All Anti-Corruption articles – Page 14
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ArticleInfinity Q CCO settles SEC charges of aiding $1B fraud scheme
Scott Lindell, the former chief risk officer and chief compliance officer of Infinity Q Capital Management, settled SEC charges he helped conceal the founder of the investment adviser carried out a $1 billion overvaluation fraud scheme.
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ArticleFINRA sets fine ranges for AML failures, removes limits on certain penalties
The Financial Industry Regulatory Authority increased penalties for member violations of securities rules, including removing upper limits on fines for certain instances of misconduct.
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ArticleFinCEN finalizes beneficial ownership rule, reporting requirements
The Financial Crimes Enforcement Network finalized its beneficial ownership rule, which will require certain reporting companies to file basic information with the agency about who controls their finances.
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Resourcee-Book: Managing regulatory, financial crime compliance risks of virtual assets
This free e-Book considers the new opportunities the virtual asset space has opened, as well as the risks deriving from criminal exploitation and a lack of regulatory oversight in this burgeoning area.
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ArticleBiogen finalizes $900M settlement in false claims whistleblower suit
Biogen finalized a $900 million settlement concerning alleged kickbacks it paid to doctors to induce them to prescribe the company’s drugs and not those of its competitors.
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ArticleOracle to pay $23M to settle FCPA violations in 3 countries
Oracle Corp. will pay more than $23 million to settle allegations laid by the Securities and Exchange Commission it violated the Foreign Corrupt Practices Act when its subsidiaries in India, Turkey, and the United Arab Emirates bribed foreign officials for business.
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ArticleU.K. bill would empower Companies House as AML regulator
The Economic Crime and Corporate Transparency Bill aims to stem the flow of dirty money coming into the United Kingdom by giving Companies House more power and resources to help combat money laundering.
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ArticleDeutsche Bank agrees to settle Jeffrey Epstein-related class action for $26.3M
Deutsche Bank agreed to pay $26.25 million to settle a class-action lawsuit filed by a group of the bank’s investors over anti-money laundering compliance failures and deficiencies related to certain clients, including Jeffrey Epstein and Danske Bank’s Estonia branch.
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ArticleCollateral damage aplenty in NYAG lawsuit against Trump Organization
The New York Attorney General’s lawsuit against former President Donald Trump is solely focused on penalizing his business and cohorts, but firms like Mazars and Deutsche Bank don’t come off well from a due diligence perspective.
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ArticleFocus on professional enablers puts lawyers in spotlight
While the extent of lawyers’ and law firms’ involvement in money laundering remains difficult to quantify, their potential role as professional enablers has become increasingly salient.
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ArticleTreasury seeking comment on illicit finance risks posed by digital assets
The Treasury Department is seeking public input on how to address illicit finance and national security risks posed by digital assets, part of a multipronged push by the Biden administration to hold bad actors accountable and identify potential enforcement and regulatory gaps.
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ArticleBrazil airline Gol settles FCPA bribery charges for $41M
Brazilian airline Gol agreed to pay $41 million as part of reduced settlements addressing bribery investigations conducted by authorities in the United States and Brazil.
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ArticleDOJ to emphasize individual accountability, prior misconduct in corporate crime probes
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.
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ArticleHow effective beneficial ownership searches leverage technology
Determining the ultimate beneficial owner of individuals and companies your firm does business with can be a tricky thing. The most efficient investigations require an understanding of your firm’s risk appetite and appropriate technology to automate searches.
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ArticleDanske Bank fined $1.8M over AML checks in Ireland
Danske Bank was fined €1.82 million (U.S. $1.82 million) by the Central Bank of Ireland for omitting customers from automated financial crime checks between 2010-19 and failing to notify the regulator.
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ArticleGermany strives for coordination in enhanced AML efforts
Germany has unveiled plans to tackle financial crime more effectively by creating a new federal authority to strengthen enforcement and improve coordination among the country’s current supervisors, of which there are more than 300.
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ArticleFormer Contech exec imprisoned 18 months for bid-rigging scheme
Brent Brewbaker, a former executive for civil engineering firm Contech Engineered Solutions, was sentenced to 18 months in federal prison for his role in a long-running bid-rigging scheme in North Carolina.
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ArticleWells Fargo ordered to pay ex-manager $22M in SOX whistleblower case
Wells Fargo must pay more than $22 million to a former senior banking executive who alleged to the Occupational Safety and Health Administration they were retaliated against for blowing the whistle on financial misconduct.
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ArticleUpheld ex-Alstom exec’s acquittal affirms ‘setback’ for FCPA’s reach
The latest development in the nearly decadelong Lawrence Hoskins court case has the potential to open the door for foreign nationals involved in aiding U.S. companies with foreign bribery schemes to escape liability under the Foreign Corrupt Practices Act, according to experts.
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ArticleWise fined $360K for AML failures in Abu Dhabi
International money transfer company Wise will pay a $360,000 penalty for failing to abide by Abu Dhabi’s anti-money laundering rules over a two-year period, the Financial Services Regulatory Authority of Abu Dhabi Global Market announced.