Internal Investigations


Avaya

Avaya discloses ICFR weaknesses linked to whistleblower logs

2022-12-02T18:23:00+00:00By

Avaya Holdings disclosed its assessment of internal control over financial reporting in its fiscal year 2021 annual report can’t be relied upon, along with acknowledging weaknesses in its ethics and compliance program.

Julius Baer

FCA fines Julius Baer subsidiary $21.5M for bribery scheme

2022-11-30T16:54:00+00:00By

Julius Baer International will pay more than £18 million (U.S. $21.5 million) to settle charges laid by the U.K. Financial Conduct Authority for paying bribes to generate business with a Russian oil company.

Unisys

Unisys: Probe identified ‘material weaknesses’ in disclosure controls

2022-11-22T20:47:00+00:00By

IT services company Unisys Corp. revealed the discovery of faults in its internal control over financial reporting, including involving its compliance functions, following an internal investigation it first disclosed earlier this month.

Leidos_Web

Leidos Holdings under investigation for alleged FCPA violations

2022-11-03T17:02:00+00:00By

Leidos Holdings, a Virginia-based information technology, engineering, aerospace, and defense firm, disclosed it is under investigation by federal law enforcement for alleged violations of the Foreign Corrupt Practices Act.

Automation

Automation can improve AML compliance but won’t replace human touch

2022-10-28T16:41:00+01:00By

While automation has the potential to transform anti-money laundering compliance, it will not replace the human practitioners relied upon to get investigations to the finish line, experts discussed at the ACAMS annual conference in Las Vegas.

Money laundering

Effective collaboration key to fight against financial crime

2022-10-10T14:16:00+01:00By James Thomas, International Compliance Association

The Fintel Alliance—a partnership involving AML regulator AUSTRAC, Western Australia Police, and analysts from a handful of large banks—provides an example of the positive outcomes of collaboration in fighting financial crime.

Sterling Bank

​Sterling Bank fined $6M by OCC over loan program lapses

2022-09-28T17:48:00+01:00By

Sterling Bank and Trust agreed to pay a fine of $6 million assessed by the Office of the Comptroller of the Currency for deficiencies in its former residential loan product.

Raymond James

Raymond James unit fined $500K for supervisory failures

2022-09-23T14:32:00+01:00By

A broker-dealer unit of Raymond James Financial agreed to pay $500,000 as part of a settlement with the Securities and Exchange Commission for alleged supervisory failures that included the input of a misinformed compliance officer.

DOJ wall

DOJ to emphasize individual accountability, prior misconduct in corporate crime probes

2022-09-16T15:50:00+01:00By

Deputy Attorney General Lisa Monaco announced sweeping changes to the Department of Justice’s efforts to fight corporate crime, including new guidance regarding individual accountability, voluntary self-disclosure, compliance monitors, and ways to strengthen compliance culture.

SECBooks

CHS avoids fine in SEC accounting fraud case

2022-09-02T16:04:00+01:00By

Minnesota-based agricultural cooperative CHS settled charges levied by the Securities and Exchange Commission that the company violated federal securities laws when it filed materially false financial statements with the agency over five years.

Albemarle

Albemarle in settlement talks with SEC, DOJ over FCPA violations

2022-08-05T15:34:00+01:00By

Chemical company Albemarle Corp. has entered settlement talks with the Securities and Exchange Commission and Department of Justice regarding potential violations of the Foreign Corrupt Practices Act.

Ericsson

SEC probing Ericsson over Iraq corruption scandal

2022-06-10T17:16:00+01:00By

The Securities and Exchange Commission opened an investigation into Ericsson following the Swedish telecommunications company’s acknowledgement of evidence of “corruption-related misconduct” that occurred in its Iraq operations.

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Compliance halts misconduct in SEC $5M RiverSource action

2022-05-26T13:36:00+01:00By

Minnesota-based broker-dealer RiverSource Distributors agreed to pay $5 million as part of a settlement with the Securities and Exchange Commission for improper switching of variable annuities carried out by certain of its employees.

Investigation costs

Report: Investigation costs rising, driven by data assessment inefficiencies

2022-05-11T20:18:00+01:00By

More than three-quarters of respondents to a Kroll global benchmark report said they have conducted an internal investigation into fraud or corruption within the past three years and that the cost of such probes is on the rise.

DOJ wall

​DOJ eyeing PetroNor board chairman in corruption probe

2022-04-14T19:12:00+01:00By

The Department of Justice has become involved in a corruption investigation focused on individuals at Oslo-listed oil and gas exploration and production company PetroNor that has grown to include Board Chairman Eyas Alhomouz, a U.S. citizen.

Cash App

Cash App breached by former employee; 8.2M affected

2022-04-07T16:26:00+01:00By

Approximately 8.2 million U.S. customers of Cash App Investing have been notified of a data breach carried out by a former employee of the mobile payment service provider.

Ericsson

Ericsson mum on Iraq misconduct amid ‘comprehensive review’

2022-03-23T16:13:00+00:00By

Ericsson has launched a sweeping review into evidence it uncovered regarding misconduct in Iraq and the subsequent disclosure of those findings after the Department of Justice warned the Swedish telecom of a second breach of its 2019 deferred prosecution agreement.

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CPE Webcast: Into the Ethicsverse: Closing cases in hyper speed

2022-03-22T14:00:00+00:00Provided by

If you are not closing a large portion of your issues within the first 30 days, you may be working harder, not smarter. Plus, when cases are open too long, organizations can open themselves up to avoidable regulatory and legal risk.

Ericsson

DOJ informs Ericsson of second breach of DPA

2022-03-04T18:56:00+00:00By

Ericsson announced the Department of Justice determined the Swedish telecom breached its obligations under a 2019 deferred prosecution agreement again, this time for insufficient disclosure regarding conduct in Iraq.

PwC

PwC Canada fined $950K for internal training exam cheating

2022-02-25T16:41:00+00:00By

The Canadian affiliate of Big Four audit firm PwC has agreed to pay $950,000 in penalties between audit regulators in the United States and Canada after discovering widespread cheating among employees taking internal exams.

Baxter International

Baxter to pay $18M for foreign exchange accounting violations

2022-02-23T19:21:00+00:00By

American multinational healthcare product company Baxter International agreed to pay $18 million as part of a settlement with the Securities and Exchange Commission for accounting violations related to the recording of foreign currency transactions.

KT

KT to pay $6.3M in SEC settlement for FCPA violations

2022-02-18T20:08:00+00:00By

KT Corp., South Korea’s largest telecom operator, will pay $6.3 million in a settlement with the Securities and Exchange Commission for violations of the books and records and internal accounting controls provisions of the Foreign Corrupt Practices Act.

Ericsson

Ericsson admits ‘corruption-related misconduct’ in Iraq; may have paid ISIS

2022-02-16T22:16:00+00:00By

Ericsson announced an internal investigation uncovered evidence of “corruption-related misconduct” that occurred in the Swedish telecommunications company’s Iraq operations between 2011 and 2019.

Werner

Hiltrud Werner leaves legacy of integrity at Volkswagen

2022-02-07T13:00:00+00:00By

Hiltrud Werner, Volkswagen’s board member and head of integrity and legal affairs who steered the company through its U.S. compliance monitorship post-Dieselgate, discusses her indelible mark on the auto giant and her future aspirations.

HeadSpin

Remedial actions help HeadSpin avoid fine in SEC fraud settlement

2022-01-28T21:39:00+00:00By

Silicon Valley-based tech company HeadSpin’s significant remedial actions in response to its chief executive’s alleged fraudulent behavior helped it settle charges with the Securities and Exchange Commission without being fined.

Tencent

Tencent fires 70 employees in latest anti-bribery crackdown

2022-01-26T15:07:00+00:00By

Chinese gaming and social media company Tencent said it fired nearly 70 employees last year as part of its ongoing anti-graft campaign and will stop doing business with 13 Chinese firms that have violated its anti-bribery standards.

DiMauro_opinion

DiMauro: Seven compliance areas to watch in 2022

2021-12-29T17:26:00+00:00By

If 2021 was about transition under the Biden administration, 2022 is looking as if it will be a year of action. CW Director of Compliance Programs & Training Julie DiMauro shares her list of key areas she expects to receive enhanced scrutiny in the year ahead.

Standard Chartered

Standard Chartered fined record $61.5M for liquidity reporting failures

2021-12-20T20:11:00+00:00By

The U.K. Prudential Regulation Authority imposed a record fine of £46.55 million (U.S. $61.5 million) against Standard Chartered Bank for repeatedly misreporting a key metric to determine liquidity risk.

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McDonald’s claws back $105M severance paid to disgraced former CEO

2021-12-17T20:42:00+00:00By

McDonald’s has agreed to drop its lawsuit against disgraced former CEO Steve Easterbrook, who will return more than $105 million in equity and cash he received upon the termination of his employment in 2019.