Anti-Corruption


Venezuelaprotest

FinCEN to financial institutions: Beware of Venezuelan money laundering

2019-05-20T11:23:00+01:00By

FinCEN recently alerted financial institutions of continued widespread public corruption in Venezuela and the methods Venezuelan senior political figures and their associates may use to move and hide proceeds of their corruption.

ForexArticle

European Commission fines five banks €1B over foreign exchange cartel

2019-05-16T16:39:00+01:00By

In two separate settlements, the European Commission fined five banking giants for colluding in the trade of significant sums of foreign currency.

Notebooks

The compliance side of Argentina’s ‘notebook’ scandal

2019-05-15T19:56:00+01:00By

Given the heightened risks associated with Argentina’s “notebook” scandal, compliance officers might want to enhance their due diligence efforts in the country.

FirstStory

How to determine when enhanced due diligence is warranted

2019-05-15T18:17:00+01:00By

It can cost time and money and could even drown a deal. So when do the challenges and costs associated with this step outweigh the risks of not doing it?

SecondStory

Poll shows room for improvement on training third parties

2019-05-15T18:16:00+01:00By

Results from the Compliance Week and Refinitiv survey revealed some surprising facts about companies’ third-party training; based on those results, the following article offers suggestions for how to enhance the process.

ThirdStory

Identifying high-risk third parties a nuanced exercise

2019-05-15T18:11:00+01:00By

Determining which business partners to flag for enhanced due diligence all depends on the quality, and sources, of your data.

FourthStory

Dark Web grows as an investigative tool

2019-05-15T18:10:00+01:00By

A telling detail uncovered in the 2019 Survey on Anti-Bribery & Corruption was that about 6 percent of respondents said they extend their data searches into the “Dark Web.”

ExecSummaryTop

Anti-bribery and anti-corruption survey

2019-05-15T18:09:00+01:00By

The 2019 Survey on Anti-Bribery & Corruption explores everything from the monitoring of third parties to the evaluation of training programs.

Refinitive abc img

2019 Survey on Anti-Bribery and Corruption

2019-05-15T17:46:00+01:00Provided by

In early 2019, Compliance Week and Refinitiv jointly conducted a special benchmark report on anti-bribery and anti-corruption compliance practices.

Autonomybuilding

Former Autonomy CFO sentenced to 60 months in prison

2019-05-15T15:15:00+01:00By

Sushovan Hussain, the former chief financial officer of U.K. software firm Autonomy, has been sentenced to 60 months in prison for his role in falsifying the company’s revenues prior to its acquisition by Hewlett-Packard.

DOJSeal

Informatica to pay $21.57M in False Claims Act case

2019-05-14T17:52:00+01:00By

The Department of Justice says Informatica will pay over $21 million stemming from a False Claims Act investigation.

Corruption map

Corruption and transparency challenges around the world

2019-05-13T16:26:00+01:00By

The Risk Advisory Group has released its 2019 Corruption Challenges Index, which will give CCOs an idea of the level of corruption in countries where they operate.

Meet24

FTC cracks down on Ukrainian dating apps

2019-05-07T19:22:00+01:00By

The FTC has removed dating apps from Apple’s App Store and Google’s Google Play Store following allegations they allowed children as young as 12 to access them.

Shirley-Mary

Mary Shirley: The great empowerer

2019-05-07T12:57:00+01:00By

Her compliance career has been (literally) all over the map, but Mary Shirley remains fixed on a few key principles: aiming high, helping colleagues advance their careers, and making compliance sexy.

EuroMoney

TRACE: How the GDPR interferes with anti-corruption compliance

2019-05-06T19:48:00+01:00By

Anti-bribery business association TRACE has submitted its overview of new issues that have emerged in the fight against foreign bribery due to implementation of the EU’s General Data Protection Regulation.

Sullivan

Scott Sullivan on compliance lessons from news

2019-05-06T15:32:00+01:00By

Scott Sullivan, former chief compliance officer at Flowserve, explains to columnist Tom Fox how he incorporated the publicized misdeeds of other companies into his compliance training program.

wynn_412975

Wynn Resorts fined $35M for mishandling sexual misconduct complaint

2019-05-02T17:54:00+01:00By

The Massachusetts Gaming Commission on April 30 imposed a $35 million fine on Wynn Resorts and requires it to meet a series of license conditions, including the appointment of an independent monitor.

Broadway

SEC charges compliance officer in ticket resale scam

2019-05-01T20:46:00+01:00By

The SEC has charged a CCO with perpetuating a previously charged scheme run by his cousin that involved stealing millions of dollars from investors.

Beeghly

Brian Beeghly on defining ethical leadership

2019-04-29T07:22:00+01:00By

Brian Beeghly, former chief compliance officer at Johnson Controls, explains to columnist Tom Fox the steps taken in designing a leadership model in the wake of an FCPA investigation.

cri group a pilot project cover img

A pilot project: Addressing the global outcry against corrupt business practices

2019-04-26T20:25:00+01:00Provided by

As the outcry on bribery and corruption continues to tighten its grip around rogue players in the private and public business sectors, organizations ramp up their efforts to develop effective frameworks to prevent, detect and report corruption.

Glencorecrop

Glencore announces CFTC probe

2019-04-26T19:59:00+01:00By

The U.S. Commodity Futures Trading Commission is investigating whether multinational commodity trading and mining company Glencore and its subsidiaries might have violated certain provisions of the Commodity Exchange Act and/or CFTC regulations.

Hardie

Rod Hardie on FCPA lessons, navigating foreign risk

2019-04-22T15:09:00+01:00By

Rod Hardie, chief compliance officer at Exterran, discusses with columnist Tom Fox what he learned and experienced as an investigator with Baker Hughes during its FCPA investigation in the early 2000s.

BankAustria

UniCredit Group Banks to pay $1.3B for sanctions violations

2019-04-17T20:03:00+01:00By

UniCredit Group Banks will pay total financial penalties of approximately $1.3 billion for processing hundreds of millions of dollars of transactions through the U.S. financial system on behalf of an entity designated as a weapons of mass destruction proliferator and other Iranian entities subject to U.S. economic sanctions, the Department ...

Winterkorn

Former VW boss charged over emissions scandal in Germany

2019-04-16T20:55:00+01:00By

German prosecutors have filed aggravated fraud charges against Martin Winterkorn, the former chief executive of Volkswagen, and four other unnamed managers for their involvement in the emissions-cheating scandal.

Uber

Uber discloses its bribery and corruption risk

2019-04-15T17:38:00+01:00By

In its first-ever filing with the SEC, ride-sharing company Uber discussed its bribery and corruption risks, including an ongoing investigation by the Department of Justice into potential violations of the Foreign Corrupt Practices Act.

SeaWorldFeature

SEC charges former SeaWorld executive with insider trading

2019-04-10T20:17:00+01:00By

The SEC has charged the former general counsel of amusement park company SeaWorld Entertainment for his role in an insider-trading scheme, and it’s not the first time that a SeaWorld executive has been in trouble for misleading investors.

Onfido AML cover img

Artificial intelligence joins the AML crusade

2019-04-10T18:53:00+01:00Provided by

Artificial intelligence is transforming the way that companies and regulators alike tackle money-laundering and terrorist financing risk in remarkable and significant ways.

NAVEX FCPA cover img

A Global Look at Anti-Corruption Laws

2019-04-10T16:49:00+01:00Provided by

Anti-corruption developments continue at full speed ahead around the globe - it’s hard for risk, compliance, and audit executives to keep up with it all.

StandardCharteredFeature

Standard Chartered Bank to pay $1.1B for sanctions violations

2019-04-09T20:20:00+01:00By

Standard Chartered Bank, a U.K.-based financial institution, will pay a total of $1.1 billion in a global settlement for sanctions violations.

RUSIcrop

SFO Director Lisa Osofsky on fighting corruption

2019-04-08T20:29:00+01:00By

In remarks made on 3 April at the Royal United Services Institute in London, Serious Fraud Office Director Lisa Osofsky discussed the agency’s recent efforts and what she has learned on the job so far.

AccountingScandals

Roadrunner executives charged with accounting fraud

2019-04-08T20:21:00+01:00By

The SEC and the Department of Justice brought civil and criminal charges against three former executives of transportation company Roadrunner Transportation Systems for their alleged role in a complex securities and accounting fraud scheme that resulted in a loss of more than $245 million in shareholder value.

RussiaJusticeFeature

Troika Laundromat reveals the gaps in AML compliance

2019-04-01T18:36:00+01:00By

A recent report from several investigative journalists details the AML scandal behind Troika Dialog, once Russia’s largest private investment bank, and is just one small look into the much bigger problem of corruption across the globe.

CorruptGlobeFeature

Fresenius Medical Care to pay $231M to resolve FCPA case

2019-04-01T18:22:00+01:00By

German healthcare company Fresenius Medical Care reached a $231 million settlement with U.S. authorities for violations of the Foreign Corrupt Practices Act for participating in various corrupt schemes across multiple countries that went undetected for more than a decade.

Swedbankcrop

What Swedbank is saying about its multiple investigations

2019-03-29T17:07:00+00:00By

It has been a tumultuous few weeks for Swedbank as it fends off several investigations, including for money laundering and insider trading, resulting in the dismissal of its chief executive officer.

Columnist_Fox

South America cleans up its act

2019-03-27T21:41:00+00:00By

A look at key investigations and enforcement actions in South America and Mexico in the past four years signifies a changing legal landscape that offers compliance lessons in advancing third-party anti-corruption compliance.

WorldBankGroup

World Bank Group debars for one year Vietnamese water and sewerage company

2019-03-27T21:27:00+00:00By

The World Bank has imposed a one-year debarment on Vietnamese, state-owned water and sewerage company Vietnam Water and Environment Investment Corporation – JSC.

DOJ

A closer look at the revised FCPA Corporate Enforcement Policy

2019-03-26T21:34:00+00:00By

The Department of Justice in recent months has made several notable revisions to its FCPA Corporate Enforcement Policy surrounding M&A, messaging apps, and much more.

Nokia

Nokia discloses Alcatel-Lucent compliance issues

2019-03-22T15:06:00+00:00By

Following its 2016 acquisition of Paris-based telecommunications company Alcatel-Lucent, Nokia disclosed in a filing with the Securities and Exchange Commission that it has “been made aware of certain practices relating to compliance issues at the former Alcatel-Lucent business that have raised concerns.”

USCcrop

Anatomy of a college cheating scandal, and the resolve to fix it

2019-03-20T16:53:00+00:00By

In response to the nationwide college admissions scandal, victimized universities are speaking out and sharing the steps they’ve taken to stop similar behavior from happening in the future.

Globalbribery

A global look at anti-bribery enforcement activity

2019-03-20T15:14:00+00:00By

TRACE International’s 2018 Global Enforcement Report serves as an insightful resource for companies seeking information on which countries are enforcing anti-bribery laws and which countries are beleaguered by bribery and corruption issues.

AngryShareholders

Interserve: Carillion Part II

2019-03-19T18:33:00+00:00By

In an almost carbon copy of the Carillion collapse, peer contracting firm Interserve went into administration on Friday due to a majority of its shareholders rebelling against a debt cancellation deal that would have seen their investment at even lower levels than the deal that was finally agreed to.

Liar

Bipartisan effort would double SEC statute of limitations for fraud

2019-03-15T19:35:00+00:00By

Senators Mark Warner (D-Va.) and John Kennedy (R-La.) have introduced the Securities Fraud Enforcement and Investor Compensation Act—the bipartisan legislation that would extend the window of time the SEC can pursue post-fraud claims for investors from five years to 10.

VWcrop

SEC charges Volkswagen in emissions-cheating scandal

2019-03-15T19:30:00+00:00By

The SEC has charged Volkswagen, two of its subsidiaries, and its former CEO, Martin Winterkorn, with defrauding U.S. investors by making deceptive claims about the environmental impact of the company’s “clean diesel” fleet.

David Lefort

Insider threats often are hardest to detect

2019-03-15T19:26:00+00:00By

In his latest editorial, Compliance Week Editor in Chief Dave Lefort applies what he learned at CW West to recent insider scandals and provides several compliance-related takeaways.

Whistle

EU whistleblower protections closer to fruition

2019-03-13T20:27:00+00:00By

As EU whistleblower protections inch closer, Neil Hodge provides an in-depth look at exactly what they will cover.

Bribe

Hempel resolves bribery case with European authorities for $33.3M

2019-03-13T20:18:00+00:00By

Global coatings manufacturer Hempel has reached a settlement with Danish and German authorities and agreed to a fine of 220 million Danish krone (U.S. $33.3 million) concerning bribery payments made to ship managers in Germany.

selfreportcooperation

CFTC issues enforcement advisory on self-reporting and cooperation

2019-03-11T14:33:00+00:00By

The Commodity Futures Trading Commission Division of Enforcement has issued an enforcement advisory that provides clarity concerning the benefits of self-reporting and cooperation related to violations of the Commodity Exchange Act involving foreign corrupt practices.

Swedbank_Automat

Swedbank faces scrutiny over money laundering allegations

2019-03-11T14:27:00+00:00By

Legal pressure against Stockholm-based Swedbank, one of several banks at the center of a massive money laundering scandal, continues to escalate.

Rosenstein

A glimpse into the Department of Justice’s ethics and compliance operations

2019-03-08T22:18:00+00:00By

Deputy Attorney General Rod Rosenstein in public remarks this week provided a glimpse into how the Department of Justice conducts its own ethics and compliance operations.

Miami

FBI creates new International Corruption Squad in Miami

2019-03-07T16:51:00+00:00By

Citing the success of its three other international corruption squads operating around the country, the Federal Bureau of Investigation has announced the creation of a fourth dedicated international corruption squad, this one based in its Miami Field Office.