Swedbank: Swedish enforcement agency closes market abuse probe


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 records charge of $160M in FCPA probe


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.

Turkey flag

FATF adds Turkey to AML/CFT watchlist


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.

3x2 web graphic

Compliance Week National Conference is going back in person in May


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.


DOJ finds Ericsson breached obligations under FCPA agreement


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.

Danske Bank

Swedish regulator to Danske Bank: Fix AML failings faster


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.


CPE Webcast: Transaction monitoring at heart of fight against bribery, corruption, and fraud

2021-10-21T14:00:00+01:00Provided by

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

Credit Suisse reaches $475M global resolution in corruption case


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.

Navy ship

CEO of Navy contractor charged with bribery


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.


FinCEN report: Ransomware SARs surge past 2020 totals


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.

El Salvador

New DOJ tip line created to fight corruption in Central America


The Department of Justice has created a tip line to assist its Anticorruption Task Force in fighting corruption in El Salvador, Guatemala, and Honduras.


When academic studies and hoax hotline claims go ‘off the rails’


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.


FINRA encourages proactive compliance with FinCEN AML/CFT priorities


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.


Ex-Braskem CEO gets 20 months in prison over bribery scheme


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.

Pandora Papers

Pandora Papers exposed gaps in AML compliance. Is beneficial ownership registry the answer?


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.


Metals Technology Initiative issues new anti-corruption resources


The Metals Technology Initiative has launched a new website making its guidance on gifts and hospitality and third-party due diligence freely accessible.


Petrofac fine fallout: Penalty too light for SFO to claim success?


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.


NatWest pleads guilty in landmark U.K. money laundering case


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.


Petrobras fulfills obligations of 3-year FCPA agreement


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.

Global money dealings

Pandora Papers: Takeaways for compliance


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.

WaFd Bank

WaFd Bank to pay $2.5M for AML/BSA deficiencies


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 to pay $105M for widespread bribery scheme


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.

LPL Financial

LPL Financial to pay $4.8M to settle claims of poor KYC procedures


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.


SNC-Lavalin touts compliance enhancements amid fresh corruption charges


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.


​Germany’s N26 fined $5M for AML lapses


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 readies bribery guilty plea, touts compliance enhancements


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.


Red flags ignored in WPP $19M FCPA settlement


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.

Remote oversight

Anti-corruption leaders share upsides of remote compliance program


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.


Swedbank CCO lauded for role in AML rebound to retire


Ingrid Harbo, Swedbank’s chief compliance officer during its ongoing recovery from a massive AML scandal, announced she will retire in March 2022.


Report: China, U.S. most confident in combating corruption risks


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.


Ex-Mylan employee pleads guilty to insider trading


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.

German parliament

German AML deficiencies in spotlight ahead of election


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.


App Annie to pay $10M in landmark SEC action


The Securities and Exchange Commission charged App Annie with securities fraud—the agency’s first enforcement action against an alternative data provider.


Ex-Ericsson employee charged with FCPA bribery violations


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

Need to know: Elizabeth Holmes’s Theranos trial set to begin


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.

DOJ building

Hedge fund manager/CCO sentenced 4 years for ‘Ponzi-like’ scheme


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 Yen

FATF urges Japan to enhance AML/CFT measures


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.

Binance crypto

Weathering the storm: Why FinTech compliance failures persist


Experts weigh in with their thoughts on why FinTechs and cryptocurrency firms continue to have a bad reputation in terms of compliance.

Money laundering

Pandemic not slowing rising AML fine totals, report says


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.

Treasury Department

Challenge to SEC’s Bank Secrecy Act authority backed by ex-FinCEN leadership


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.


David Last named permanent head of DOJ’s FCPA Unit


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.

Filing cabinet

ICA roundtable: Five tips for filing more effective SARs

2021-08-13T16:48:00+01:00By Jake Plenderleith, International Compliance Association

A recent roundtable explored the anxieties compliance officers face in filing suspicious activity reports and offered advice for overcoming such difficulties.

CSIWeb Sept 2021 cover

White paper: AML Compliance Guide

2021-08-12T08:30:00+01:00Provided by

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.


Westpac warned over continued AML failings


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.


Crypto platform BitMEX to pay $100M for registration, AML violations


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 nearing clearance from SEC in FCPA probe


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.

Whistle question

Five pieces of advice for potential whistleblowers


Thinking of becoming a whistleblower? The path ahead likely won’t be easy. Learn from others that have been through the process.

Business agreement

Seven things whistleblowers want compliance officers to know


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.

European Commission

EU guidance seeks to clarify role of AML/CFT compliance officers


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.

Corporate monitor

The importance of transaction monitoring, and the cost of getting it wrong

2021-08-03T18:36:00+01:00By Teodora Harrop, for International Compliance Association

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.