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.
The European Commission unveiled new plans to set up an agency specifically aimed at tackling the region’s spiraling problems with money laundering.
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.
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.
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.
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 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.
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, 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.
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.
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.
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 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.
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.
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.
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 is planning to shake up its internal structure around anti-financial crime efforts in the wake of criticism from multiple regulators.
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.
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.
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.
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.
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 Holdings disclosed in a regulatory filing that the SEC has dropped its FCPA investigation into the company and will not recommend an enforcement action.
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.
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.
A bribery charge against Apple’s chief security officer was dropped by a California Superior Court judge, citing a lack of evidence.
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.
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.
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.
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 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.
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.
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.
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.
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.
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.
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.
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.
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.
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?
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.
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.
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.
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.
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.”
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.
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 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, 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 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.