News Brief

OCC cites three banks for risk management, BSA-related failures


The Treasury Department’s Office of the Comptroller of the Currency cited three banks for unsafe and unsound business practices that mirror issues similar to what spurred last year’s banking crisis, including risks posed to bank investments by higher interest rates and liquidity concerns in the event of a bank’s failure.


News Brief

DOJ pilot floats NPAs for whistleblowers involved in corporate misconduct


The Department of Justice launched a new pilot program that encourages voluntary self-disclosure by corporate executives who are themselves involved in financial misconduct, with the incentive of a nonprosecution agreement for those who help an agency investigation.


News Brief

FinCEN warns of fake U.S. passport cards used to commit fraud


The Financial Crimes Enforcement Network is warning financial institutions of counterfeit U.S. passport cards used to commit fraud and identity theft.



JBS CECO on overcoming ‘fear, anxiety, and chaos’ of taking job post-FCPA settlements


Mike Koenig explained at Compliance Week’s 2024 National Conference how he helped rebuild JBS Foods’ compliance department following Foreign Corrupt Practices Act settlements with the Department of Justice and Securities and Exchange Commission.

CW2024 ITM


Highlights from Compliance Week 2024


Compliance officers took to the main stage to share their experiences at Compliance Week’s 2024 National Conference, while other highlights included conversations around artificial intelligence and the modern challenges the industry is confronting.

DOJ building


What the DOJ’s whistleblower reward program needs to succeed


The Department of Justice is set to join a growing list of U.S. federal agencies to have a whistleblower reward program in place, but how impactful it will be at generating more white-collar investigations and prosecutions rides on its initial design, according to experts.

New York Supreme Court

News Brief

N.Y. compliance officer charged for embezzling $200K from employer


A New York-based chief counsel and compliance officer was charged for embezzling more than $200,000 from the consulting firm he worked for, the Manhattan District Attorney’s Office announced.

DOJ building

News Brief

​Ex-OneCoin compliance head jailed 4 years for fraud role


The former head of legal and compliance at OneCoin was sentenced to four years in prison after pleading guilty to fraud charges regarding her role in a cryptocurrency marketing scheme.

CW2024 McBride


Ex-Albemarle CCO shares drivers behind data analytics success at CW2024


Former Albemarle CCO Andrew McBride explained at Compliance Week’s 2024 National Conference how he led the company’s compliance department to remediate the issues that led to apparent FCPA violations and how the team used data analytics to assess risks and implement compliance solutions.



CW2024 keynote tackles fundamentals of fraud detection


“If you want to start to know who’s lying to you, all you got to do is pay attention differently,” advised body language expert Traci Brown during her opening keynote at Compliance Week’s 2024 National Conference.



DOJ commodities trader FCPA sweep offers lessons in cooperation


The value the Department of Justice places on cooperation can be measured by studying penalties and agreements resulting from the agency’s long-running investigation into bribery and corruption by oil traders operating in Latin America and Africa.


News Brief

Ericsson: Monitor certified anti-corruption program post-FCPA settlement


Swedish telecommunications company Ericsson announced its independent monitor appointed by the Department of Justice certified its compliance program satisfies the requirements ordered by the U.S. agency following its 2019 Foreign Corrupt Practices Act settlement.


News Brief

Trafigura pleads guilty, to pay $127M over FCPA violations in Brazil


Singapore-based commodity trading company Trafigura agreed to pay nearly $127 million as part of a resolution with the Department of Justice addressing violations of the Foreign Corrupt Practices Act in Brazil.


News Brief

U.S. BOI efforts earn it upgraded rating from FATF


The United States’s progress on implementing the beneficial ownership information reporting requirements contained within the Corporate Transparency Act earned it praise from the intergovernmental Financial Action Task Force.



FDIC proposes strengthening, modernizing bank merger reviews


The Federal Deposit Insurance Corporation proposed to strengthen its approach to evaluating bank mergers under the Bank Merger Act, particularly how it would address factors like competition, financial resources, the convenience and needs of communities, financial stability, and money laundering.


News Brief

Adani Group on defense over reports of FCPA probe


Indian conglomerate Adani Group said it is aware of an investigation by the U.S. Department of Justice into bribery allegations against a “third party” but denied a relationship with it.

Epstein case study cover 3x2


Chapter 4: Investigations into misconduct: What banks can do


Both JPMorgan Chase and Deutsche Bank retained their respective Jeffrey Epstein relationships for too long. Yet, there is a case to be made for why exiting a high-risk relationship too soon can become an inverse form of recklessness.


News Brief

Ex-Stericycle finance director charged for bribery scheme role


A former finance director at medical waste disposal company Stericycle faces Department of Justice charges for his alleged role in a bribery scheme that led the company to an $84 million settlement regarding violations of the Foreign Corrupt Practices Act.

Epstein case study cover 3x2


Chapter 3: Egregious failures: Customer due diligence and transaction monitoring


Why did JPMorgan Chase retain Jeffrey Epstein for more than a dozen years? How did the relationship persist despite glaring red flags? The “why” is straightforward; the “how” is more complicated.

Epstein case study cover 3x2


Chapter 2: KYC shortfalls: JPMorgan and Deutsche Bank’s onboarding of Epstein


Jeffrey Epstein’s designation as a high-risk client should have subjected him to enhanced due diligence that never appeared to occur, most notably at Deutsche Bank. Instead, Epstein was allowed to continue his misconduct despite numerous red flags.

Epstein case study cover 3x2


Chapter 1: Compliance v. complicity: The ‘underbelly’ of bank culture


Why were decisions made the way they were at the banks that serviced Jeffrey Epstein? Evidence points to a cultural tension: a tug-of-war between the allure of profit and the drag of compliance, with the former having all the pulling power.

Epstein case study cover 3x2


Case study: ‘The Banks Behind the Epstein Enterprise’


This Compliance Week case study offers a deep dive into the anti-money laundering compliance failures—and alleged complicity—of JPMorgan Chase and Deutsche Bank, the two banks that enabled the Jeffrey Epstein enterprise to flourish for decades.

Magnifying glass

News Brief

SFO launches probe into collapsed Carlauren Group


The U.K. Serious Fraud Office announced two raids and three arrests coinciding with the launch of an investigation into collapsed property developer Carlauren Group.

London cityscape


SFO director support for whistleblower incentives enough to drive change?


When Nick Ephgrave of the Serious Fraud Office said in his maiden speech he favored paying whistleblowers in exchange for information, he might not have been fully aware of the implications, according to legal experts.



DOJ eyeing more FCPA cases with whistleblower program


The Department of Justice anticipates its upcoming whistleblower reward program will help the agency increase its pipeline of cases involving apparent violations of the Foreign Corrupt Practices Act, said Acting Assistant Attorney General Nicole Argentieri.



CW National 2024 Q&A: JBS CECO on compliance post-settlement


Michael Koenig, global chief ethics and compliance officer at JBS Foods, previews his session on rebuilding the compliance department following settlements with the Department of Justice and Securities and Exchange Commission at CW’s National Conference in Washington, D.C.


News Brief

DOJ on sprint toward pilot whistleblower reward program


Deputy Attorney General Lisa Monaco said the Department of Justice will look to fill gaps in its whistleblower procedures with the launch of a 90-day sprint toward a DOJ-led pilot whistleblower reward program.


News Brief

Ericsson promotes investigations head to CCO


Ericsson shook up its reporting structure with the promotion of Head of Corporate and Government Investigations Rebecca Rohr to chief compliance officer.

U.K. money laundering

News Brief

​FCA warns CEOs over firm AML failings


The U.K. Financial Conduct Authority warned the chief executive officers of approximately 1,000 financial institutions it supervises regarding common failures in anti-money laundering procedures it observed during recent assessments.



Judge’s ruling calls FinCEN beneficial ownership registry into question


A federal court judge in Alabama ruled the Corporate Transparency Act was beyond Congress’s power, potentially throwing the effectiveness of the Financial Crimes Enforcement Network beneficial ownership information registry into doubt.

Metropolitan Commercial Bank

News Brief

Metropolitan Commercial Bank adds risk chief, AML officer


Metropolitan Commercial Bank announced the appointments of a chief risk officer and Bank Secrecy Act/anti-money laundering officer to bolster its reporting lines following a $30 million enforcement action from federal and state authorities last year.

Andrew McBride


CW National 2024 preview: Former Albemarle CCO on FCPA case lessons


Andrew McBride, former chief risk and compliance officer at chemical company Albemarle Corp., joins the Compliance Week podcast with Aaron Nicodemus to preview his session at CW’s National Conference in Washington, D.C.

Oil barrels

News Brief

Gunvor to pay $661M to settle FCPA violations in Ecuador


Swiss-based oil trader Gunvor will pay more than $661 million as part of a plea agreement with the Department of Justice to resolve violations of the Foreign Corrupt Practices Act involving a long-running scheme to bribe officials in Ecuador to secure oil contracts.


News Brief

Swedbank says Estonia money laundering probe closed


The Estonian branch of Swedbank is no longer under investigation regarding suspected money laundering and other criminal activities.

Federal Reserve

News Brief

Green Dot estimates up to $50M in liabilities over proposed Fed order


Financial technology firm Green Dot Corp. estimated a pending consent order with the Federal Reserve Board will require a payment of between $20 million to $50 million.


News Brief

NYDFS fines Gemini $37M over compliance failures


The New York State Department of Financial Services fined cryptocurrency exchange Gemini Trust Company $37 million over alleged compliance failures related to lapses in safety and soundness.

United Kingdom


FCA vows transparency, faster case outcomes in new enforcement strategy


The U.K. Financial Conduct Authority will rein in its enforcement focus and commit to providing more updates on its ongoing investigations as part of a revamped strategy designed to quicken the pace and increase the deterrent impact of its cases.

Dark money


FinCEN head touts compliance through enforcement approach


Andrea Gacki, head of the Financial Crimes Enforcement Network, said recent enforcement actions by the agency have addressed significant gaps in the U.S. anti-money laundering/countering the financing of terrorism regime and exposed specific risk factors, trends, and typologies.


News Brief

New European AML agency to be based in Germany


The European Union’s recently approved Anti-Money Laundering Authority will be based in Frankfurt, Germany, and begin operations in 2025.

Kenya flag

News Brief

FATF adds Kenya, Namibia to AML/CFT watchlist; UAE, Uganda removed


Kenya was one of two African countries included in the Financial Action Task Force’s latest update to its list of jurisdictions under increased monitoring for money laundering and terrorist financing, while the United Arab Emirates was among four countries removed.

Employee relations


Experts: No easy fix for U.K. senior manager accountability shortcomings


Legal experts generally agree the U.K.’s record for prosecuting board-level executives for financial and economic crime could be better. But some believe there is a problem criticizing poor enforcement when the legislation in place has its own shortcomings.


News Brief

Lloyds discloses FCA probe into AML controls


Lloyds is the latest U.K. financial institution being probed by the Financial Conduct Authority regarding its anti-money laundering control framework.



Ten things I’m excited for at CW National 2024


A new month and a new venue but a lot of the same you love about Compliance Week’s National Conference. CW Editor in Chief Kyle Brasseur shares what he’s looking forward to most at the 2024 edition of the annual event.


News Brief

Barclays says FCA probe into AML controls closed


Barclays Bank disclosed an investigation by the U.K. Financial Conduct Authority into the bank’s anti-money laundering controls has closed without a penalty.

London business district

News Brief

SFO raids kick off probe into collapsed Signature Group


The U.K. Serious Fraud Office carried out several residential raids as it announced the launch of a criminal investigation into collapsed property investment firm Signature Group.

DOJ building


The path to DOJ cooperation credit: Analyzing recent FCPA cases


Recent enforcement actions offer guidance on what the Department of Justice considers to be an “imminent threat” of disclosure or government action, what it means by “prompt” disclosure, and how a company can earn credit for revealing all relevant facts.



LRN survey: Compliance programs shifting focus from bribery, corruption


Many ethics and compliance programs have refocused their efforts away from bribery and corruption and onto data security and privacy, complex government regulations, artificial intelligence security, and other contemporary challenges, a survey from LRN found.

Treasury Department


FinCEN head: Agency seeking to educate, not punish, BOI reporters


The Financial Crimes Enforcement Network will focus its attention regarding compliance with its new beneficial ownership reporting requirements on education and outreach during the first year of implementation, although “willful violations” will still merit punishment.

Sterling Bank

News Brief

Ex-Sterling Bank GC cited by OCC over BSA-related failures


The Office of the Comptroller of the Currency issued a cease-and-desist order against the former general counsel at Sterling Bank and Trust for not ensuring the institution’s Bank Secrecy Act compliance and failing to timely file suspicious activity reports.

Lisa Monaco


DAG Monaco: AI to be top DOJ enforcement priority


The Department of Justice will seek stiffer penalties in cases where the threat of misconduct was greater because of misuse of artificial intelligence, according to Deputy Attorney General Lisa Monaco.