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.
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.
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.
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.
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.
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.
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.
Financial crime expert Martin Woods wonders about the compliance priorities of a company found to be as reckless as Pacific Gas and Electric.
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 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.
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.
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.
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.
What keeps the best compliance leaders ahead of the pack in today’s pandemic-beleaguered climate? Actionable insights from well-organized data inputs.
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.”
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 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.
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.
By balking at original allegations, Westpac opened itself to infinitely more harm, writes financial crime expert Martin Woods.
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.
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.
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.
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.
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 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.
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.
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.
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.
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.
Executive coach Amii Barnard-Bahn reveals five tips for instilling compliance and ethics throughout the organization in times of uncertainty.
Aerospace giant Boeing recently appointed Uma Amuluru as vice president and chief compliance officer following the combining of its compliance and legal functions.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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 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.
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.
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.
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.
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.
Compliance and ethics fails during the coronavirus pandemic have done more than hurt companies’ images. They’ve cost lives.
Internal auditors will want to check out a recent publication from PwC on how to navigate core audit committee responsibilities amid the coronavirus pandemic.
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.
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.