All Anti-Corruption articles – Page 27
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Article
Airbus subsidiary GPT pleads guilty to corrupt acts in Saudi Arabia
Airbus subsidiary GPT Special Project Management will pay approximately £30.3 million (U.S. $42.1 million) after pleading guilty to corruption relating to contracts it was awarded for work carried out in Saudi Arabia.
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FirstEnergy could face DPA in corruption scandal settlement
FirstEnergy has begun discussions with the U.S. Attorney’s Office regarding resolution of the Ohio nuclear bailout federal corruption scandal, including possibility of a deferred prosecution agreement.
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U.K. rolls out new anti-corruption sanctions regime
The United Kingdom has in place a new global anti-corruption sanctions regime, and the government is wasting no time enforcing it, imposing its first wave of sanctions against 22 individuals.
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SFO strikes out again in Serco execs case
Two former executives at security company Serco were acquitted of defrauding the U.K.’s Ministry of Justice after the Serious Fraud Office failed to disclose documents to the defense.
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Video
Video: ABN AMRO refreshingly accountable; pharmacists lose in COVID-19 vaccine push
Kyle Brasseur seeks silver linings from ABN AMRO’s €480 million settlement for AML failures, while Aly McDevitt calls out the retail pharmacies overextending their employees for the sake of distributing more COVID-19 vaccines.
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Regulators want answers from financial services on AI/ML tools
The financial services industry is at the cutting edge of the utilization of artificial intelligence and machine learning tools. Regulators have recently requested to understand how these technologies are being used—or misused.
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ABN AMRO fine response suggests moral compass of banking is shifting
ABN AMRO CEO Robert Swaak acknowledging his bank’s “moral duty” to prevent money laundering should be welcomed by all in the global AML community as progress, writes Martin Woods.
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ABN AMRO to pay $575M in money laundering settlement with Dutch authorities
Dutch bank ABN AMRO reached a €480 million (U.S. $575 million) settlement with the Netherlands Public Prosecution Service to resolve money laundering charges.
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Danske Bank CEO, board member resign amid ABN AMRO probe
Danske Bank CEO Chris Vogelzang and board member Gerrit Zalm each resigned after being identified as suspects in ABN AMRO’s money laundering scandal. Chief Risk Officer Carsten Egeriis will take over as Danske’s CEO.
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Article
Ex-Braskem CEO pleads guilty for role in bribery scheme
The former CEO of Brazilian petrochemical giant Braskem pleaded guilty for his role in a scheme to divert hundreds of millions of dollars in bribe payments from the company to government officials and political parties in Brazil.
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Article
Honduras drug trafficking case highlights danger of unchecked corruption
Former federal agent and best-selling author Robert Mazur shares his uniquely informed take on anti-corruption regarding the recent U.S. sentencing of the Honduran president’s brother for drug trafficking.
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Article
Ponzi scheme mastermind Bernie Madoff dead at 82
Disgraced financier Bernie Madoff, whose decades-long fraud swindled thousands of investors out of billions of dollars, died in federal prison Wednesday.
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Article
SFO launches fraud investigation into Buy2Let Cars owner
The U.K. Serious Fraud Office announced a fraud investigation into car leaser Buy2Let Cars and several other companies operated by Raedex Consortium. Further details are expected next month.
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Michaela Ahlberg: Building a compliance program amid an FCPA probe
Michaela Ahlberg created a compliance program from scratch when she was hired by Swedish telecom Telia following allegations of corruption in its foreign business dealings. She shared what she learned with the audience at CW’s Financial Crimes virtual event.
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Article
Outgoing FinCEN head Kenneth Blanco to join Citi as financial crimes CCO
Kenneth Blanco has been tapped to lead a new financial crimes unit at Citi following his departure as director of the Treasury Department’s Financial Crimes Enforcement Network later this week.
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FinCEN Director Kenneth Blanco to step down
FinCEN Director Kenneth Blanco, who has served in the position since December 2017, will step down April 9, and Michael Mosier, formerly the deputy director of FinCEN, will return to the agency as acting director.
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Article
U.K. AML update: New obligations for cryptocurrency firms
Mark Steward, executive director of enforcement and market oversight at the U.K. Financial Conduct Authority, recently shared insights into the agency’s pipeline of AML investigations and what lies ahead for regulated firms.
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How might U.K. mandate for audit to find fraud work in practice?
Experts weigh in on the hurdles to be overcome and clarifications needed if U.K. auditors are going to be mandated to detect and prevent fraud as spelled out in new proposals.
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Article
FinCEN launches rulemaking on beneficial ownership
The Financial Crimes Enforcement Network has launched its rulemaking process that will require corporations report the individual or individuals who own and control them, part of an initiative to help U.S. law enforcement fight financial crime.
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Robert Mazur: Old tricks still work for launderers; new policies could help
Former federal agent Robert Mazur revealed secrets of the money-laundering trade to attendees of CW’s Financial Crimes virtual event and proposed two solutions for financial institutions in the fight against bad actors.