

Money laundering

New FinCEN unit to focus on money laundering threats

2019-08-29T15:05:00+01:00By

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.

GreekParliament

A glimpse into Greece’s first anti-corruption chief

2019-08-29T14:15:00+01:00By

Greece’s government has appointed Angelos Binis as its first ever anti-corruption chief to head the country’s newly created anti-corruption body, the Transparency Authority.

Deutsche

Deutsche Bank to pay $16M in FCPA case over hiring practices

2019-08-23T15:05:00+01:00By

Deutsche Bank has become the latest financial institution to pay a penalty for violations of the Foreign Corrupt Practices Act over questionable hiring practices, showcasing a litany of compliance failures.

DOJ

DOJ closes FCPA probe into Misonix

2019-08-21T14:55:00+01:00By

The DOJ has now closed its investigation into medical device company Misonix—about a month after the SEC closed its probe—without bringing enforcement actions. The FCPA investigation still resulted in some extensive anti-corruption compliance reforms.

Avianca

Avianca discloses internal FCPA investigation

2019-08-19T14:19:00+01:00By

Avianca Holdings disclosed in a securities filing that it is investigating possible violations of the U.S. Foreign Corrupt Practices Act concerning free and discounted airline tickets and upgrades given to government officials in certain countries.

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.

refinitiv 300x200

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.

point icons

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.

counterpoint icons

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.