Anti-Corruption


SEC building

Infinity Q CCO settles SEC charges of aiding $1B fraud scheme

2022-10-03T18:15:00+01:00By

Scott Lindell, the former chief risk officer and chief compliance officer of Infinity Q Capital Management, settled SEC charges he helped the founder of the investment adviser carry out a $1 billion overvaluation fraud scheme.

FINRA

FINRA sets fine ranges for AML failures, removes limits on certain penalties

2022-10-03T16:45:00+01:00By

The Financial Industry Regulatory Authority increased penalties for member violations of securities rules, including removing upper limits on fines for certain instances of misconduct.

Treasury Department

FinCEN finalizes beneficial ownership rule, reporting requirements

2022-09-29T19:41:00+01:00By

The Financial Crimes Enforcement Network finalized its beneficial ownership rule, which will require certain reporting companies to file basic information with the agency about who controls their finances.

Sterling Bank

​Sterling Bank fined $6M by OCC over loan program lapses

2022-09-28T17:48:00+01:00By

Sterling Bank and Trust agreed to pay a fine of $6 million assessed by the Office of the Comptroller of the Currency for deficiencies in its former residential loan product.

ICA Virtual Assets 1200x800

e-Book: Managing regulatory, financial crime compliance risks of virtual assets

2022-09-28T14:36:00+01:00Provided by

This free e-Book considers the new opportunities the virtual asset space has opened, as well as the risks deriving from criminal exploitation and a lack of regulatory oversight in this burgeoning area.

Biogen

Biogen finalizes $900M settlement in false claims whistleblower suit

2022-09-27T19:04:00+01:00By

Biogen finalized a $900 million settlement concerning alleged kickbacks it paid to doctors to induce them to prescribe the company’s drugs and not those of its competitors.

Oracle

Oracle to pay $23M to settle FCPA violations in 3 countries

2022-09-27T18:06:00+01:00By

Oracle Corp. will pay more than $23 million to settle allegations laid by the Securities and Exchange Commission it violated the Foreign Corrupt Practices Act when its subsidiaries in India, Turkey, and the United Arab Emirates bribed foreign officials for business.

U.K. Parliament

U.K. bill would empower Companies House as AML regulator

2022-09-27T13:54:00+01:00By

The Economic Crime and Corporate Transparency Bill aims to stem the flow of dirty money coming into the United Kingdom by giving Companies House more power and resources to help combat money laundering.

Philips

Philips to pay $1.3M in second kickback settlement in month

2022-09-26T20:19:00+01:00By

Philips RS North America agreed to pay approximately $1.3 million to settle charges it unlawfully paid kickbacks as part of its second resolution addressing alleged False Claims Act violations this month.

Deutsche

Deutsche Bank agrees to settle Jeffrey Epstein-related class action for $26.3M

2022-09-26T18:18:00+01:00By

Deutsche Bank agreed to pay $26.25 million to settle a class-action lawsuit filed by a group of the bank’s investors over anti-money laundering compliance failures and deficiencies related to certain clients, including Jeffrey Epstein and Danske Bank’s Estonia branch.

Nicodemus_opinion

Collateral damage aplenty in NYAG lawsuit against Trump Organization

2022-09-22T22:08:00+01:00By

The New York Attorney General’s lawsuit against former President Donald Trump is solely focused on penalizing his business and cohorts, but firms like Mazars and Deutsche Bank don’t come off well from a due diligence perspective.

Lawsuit

Focus on professional enablers puts lawyers in spotlight

2022-09-22T19:50:00+01:00By Katie Benson, for International Compliance Association

While the extent of lawyers’ and law firms’ involvement in money laundering remains difficult to quantify, their potential role as professional enablers has become increasingly salient.

TreasuryAnnex

Treasury seeking comment on illicit finance risks posed by digital assets

2022-09-20T16:30:00+01:00By

The Treasury Department is seeking public input on how to address illicit finance and national security risks posed by digital assets, part of a multipronged push by the Biden administration to hold bad actors accountable and identify potential enforcement and regulatory gaps.

GOL_Web

Brazil airline Gol settles FCPA bribery charges for $41M

2022-09-16T19:29:00+01:00By

Brazilian airline Gol agreed to pay $41 million as part of reduced settlements addressing bribery investigations conducted by authorities in the United States and Brazil.

DOJ wall

DOJ to emphasize individual accountability, prior misconduct in corporate crime probes

2022-09-16T15:50:00+01:00By

Deputy Attorney General Lisa Monaco announced sweeping changes to the Department of Justice’s efforts to fight corporate crime, including new guidance regarding individual accountability, voluntary self-disclosure, compliance monitors, and ways to strengthen compliance culture.

Shadow business

How effective beneficial ownership searches leverage technology

2022-09-16T14:30:00+01:00By

Determining the ultimate beneficial owner of individuals and companies your firm does business with can be a tricky thing. The most efficient investigations require an understanding of your firm’s risk appetite and appropriate technology to automate searches.

Danske Bank

Danske Bank fined $1.8M over AML checks in Ireland

2022-09-15T17:03:00+01:00By

Danske Bank was fined €1.82 million (U.S. $1.82 million) by the Central Bank of Ireland for omitting customers from automated financial crime checks between 2010-19 and failing to notify the regulator.

German Federal Ministry of Finance

Germany strives for coordination in enhanced AML efforts

2022-09-14T15:00:00+01:00By

Germany has unveiled plans to tackle financial crime more effectively by creating a new federal authority to strengthen enforcement and improve coordination among the country’s current supervisors, of which there are more than 300.

Contech

Former Contech exec imprisoned 18 months for bid-rigging scheme

2022-09-12T16:39:00+01:00By

Brent Brewbaker, a former executive for civil engineering firm Contech Engineered Solutions, was sentenced to 18 months in federal prison for his role in a long-running bid-rigging scheme in North Carolina.

Bayer

Bayer to pay $40M to settle long-running false claims suits

2022-09-06T22:20:00+01:00By

Bayer agreed to pay $40 million to settle allegations its sales team paid kickbacks to hospitals and doctors for prescribing its drugs and that the pharmaceuticals company downplayed risks regarding certain of its offerings.

Philips

Philips subsidiary to pay $24M for kickback violations

2022-09-02T18:03:00+01:00By

Philips RS North America agreed to pay more than $24 million to settle allegations it paid kickbacks to medical equipment suppliers to push its products ahead of other brands that are provided to patients of federal health programs.

Wells Fargo

Wells Fargo ordered to pay ex-manager $22M in SOX whistleblower case

2022-09-02T14:56:00+01:00By

Wells Fargo must pay more than $22 million to a former senior banking executive who alleged to the Occupational Safety and Health Administration they were retaliated against for blowing the whistle on financial misconduct.

Alstom

Upheld ex-Alstom exec’s acquittal affirms ‘setback’ for FCPA’s reach

2022-09-01T15:04:00+01:00By

The latest development in the nearly decadelong Lawrence Hoskins court case has the potential to open the door for foreign nationals involved in aiding U.S. companies with foreign bribery schemes to escape liability under the Foreign Corrupt Practices Act, according to experts.

Wise Payments

Wise fined $360K for AML failures in Abu Dhabi

2022-08-30T19:24:00+01:00By

International money transfer company Wise will pay a $360,000 penalty for failing to abide by Abu Dhabi’s anti-money laundering rules over a two-year period, the Financial Services Regulatory Authority of Abu Dhabi Global Market announced.

Tether coin

Tether prepared to defy controversial U.S. sanctions on Tornado Cash

2022-08-25T16:54:00+01:00By

Cryptocurrency platform Tether is set to defy U.S. sanctions by holding firm on its refusal to freeze relevant Tornado Cash addresses until receiving further instruction from law enforcement agencies.

Essilor

Essilor agrees to $22M settlement over kickback charges

2022-08-24T19:06:00+01:00By

Essilor, a manufacturer and distributor of optical lenses and equipment, will pay $22 million to settle allegations it paid kickbacks to spur sales in violation of the False Claims Act.

Rabobank

Ex-Rabobank CEO fined $20K for withholding AML report

2022-08-19T15:58:00+01:00By

John Ryan, the former CEO of Rabobank, N.A., was fined $20,000 by the Office of the Comptroller of the Currency for his alleged role in obstructing a Bank Secrecy Act program examination that would lead to significant fines for the bank.

Inflation concept

Fraud risks grow as cost of living soars

2022-08-15T18:43:00+01:00By Jake Plenderleith, International Compliance Association

Just as fraud grew during the Covid-19 pandemic, so will it now flourish with prices at historic highs. The question is just how widespread this fraud surge will prove to be and what can be done to help prevent it.

The Home Depot

DOJ-informed compliance guidance helps Home Depot prep for potential scrutiny

2022-08-10T12:00:00+01:00By

How can a company prove its compliance bona fides to a regulator, should one ever come knocking on its door? The Home Depot has prepared for such a scenario with detailed guidance pegged to the DOJ’s “Evaluation of Corporate Compliance Programs.”

Albemarle

Albemarle in settlement talks with SEC, DOJ over FCPA violations

2022-08-05T15:34:00+01:00By

Chemical company Albemarle Corp. has entered settlement talks with the Securities and Exchange Commission and Department of Justice regarding potential violations of the Foreign Corrupt Practices Act.

Bain

Bain banned from U.K. government contracts over South Africa corruption scandal

2022-08-04T13:49:00+01:00By

Global management consultancy Bain & Co. was barred from competing for U.K. government contracts for three years following its role in a corruption scandal involving South Africa’s national tax offices.

Robinhood crypto

Robinhood Crypto fined $30M for AML, cybersecurity failures

2022-08-02T18:27:00+01:00By

Robinhood Crypto agreed to pay a $30 million fine to the New York State Department of Financial Services for “significant failures” in its Bank Secrecy Act/anti-money laundering and cybersecurity compliance programs.

/web/img/field/image/jpmorganhome.jpg

Judge: Ex-JPMorgan compliance exec’s retaliation claims credible for trial

2022-08-01T17:19:00+01:00By

A jury could conclude allegations made by a former JPMorgan Chase compliance executive who said she was fired for blowing the whistle have merit, a federal judge ruled.

London cityscape

SFO accepts ‘sobering’ results of Unaoil, Serco case reviews

2022-07-22T18:08:00+01:00By

The U.K.’s Serious Fraud Office was criticized for its leadership, culture, and conduct in a report examining why the agency botched a key corruption case against Unaoil that has now seen three convictions overturned.

Biogen

Biogen discloses $900M agreement in whistleblower kickback suit

2022-07-21T15:52:00+01:00By

Massachusetts-based biotechnology firm Biogen reached a $900 million agreement in principle to resolve a False Claims Act lawsuit brought by a whistleblower alleging the payment of unlawful kickbacks to physicians.

American Express

American Express to pay $430K for violations of sanctions against drug kingpin

2022-07-18T18:06:00+01:00By

A subsidiary of American Express agreed to pay $430,500 to settle charges its network processed 214 transactions on behalf of a Venezuelan drug kingpin who was designated on the U.S. sanctions list, according to the Office of Foreign Assets Control.

Herbalife

Former Herbalife exec fined $550K in FCPA case

2022-07-12T14:25:00+01:00By

Jerry Li, the former managing director of Herbalife’s China subsidiary, was ordered to pay approximately $550,000 to resolve charges brought by the SEC of violating the Foreign Corrupt Practices Act by bribing Chinese government officials over the course of a decade.

Metaverse

Financial crime within the metaverse

2022-07-11T20:34:00+01:00By James Thomas, International Compliance Association

The momentum gathering behind the “metaverse”—a universe of virtual worlds built on blockchain technology—should be of keen interest to everyone in the regulation and compliance space, given its potential impact in terms of business, ethics, financial crime, and safety.

Credit Suisse

Credit Suisse money laundering verdict start of new era of Swiss enforcement?

2022-07-01T17:58:00+01:00By

Credit Suisse became the first major Swiss bank to be prosecuted for money laundering in the country after the Federal Criminal Court of Switzerland found the bank guilty of washing money connected to a Bulgarian drug smuggling syndicate.

Money

Transaction monitoring: How we can do better

2022-06-28T18:22:00+01:00By Teodora Harrop, for International Compliance Association

While the requirement to undertake transaction monitoring evolved because of AML legislation, its importance has been magnified and reinforced by increased regulatory attention and significant fines.

RisksAhead

OCC risk report: Russian sanctions, staffing churn increase compliance challenges

2022-06-24T18:19:00+01:00By

The Office of the Comptroller of the Currency warned banks and financial institutions about elevated operational risks caused by geopolitical tensions and a heightened compliance risk environment complicated by regulatory changes, policy initiatives, and difficulties in hiring qualified professionals.

Gibraltar flag

FATF adds Gibraltar to AML/CFT watchlist; Malta removed

2022-06-24T13:58:00+01:00By

The Financial Action Task Force added Gibraltar to its list of jurisdictions working with the organization to improve the countering of money laundering, terrorist financing, and proliferation financing within their borders.

African currency

FCA fines Ghana International Bank $7.1M for AML failings

2022-06-23T14:27:00+01:00By

The U.K. Financial Conduct Authority fined Ghana International Bank £5.8 million (U.S. $7.1 million) for deficiencies in its anti-money laundering controls over its correspondent banking activities.

JLT UK

FCA fines JLT Specialty $9.7M for financial crime control lapses

2022-06-22T20:41:00+01:00By

The U.K. Financial Conduct Authority fined a unit of insurance broker Jardine Lloyd Thompson Group 7.9 million pounds (U.S. $9.7 million) for failing to control financial crime within its South and Central American subsidiaries.

Liability

Law Commission proposals put heat on U.K. execs

2022-06-22T11:31:00+01:00By

The United Kingdom might make it easier for executives and senior managers to be held directly accountable for corporate crimes under reform proposals put forward by the body that reviews U.K. law.

Supply chain

Strain in your supply chain no excuse for compliance shortcuts

2022-06-16T11:23:00+01:00By

With the Russia-Ukraine war’s ever-expanding sanctions landscape, supply chain strain and risk of enforcement are sharply increasing. Speakers at a recent event hosted by Drexel University’s Kline School of Law offered best practices.

Cybersecurity offices

Survey: Cyber threats, remote work, financial pressures key ABC concerns for 2022

2022-06-15T19:06:00+01:00By

Compliance programs globally expect to shoulder more responsibilities in 2022, according to Kroll’s latest Anti-Bribery and Corruption Benchmarking Report.

Phone apps

Addressing fraud via social media

2022-06-14T10:38:00+01:00By Jon Prentice, International Compliance Association

Fraud and social media have a special relationship, with the two frequently combining to cause harm, distress, and loss to an enormous number of people.

Ericsson

SEC probing Ericsson over Iraq corruption scandal

2022-06-10T17:16:00+01:00By

The Securities and Exchange Commission opened an investigation into Ericsson following the Swedish telecommunications company’s acknowledgement of evidence of “corruption-related misconduct” that occurred in its Iraq operations.

Treasury Department

Treasury considering rule to address AML ‘loopholes’ in private investment

2022-06-07T22:05:00+01:00By

The Treasury Department is considering rulemaking that would seek to mitigate the growing risk sanctioned Russian oligarchs and politicians will attempt to use “hedge funds, private equity firms, and investment advisers to hide their assets.”