Swedish regulator delays SEB money laundering probe
Sweden’s financial regulator announced it will wait until June to conclude its money laundering investigation into Scandinavian Enskilda Banken AB (SEB) due to the coronavirus pandemic.
DOJ indicts Venezuela President Maduro, others in regime
The DOJ unsealed indictments against Venezuelan President Nicolás Maduro and several high-ranking former and current members of his regime for alleged drug trafficking and money laundering crimes, as well as violations of the FCPA.
DOJ begins enforcement crackdown on coronavirus fraud
The Department of Justice has acted swiftly on its vow to crack down on fraud during the coronavirus pandemic, issuing its first related enforcement action against a Website acting as an alleged wire-fraud scheme.
Swedbank cuts ex-CEO’s severance following AML probe
Swedbank has canceled the severance pay of its former CEO and accepted a record fine of 4 billion Swedish Krona (U.S. $390 million) in the wake of the findings of an independent investigation into its anti-money laundering deficiencies.
TRACE: Bribery enforcement down in 2019
Risks in the extractives and aerospace industries are still prevalent, but the number of overall global and U.S. enforcement cases involving bribery dropped in 2019, according to the latest report from TRACE International.
U.K. AML report: Data analysis of risks lacking
Implementation of risk-based processes and the data analysis that sits behind them are among the biggest weaknesses laid out in a review of AML efforts in the accounting and legal sectors conducted by the U.K.’s financial watchdog.
Swedish regulator fines Swedbank record $390M for AML deficiencies
Swedbank AB has been issued a record 4 billion Swedish Krona (U.S. $390 million) administrative fine for what Sweden’s financial watchdog called “serious deficiencies in its management of the risk of money laundering in its Baltic operations.”
Webcast: Can KYC compliance and customer experience coexist?
Remaining competitive in the modern financial world requires staying ahead of increasingly sophisticated financial crimes and fluid regulations across multiple jurisdictions.
Swedbank announces new risk chief as probe nears end
Swedbank announced the appointment of Rolf Marquardt as chief risk officer just over a week prior to the expected announcement of the findings of a probe into its AML shortcomings conducted by law firm Clifford Chance.
Lawsuit: Former iRobot compliance head alleges firing over flagged dealings
The former director of compliance for iRobot—maker of the robot vacuum cleaner Roomba—claims in a federal lawsuit he was fired for pointing out the company’s violations of state, federal, and international law.
John Wood Group reserves $46M to resolve bribery investigations
John Wood Group said in a regulatory filing it has reserved $46 million in a potential settlement with authorities in the United States, Brazil, and Scotland related to a bribery investigation concerning ties to Monaco-based oil services firm Unaoil.
Ex-Alstom exec gets 15 months in prison on money-laundering charges
Lawrence Hoskins, a former executive of French power and transportation company Alstom, was sentenced to one year and three months in prison for his role in a money-laundering scheme that prosecutors say was designed to promote violations of the FCPA.
Former U.S. Bank risk officer pays $450K for AML compliance failures
The former chief operational risk officer at U.S. Bank has agreed to pay a $450,000 penalty for his role in the bank failing to implement and maintain an effective anti-money laundering compliance program.
Alstom exec's acquittal calls FCPA jurisdiction into question
A federal court in Connecticut acquitted a former Alstom employee on FCPA charges following a Second Circuit decision. But the story does not end there.
Herbalife sets aside $40M in FCPA probe
Dietary supplement maker Herbalife said in a regulatory filing it has set aside $40 million in accrued liability concerning an investigation into the company’s compliance with the Foreign Corrupt Practices Act in China.
Accountant pleads guilty in DOJ Panama Papers probe
A U.S-based accountant who was charged alongside three others for their alleged roles in a decades-long criminal scheme perpetrated by Panama-headquartered law firm Mossack Fonseca and related entities has pleaded guilty.
Compliance lessons from Cardinal Health’s FCPA settlement
Cardinal Health reached an $8.8 million settlement with the SEC for violations of the FCPA concerning the operations of its former Chinese subsidiary. For prudent compliance officers, it’s a tale of how not to do business in China.
Judge acquits Alstom exec on FCPA charges
In a setback for the DOJ, a federal judge has acquitted, in part, a former executive of French power and transportation company Alstom for his role in a foreign bribery scheme in Indonesia.
Fictitious soccer players at center of money laundering scheme
Europol, the European Union’s law enforcement agency, announced it has uncovered more than €10 million (U.S. $11 million) from fictitious soccer player transfers in a money laundering and tax evasion scheme.
Compliance lessons from Julius Baer’s ‘serious AML failings’
Compliance officers can learn a lot from the anti-money laundering compliance shortcomings at Julius Baer Group, as well as from what the bank is now doing to enhance its risk management and AML compliance controls.
Former Alstom, Marubeni execs face FCPA charges in bribery scheme
The Department of Justice unsealed an indictment against three more individuals for their role in a multi-year, multi-million-dollar foreign bribery scheme and related money-laundering scheme in Indonesia.
Bombardier’s compliance program progressing, says review
A recent review of Bombardier’s compliance policies and procedures details how the Canadian multinational aerospace and transportation company is “working towards having a best-in-class program.”
Understanding the why in CDD
Compliance practitioners might know how to undertake customer due diligence, but may never ask themselves why and might have limited knowledge of other anti-money laundering areas.
Airbus contractors feeling ripple effect from record fine
Airbus is free to go about its business after paying a record fine to three anti-corruption agencies for widespread bribery, but the trouble is only beginning for some of its implicated contractors.
Citgo appoints new CECO amid misconduct review
Citgo announced the appointment of Jack Lynch as the company’s new chief ethics and compliance officer amid an internal probe into allegations of misconduct under prior management.
Study: Post-financial crisis fines against financial institutions hit $36B
Global fines and penalties against financial institutions hit $36 billion last year, as ramifications from the financial crisis continue to reverberate throughout the financial services industry, according to a new report.
Experts weigh in on Brexit consequences for GDPR, AML, more
The wheels to the United Kingdom’s exit from the European Union are finally in motion, but the hard work still remains as to what kind of future trading relationship the country has with the single market.
Practice Fusion to overhaul compliance after $145M kickback resolution
Practice Fusion will pay a total of $145 million to resolve criminal and civil investigations for its leading role in an opioid kickback scheme. Particularly notable are the new compliance obligations imposed upon it, which are as weighty and significant as the fine itself.
Confronting ‘willful intent’ in third-party corruption cases
Even as companies continue to agree to multi-billion-dollar settlements related to the corrupt acts of third parties, managing the risks associated with them nevertheless eludes many compliance departments.
First four ‘Excellence in Compliance Awards’ finalists revealed
Compliance Week is proud to announce its first four finalists for the “Excellence in Compliance Awards,” a newly formed program that recognizes individual achievement in one of 13 categories relating to risk and compliance.
Trump’s efforts to weaken FCPA bad news for compliance
If President Trump gets his way and the FCPA loses its bite, compliance officers would lose a valuable instrument in their fight to keep businesses on the right side of an ever-blurring line between right and wrong.
AirAsia on defense after Airbus-related bribery allegations
AirAsia is doing damage control after executives at the budget airline were referenced as recipients of a $50 million bribe from plane maker Airbus in the latter’s $4 billion global bribery settlement.
Airbus resolves global bribery scandal for record $4B
Airbus has agreed to pay a total of $4 billion in penalties split between the United States, United Kingdom, and France—the world’s largest global resolution for bribery.
Effective AML training: Four questions to answer
There are a multitude of factors that need to be established when determining training requirements. What is clear is that a one-size-fits-all approach doesn’t work.
Airbus announces resolution of global corruption case
Airbus confirmed it has reached a deal with authorities in the United States, the United Kingdom, and France to resolve long-running allegations of bribery and corruption. The settlement could reportedly be worth billions.
TI reveals political power correlation to corruption
Lack of campaign finance transparency and increased perceptions of political power among the wealthy are factors that correlate with a high risk of corruption according to Transparency International’s 2019 Corruption Perceptions Index.
Ericsson discloses E&C enhancements since $1B FCPA settlement
Ericsson in a recent regulatory filing disclosed in more detail what improvements it has made to its ethics and compliance program following its $1 billion settlement with U.S. authorities last year concerning violations of the Foreign Corrupt Practices Act.
SFO guidance could help companies combat U.K. Bribery Act charges
New internal guidance from the U.K. Serious Fraud Office outlines what the regulator considers in determining if a company’s compliance procedures are adequate enough to defend against U.K. Bribery Act charges or qualify for a deferred prosecution agreement.
ICA announces regulatory and financial crime conference in Dubai
The International Compliance Association will host its inaugural MENA Regulatory and Financial Crime Compliance Conference in Dubai on March 1-2. His Excellency Ebrahim Obaid Al Zaabi, director general, Insurance Authority, will deliver the keynote address.
Apr. 30 | 2020 Anti-bribery and corruption emerging trends
In today’s global marketplace, an organization’s global supply chain is critically dependent on its third-party relationships in order to achieve operational and business success. Yet compliance professionals are all too aware that the third parties they depend on to achieve success pose a significant threat to their organizations for bribery, ...
Samsung establishes compliance oversight committee
Samsung Group has announced its intent to establish a corporate compliance oversight committee as the company seeks to clean up its tarnished reputation following a slew of scandals.
Teva to pay $54M in FCA whistleblower settlement
Teva Pharmaceuticals has reached a $54 million settlement in a lawsuit filed by two whistleblowers over allegations the drug company bribed physicians through numerous “sham” speaker programs in exchange for prescribing Teva drugs.
Landec discloses FCPA probe
Landec, an innovator of health and wellness solutions, has discovered and reported to U.S. regulators a “compliance issue” at its Yucatan Foods production facility in Guanajuato, Mexico. It now faces a government probe into possible FCPA violations
Uber: Fraud Section ends bribery probe
The Department of Justice has closed its investigation into possible violations of the Foreign Corrupt Practices Act by ride-sharing company Uber.
Casino operators in Japan must gamble on compliance risks
Japan’s plans to launch a casino industry have been marred recently by a widening bribery scandal that highlights the compliance risks associated with the operation.
Swiss firm, owner face charges in stock manipulation scheme
The SEC and DOJ have separately announced charges against a Swiss asset management firm and several individuals for engaging in a long-running stock manipulation scheme involving numerous U.S. issuers. The charges resulted from a failed attempt to circumvent disclosure requirements imposed by securities laws.
Ex-Nissan chair Carlos Ghosn secretly flees Japan
Carlos Ghosn, the former chairman of Japanese automaker Nissan, late last week secretly fled Japan, where he was awaiting trial over allegations of financial misconduct.
Compliance 2020: A timeline
Compliance Week looks back at two decades of scandals, enforcement actions, and regulatory policies (2000-2019) that shaped the compliance function we see today.
Top ethics and compliance failures of 2019
From antitrust and privacy concerns in the tech world to compliance officer liability in the pharmaceutical industry to unethical practices in the banking and accounting professions, more than a dozen companies made Compliance Week’s list of the biggest compliance fails in 2019.
SFO confirms DPA with Güralp Systems after three acquitted
The founder and two former employees of Güralp Systems were acquitted of charges they conspired to bribe a South Korean public official, making it the latest corruption case in which the U.K. Serious Fraud Office failed to secure individual convictions.