Internal Controls


FCPA

FCPA Resource Guide revision a gold mine for compliance officers

2020-07-10T12:45:00+01:00By

The first update to the SEC and Justice Department’s FCPA Resource Guide since it was published in 2012 includes several clarifications intended to benefit chief compliance officers and in-house counsel.

KYC-Tech

What regulators want to know about KYC technology

2020-07-09T13:06:00+01:00By

So, your company has decided to embark on an update of its legacy Know Your Customer system. Hear from experts on how to begin the process of onboarding that tech to the regulators.

AdobeStock_294759525_Editorial_Use_Only

PG&E makes organizational changes to risk, audit, and safety

2020-07-08T17:27:00+01:00By

A month after admitting guilt in the wildfire deaths of 84 Californians, PG&E announced organizational changes to its risk, audit, and safety leadership teams.

columnist icons - kyle

Deutsche Bank rightly paying the price for looking the other way on Epstein

2020-07-08T13:38:00+01:00By

In terms of Know Your Customer, Deutsche Bank knew what it had with Jeffrey Epstein. It just didn’t care enough to do anything about it.

Adidas

Adidas vows more ‘diverse and inclusive’ workplace after key exec departs

2020-07-06T21:26:00+01:00By

Footwear and apparel giant Adidas is focused on improving its diversity efforts after its head of global human resources stepped down following controversial remarks on race that angered employees.

askamii

Ask Amii mailbag: What to do when back-to-work guidance falls to you

2020-07-02T12:50:00+01:00By

Executive coach Amii-Barnard Bahn offers some tips for when your compliance title morphs into “Chief Public Health Officer,” plus ways to highlight the compliance function at your company and more.

Wirecard

In time of crisis, Wirecard has turned to its would-be CCO to lead

2020-06-30T15:58:00+01:00By

Reeling from a $2 billion accounting scandal, Wirecard has turned to its would-be chief compliance officer as its interim CEO. It’s the first smart move the company has made in a while, writes Martin Woods.

PG&E

What are expectations of compliance at a negligent company like PG&E?

2020-06-29T15:39:00+01:00By

Financial crime expert Martin Woods wonders about the compliance priorities of a company found to be as reckless as Pacific Gas and Electric.

SEB

Following $107M fine for lax controls, SEB shares AML efforts

2020-06-26T16:52:00+01:00By

Sweden’s financial watchdog was fined SEB $107 million for weak governance practices related to the bank’s anti-money laundering controls in its Baltics subsidiaries.

Novartis

Novartis to pay $347M to resolve FCPA investigations

2020-06-25T19:36:00+01:00By

Novartis will pay nearly $347 million in combined criminal and civil penalty settlements with U.S. authorities to resolve all FCPA investigations into historical conduct by the company and its subsidiaries.

Columnist_Bistrong

My Compliance Library: ‘Gloom to Boom’ a guide for turning risk into opportunity

2020-06-25T17:12:00+01:00By

CW contributor Richard Bistrong shares his thoughts on Dr. Andrea Bonime-Blanc’s book within the context of the DOJ’s most recent compliance guidance and the turbulent times in which we are currently living.

Wirecard

Lessons from Wirecard: Ignore unchallenged allegations at your peril

2020-06-24T14:34:00+01:00By

When a company does not rebut serious allegations of wrongdoing with litigation, the only response is to demand answers from the firm or take your business elsewhere, writes financial crime expert Martin Woods.

askamii

Ask Amii mailbag: Five strategies for maximizing virtual communication

2020-06-23T15:40:00+01:00By

Executive coach Amii Barnard-Bahn provides guidance on how compliance practitioners can best have the tough conversations they need to have in a virtual environment.

onspring 300x200

CPE Webcast: The simple secret that keeps compliance leaders ahead of change

2020-06-23T14:00:00+01:00Provided by

What keeps the best compliance leaders ahead of the pack in today’s pandemic-beleaguered climate? Actionable insights from well-organized data inputs.

steele evaluation cover img

White paper: DOJ 2020 Update: Evaluation of Corporate Compliance Programs

2020-06-22T09:50:00+01:00Provided by

On June 1, 2020, the DOJ updated its Evaluation of Corporate Compliance Programs guidance document to reflect, as Assistant Attorney General Brian Benczkowski said, “additions based on our own experience and important feedback from the business and compliance communities.”

Money laundering

Analysis: Learning to learn from our mistakes with AML

2020-06-19T14:40:00+01:00By

Scientists and doctors cannot succeed or make medical breakthroughs without being prepared to fail. The same approach should be taken to combating anti-money laundering, writes financial crime expert Martin Woods.

Commerzbank

FCA fines Commerzbank London $47.4M for AML failures

2020-06-17T16:45:00+01:00By

Commerzbank London will pay a £37.8 million (U.S. $47.4 million) penalty in a settlement with the U.K. Financial Conduct Authority for anti-money laundering systems and controls failures.

Ethics

LRN survey: Values, not policies, drive ethical behavior

2020-06-15T15:16:00+01:00By

Establishing a culture based on values and transparency is more effective at preventing misconduct than a robust set of rules, according to an LRN survey.

Westpac

Analysis: Let Westpac’s missteps be a cautionary tale

2020-06-12T16:24:00+01:00By

By balking at original allegations, Westpac opened itself to infinitely more harm, writes financial crime expert Martin Woods.

trueoffice300x200

CPE Webcast: Humanizing compliance: Navigating COVID-19 and Beyond

2020-06-09T14:00:00+01:00Provided by

There’s no argument that the world has changed, and while the long-term implications of the COVID-19 crisis are unknown, the way we approach work and the workplace has already become different forever.

Auditinspection

KPMG cites internal control weaknesses in BT Group review

2020-06-08T19:43:00+01:00By

KPMG, in conducting an independent review of BT Group, has expressed the telecommunications company “did not maintain effective internal control over financial reporting” following its accounting fraud scandal.

Westpac

Westpac outlines compliance failures that led to AML breaches

2020-06-05T16:27:00+01:00By

An internal report outlining compliance failures by Australia-based financial institution Westpac that led to 23 million breaches of the country’s AML/CTF laws concluded “a mix of technology and human error” were to blame.

Women and bullies

Compliance has a role in eliminating corporate bullies

2020-06-05T16:07:00+01:00By

Anti-bullying should be at the top of your compliance agenda and should be supported by increased gender balance, writes financial crime expert Martin Woods. 

SECOffice

Argo Group to pay $900K for failing to fully disclose CEO perks

2020-06-05T14:43:00+01:00By

Argo Group International Holdings must pay a $900,000 civil penalty in a settlement reached with the SEC to resolve charges that it failed to fully disclose perquisites and benefits provided to its former chief executive officer.

Ericsson

Ericsson appoints DOJ-mandated compliance monitor

2020-06-03T15:19:00+01:00By

Ericsson announced the appointment of Andreas Pohlmann as its independent compliance monitor for the next three years in accordance with a deferred prosecution agreement reached with the Department of Justice over FCPA violations.

DOJ

Revised DOJ compliance guidance highlights risk, training, more

2020-06-02T17:50:00+01:00By

The Department of Justice posted new revisions to its “Evaluation of Corporate Compliance Programs” guidance, directing prosecutors to ask whether compliance is “adequately resourced and empowered to function” effectively, among other changes.

VWcrop

Analysis: VW ‘deliberately immoral’ ruling pushes governance lessons

2020-05-29T18:13:00+01:00By

A look at a recent court case against car manufacturer Volkswagen once again places the company in the spotlight but, perhaps more importantly, offers some lessons in how to live up to shareholder expectations of good governance that protects their investment.

FightingCoronavirus

FinCEN advisory details coronavirus risks for financial industry

2020-05-28T17:00:00+01:00By

The Financial Crimes Enforcement Network has issued what it says is the first of several advisories concerning financial crimes related to the COVID-19 pandemic.

PayTheMan

Ares Management to pay $1M for compliance failures

2020-05-27T15:11:00+01:00By

Ares Management will pay a $1 million civil penalty to resolve charges by the SEC that it failed to implement and enforce policies and procedures reasonably designed to prevent the misuse of material nonpublic information.

Leapforward

Special report: Leadership in a time of unpredictable change

2020-05-26T18:51:00+01:00By

Executive coach Amii Barnard-Bahn reveals five tips for instilling compliance and ethics throughout the organization in times of uncertainty.

Boeing 737

Boeing appoints chief compliance officer

2020-05-22T14:22:00+01:00By

Aerospace giant Boeing recently appointed Uma Amuluru as vice president and chief compliance officer following the combining of its compliance and legal functions.

David Lefort

CW2020 wrap-up: Tips for CCOs on leading in a crisis

2020-05-21T16:24:00+01:00By

The themes of honesty and integrity defined the leadership best practices shared by more than 40 speakers across 15 sessions at Compliance Week’s first-ever Virtual Conference.

Peter Anderson

Carnival CECO trying to right the ship amid ‘two storms’

2020-05-19T20:19:00+01:00By

The entire cruise industry was hit hard by coronavirus, but for Carnival CECO Peter Anderson the challenges were twofold: How to steer his company through both a compliance monitorship and a global pandemic.

AML-Europe

Analysis: Fraud in Germany propels new European AML plan

2020-05-18T15:54:00+01:00By

Financial crime expert Martin Woods reviews the “cum-ex” scandal and how a recent action plan from the European Banking Authority aims to help stop such schemes from burgeoning.

Holloway EIC

Holloway’s bold strategy lands him CW’s CCO of the Year

2020-05-18T14:40:00+01:00By

U.S. Steel Chief Compliance Officer Duane Holloway’s successful efforts to overhaul the ethical principles of a 119-year-old company earn him the distinction of becoming CW’s first-ever CCO of the Year.

Drew EIC

Josh Drew led by example in getting VEON through DPA

2020-05-18T14:36:00+01:00By

CW’s Compliance Comeback of the Year Josh Drew, group chief ethics & compliance officer at VEON, discusses the challenges he faced when rebuilding the company’s ethics and compliance program under a monitor’s watchful eye.

Penman EIC

Penman an E&C pioneer with an uncanny ability to connect

2020-05-18T14:34:00+01:00By

Lifetime Achievement in Compliance award winner Carrie Penman walks us through her compliance journey—from creating the first corporate-wide ethics program at Westinghouse Electric to her influential ethics and compliance work at NAVEX Global.

Coronavirus look ahead

Flexible approach needed in return from coronavirus

2020-05-18T13:21:00+01:00By

Can an employee, fearful of contracting coronavirus, refuse to return to work? Though the law may be on the employer’s side, there should be room for negotiation.

MedTechGuidance

AdvaMed issues pandemic compliance guidance for med-tech

2020-05-15T15:26:00+01:00By

The Advanced Medical Technology Association has released new compliance guidance for medical-technology companies to guide them in mitigating compliance and corruption risks as they help healthcare providers fight coronavirus.

power_anderson

Coronavirus has made CW2020 a (virtual) gathering like no other

2020-05-15T14:58:00+01:00By

The coronavirus pandemic has made getting together for our annual National Conference impossible, but it’s also made this virtual gathering (Monday and Tuesday) perhaps the most important one we’ve ever had.

WorkplaceDistancing

Why compliance culture must lead in return from coronavirus

2020-05-13T17:37:00+01:00By

Is managing our return to the workplace a job for the compliance department? The better question may be how can we get all employees to serve the wider compliance effort, writes Martin Woods.

luckin

Luckin Coffee fires CEO, COO over accounting scandal

2020-05-13T16:45:00+01:00By

Luckin Coffee, the China-based equivalent of Starbucks roiled by allegations of fabricating millions in 2019 sales, has fired its CEO and reshuffled top leadership as part of its ongoing internal probe.

Oil collapse

Analysis: Oil collapse leaves Singapore traders scrambling

2020-05-12T13:04:00+01:00By

Recent fraud complaints at oil traders in Singapore highlight the risks in the international business of commodity finance, where high prices provide high rewards and low prices can leave lenders exposed.

Risk

Coronavirus fallout: Four ways to manage fraud risk

2020-05-07T19:50:00+01:00By Jake Plenderleith, International Compliance Association

The spread of the coronavirus has elevated the visibility of fraud for the general public and exposed to senior management in firms the seriousness of the consequences of underestimating the threat.

columnist icons - kyle

VP’s abrupt exit paints Amazon as coronavirus villain

2020-05-06T17:14:00+01:00By

Saying there is “evidence of a vein of toxicity” running through Amazon’s company culture, a now-former VP is the most prominent voice to speak out against the tech behemoth’s actions during the coronavirus pandemic.

Westpac

Lesson from Westpac: If you can’t do the simple things correctly, watch out

2020-05-05T16:59:00+01:00By

If a bank or a firm cannot execute on the simple things, such as cash transaction reporting, there is little reason to be confident of compliance in other more complex and challenging areas.

Aaron Nicodemus

The seven worst compliance fails of the coronavirus pandemic

2020-05-05T16:40:00+01:00By

Compliance and ethics fails during the coronavirus pandemic have done more than hurt companies’ images. They’ve cost lives.

AuditCoronavirus

PwC guidance: Navigating audit committee responsibilities amid the coronavirus pandemic

2020-05-05T14:00:00+01:00By

Internal auditors will want to check out a recent publication from PwC on how to navigate core audit committee responsibilities amid the coronavirus pandemic.

diligent 300x200_new

CPE Webcast: How proactive governance reduces reactive compliance

2020-05-05T14:00:00+01:00Provided by

The compliance landscape is constantly evolving, and internal or external obligations may be overlooked. The more reactive the compliance team finds itself being, the harder it becomes to be proactive and strategic.

Mergers

M&A due diligence landscape forever altered by coronavirus pandemic

2020-04-29T19:45:00+01:00By

The coronavirus pandemic has affected both the risk landscape and the diligence protocols for merger and acquisition transactions at every stage of the game. But while deal terms may be negotiable, what should be non-negotiable is the compliance function’s role in M&A transactions.