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.
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.
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.
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.
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 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.
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 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.
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.
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 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 announced an internal investigation uncovered evidence of “corruption-related misconduct” that occurred in the Swedish telecommunications company’s Iraq operations between 2011 and 2019.
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.
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.
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.
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.
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.
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.
The Board of Directors needs an answer before the current reporting period ends. Furtive harassment needs to be uncovered and countermanded immediately. A regulatory agency needs immediate assurance that internal procedures will suffice, otherwise a compliance investigation will be initiated. The CEO needs to know whether terms of the M&A ...
Akazoo, a music streaming subscription company based in Greece, reached a $38.8 million settlement with the SEC for allegedly defrauding investors out of tens of millions of dollars related to a 2019 SPAC merger.
Activision Blizzard announced the promotion of Jen Brewer to the role of senior vice president, ethics and compliance amid a series of other measures the embattled company is taking to enhance its culture.
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.
Seven senior compliance practitioners detail the steps their respective companies take to ensure whistleblowers are not retaliated against when reporting potential misconduct.
Seven senior compliance practitioners explain what they believe to be the key tenets of an internal reporting system that encourages employees to come forward with reports of potential misconduct.
Seven senior compliance practitioners share how they encourage employees to come forward with reports of potential misconduct in support of the greater mission of instilling a culture of compliance.
In their recent 2021 survey, Compliance Week and OpenText reveal the growing challenges of managing investigations, driven by an increasingly complex litigation and regulatory landscape.
Companies should question their auditors throughout the audit process, particularly in the wake of a spate of recent enforcement actions in the United Kingdom targeting the Big Four and other large firms for audit deficiencies.
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.
A recent survey from Compliance Week and OpenText reveals while investigations and data volumes are on the rise, machine learning combined with external expertise may give companies the upper hand in accelerating response and results.
The results of a recent survey from Compliance Week and OpenText reveal that while investigations and data volumes are on the rise, machine learning combined with external expertise may give companies the upper hand in accelerating response and results.
Thinking of becoming a whistleblower? The path ahead likely won’t be easy. Learn from others that have been through the process.
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.
Insurance giant Allianz disclosed it could face enforcement resulting from Department of Justice and Securities and Exchange Commission probes into its Structured Alpha Funds business.
It’s important to take stock of how far whistleblowing has advanced over the last few years. That said, there is still room for improvement. Aaron Nicodemus offers three suggestions.
The road to a payout for whistleblowers is long, lonely, and full of obstacles. Commitment to the idea that they are doing the right thing helped our whistleblower subjects endure years of hardship to bring their cases to conclusion.
An independent report commissioned by Credit Suisse to examine the bank’s failures that led to $5.5 billion in losses when Archegos Capital Management collapsed this year concluded a series of missteps by risk and compliance failed to escalate numerous red flags.
Retaliation for blowing the whistle comes in all kinds of forms. Our whistleblower subjects share their stories—from losing jobs to getting blacklisted to being the target of a newspaper hit piece.
Once someone decides to blow the whistle, their life is forever changed. Their action stands to benefit many people they don’t even know while putting much in jeopardy on a personal level. Our whistleblower subjects each explain what led them to their determinations.
Almost no one becomes a whistleblower by choice. A slow and steady whittling down of options often leads individuals to isolation in coming to their decision. Our whistleblower subjects share the roadblocks they faced in reporting internally.
Whistleblowers aren’t born—they’re made. For five individuals that have taken on that mantle, the story began with discovering a problem that could no longer be ignored.
This in-depth CW series chronicles the timeline of a whistleblower—from identifying wrongdoing to reporting and enduring subsequent hardships. Exclusive interviews impart key lessons for compliance officers seeking to become an ally to these individuals.