Swedbank said it has been notified by the Swedish Financial Supervisory Authority that an investigation by the regulator concerning suspected market abuse by the bank has been closed “with no remark.”
Honeywell International has recorded a charge of $160 million in accrued liability concerning an investigation by U.S. and Brazilian authorities as to whether the company’s use of third parties in Brazil violated the FCPA.
The Financial Action Task Force has added three new jurisdictions, including Turkey, to its list focused on areas subject to increased monitoring for deficiencies in fighting financial crime.
Mark your calendars: Compliance Week’s National Conference in Washington, D.C. will be held in person for the first time in nearly three years from May 16-18, 2022.
Swedish telecommunications giant Ericsson announced the Department of Justice has determined the company “breached its obligations” under a deferred prosecution agreement entered with the agency in 2019.
Sweden’s financial regulator says Danske Bank is not addressing deficiencies in its AML/CFT protocols quickly enough, issuing an injunction ordering the bank to take remedial action.
Combating bribery, corruption, and fraud is vital to reducing risk and maintaining compliance. Getting to the heart of financial transactions can also help you reduce unnecessary losses for your business.
Credit Suisse Group and U.K. subsidiary Credit Suisse Securities (Europe) reached an approximately $475 million global settlement with U.S. and U.K. authorities for the bank’s role in a long-running tainted loan corruption scheme.
Frank Rafaraci, CEO of Malta-based ship maintenance company Multinational Logistics Services, has voluntarily returned to the United States to face a criminal charge for his alleged role in a bribery scheme.
A Financial Crimes Enforcement Network report on financial trends in Bank Secrecy Act data found a greater number of SARs related to ransomware filed between January and June 2021 than during all of 2020.
The Department of Justice has created a tip line to assist its Anticorruption Task Force in fighting corruption in El Salvador, Guatemala, and Honduras.
Imagine this: An anonymous hotline tip comes through that a senior executive has engaged in insider trading. This scenario happened this summer as part of academic research, effectively leaving hundreds of unwitting corporate subjects to foot the bill for unnecessary follow-up conducted.
The Financial Industry Regulatory Authority is encouraging member firms to start proactively incorporating new AML/CFT priorities mandated by Congress into their risk-based compliance programs.
Jose Carlos Grubisich was sentenced to 20 months in prison for his role in a scheme to divert hundreds of millions of dollars in bribe payments from Braskem to government officials and political parties in Brazil.
FinCEN’s upcoming ultimate beneficial ownership registry could help to combat some of the anti-money laundering deficiencies put on display by the Pandora Papers, but not until Congress gets serious about funding the initiative.
The Metals Technology Initiative has launched a new website making its guidance on gifts and hospitality and third-party due diligence freely accessible.
Petrofac’s relatively low penalty for multiple bribery offenses might encourage companies to take their chances when faced with the choice of a possible criminal conviction or cutting a deal with the Serious Fraud Office, legal experts warn.
National Westminster Bank pleaded guilty to landmark criminal charges brought by the U.K. Financial Conduct Authority for violations of the Money Laundering Regulations 2007.
Brazilian state-owned energy company Petrobras announced it has met the obligations of a three-year agreement reached with the Department of Justice for playing a role in one of the world’s largest political corruption investigations.
The “Pandora Papers” could open Pandora’s box for all businesses and organizations found to be entangled in its worldwide web of shell companies, offshore tax havens, and secret trusts.
Washington Federal Bank has agreed to pay $2.5 million in accordance with a consent order reached with the Office of the Comptroller of the Currency in February 2018.
Petrofac was ordered to pay £77 million (U.S. $105 million) to conclude a long-running investigation into allegations company executives paid to win lucrative oil contracts in Iraq, Saudi Arabia, and the United Arab Emirates.
The nation’s presumed top independent broker-dealer will pay more than $4.8 million to settle AML charges stemming from its alleged failure to reconcile inconsistencies of a new customer who would scam a Puerto Rican city out of millions of dollars.
Enforcement authorities in Canada arrested and brought charges against two former executives of SNC-Lavalin and its subsidiary, SNC-Lavalin International, for their role in a bribery scheme that occurred two decades ago.
Mobile bank N26 revealed it paid a €4.25 million (U.S. $5 million) fine ordered by Germany’s market regulator regarding deficiencies in its reporting of suspicious activities “in the area of anti-money laundering.”
Petrofac will plead guilty to seven counts of failing to prevent bribery, the potential endpoint in a long-running investigation into allegations company executives paid to win lucrative contracts in Iraq, Saudi Arabia, and the UAE.
Global advertising giant WPP reached a more than $19 million settlement with the SEC to resolve charges of violating the anti-bribery, books and records, and internal accounting controls provisions of the Foreign Corrupt Practices Act.
COVID-19 has altered how companies operate their anti-corruption compliance programs, but not necessarily for the worse, according to experts from PepsiCo and Cook Group who shared their experiences at a recent Diligent virtual summit.
Ingrid Harbo, Swedbank’s chief compliance officer during its ongoing recovery from a massive AML scandal, announced she will retire in March 2022.
Risk leaders at companies in China and the United States expressed the highest level of confidence in their approach to mitigating bribery and corruption risk, according to a new global benchmark report from Kroll.
Dayakar Mallu, a former IT manager at Mylan, pleaded guilty to criminal charges for his role in an $8 million insider trading scheme aided by an unnamed executive at the pharmaceutical company.
A recent raid by German prosecutors of the country’s finance and justice ministries has once again put a spotlight on Germany’s apparent failings in tackling financial crime.
The Securities and Exchange Commission charged App Annie with securities fraud—the agency’s first enforcement action against an alternative data provider.
A former account manager at Swedish telecommunications giant Ericsson faces charges of conspiracy to violate the Foreign Corrupt Practices Act regarding alleged bribes paid to government officials in the Republic of Djibouti.
Elizabeth Holmes’s legacy is on the line, as the long-awaited trial of the disgraced founder and CEO of blood-testing company Theranos begins Wednesday.
Jason Rhodes, the co-founder and chief risk and compliance officer of a Connecticut-based investment fund, was sentenced to 48 months in prison and ordered to pay more than $25 million in restitution for his role in a “Ponzi-like” scheme.
Japanese authorities have a good understanding of money laundering and terrorism financing risks, but certain areas of their AML/CFT framework could be further improved, according to a Financial Action Task Force evaluation report.
Experts weigh in with their thoughts on why FinTechs and cryptocurrency firms continue to have a bad reputation in terms of compliance.
Kroll’s latest annual enforcement review identified $2.2 billion in AML fines in 2020 compared to $444 million in 2019. The first six months of 2021 indicate a similar pace to last year.
A brokerage firm petitioning the Supreme Court to review the power of the SEC to enforce the Bank Secrecy Act has received support from two former officials of the primary agency tasked with overseeing the AML law.
The Department of Justice has named David Last to be the permanent chief of its Foreign Corrupt Practices Act Unit, following his being appointed acting head in April.
A recent roundtable explored the anxieties compliance officers face in filing suspicious activity reports and offered advice for overcoming such difficulties.
Read this AML Compliance Guide to learn the five ways you can modernize your AML program to meet regulatory requirements and protect your institution and its customers from financial crime.
The Reserve Bank of New Zealand issued a formal warning to Westpac’s New Zealand branch for failing to report certain transactions as required under local anti-money laundering regulations.
Cryptocurrency platform BitMEX has agreed to pay $100 million as part of a settlement with the CFTC and FinCEN for multiple violations of the Bank Secrecy Act and other anti-money laundering laws.
Pactiv Evergreen said it has received indication from the SEC it will not face enforcement following an internal investigation launched last year into potential violations of the Foreign Corrupt Practices Act.
Thinking of becoming a whistleblower? The path ahead likely won’t be easy. Learn from others that have been through the process.
Aaron Nicodemus explains what whistleblowers, their supporters, and advocates would like compliance officers who handle internal complaints to understand about the process from their side of the table.
The European Banking Authority is seeking comment on new draft guidelines that set clear expectations regarding the appointment, role, tasks, and responsibilities of anti-money laundering and countering the financing of terrorism compliance officers.
Transaction monitoring has evolved to the point where the emphasis is now on the requirement firms carry out ongoing monitoring of client relationships. Recent enforcement actions provide lessons on pitfalls to avoid.