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United Kingdom

Will U.K. mandate that Big Four separate audit units make a difference?

2020-07-07T16:52:00+01:00By

The FRC hopes its demand that the Big Four isolate their audit units from their other businesses by 2024 will improve their ethical behavior … but some are skeptical.

Deutsche

Deutsche dinged $150M for compliance failures related, in part, to Jeffrey Epstein

2020-07-07T16:41:00+01:00By

Deutsche Bank will pay $150 million in penalties under a consent order with New York State for “significant compliance failures” regarding, in part, its former relationship with accused child sex trafficker Jeffrey Epstein.

Wirecard

Wirecard scandal will have cascading impact on Germany’s audit, regulatory landscape

2020-07-07T15:30:00+01:00By

Wirecard already is shaping up to be to Germany what Enron was to the United States: An accounting oversight failure so epic in its scope and scale that its aftermath is likely to forever alter the country’s auditing and accounting profession as it exists today.

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.

PhoneInvestigator

Analysis: Following the telephone trail to detect fraudsters

2020-07-06T14:21:00+01:00By

One way to thwart money launderers is to take a page from the government’s playbook and examine smartphone applications when the contamination of fraud or money laundering is discovered.

Pharmaceuticals

Novartis’ latest settlements: $729M in kickback charges

2020-07-02T16:36:00+01:00By

A week after resolving FCPA investigations for $347 million, Swiss pharmaceutical drug maker Novartis will pay another $729 million in separate settlements related to kickback schemes.

Alexion

Alexion Pharmaceuticals to pay $21M to resolve FCPA case

2020-07-02T15:26:00+01:00By

Alexion Pharmaceuticals will pay $21 million to resolve SEC charges that it violated the books and records and internal accounting controls provisions of the FCPA concerning bribes made by subsidiaries to foreign government officials.

Money laundering

Managing emerging trade-based money laundering risks

2020-07-02T14:38:00+01:00By Jake Plenderleith, International Compliance Association

Trade-based money laundering was already happening prior to the coronavirus pandemic, but now its nature has shifted. The ICA offers key considerations for managing emerging risks.