All Anti-Corruption articles – Page 35
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ArticleChinese regulator fines Luckin Coffee, affiliated groups $9M
China’s market competition regulator announced a fine of 61 million yuan (U.S. $9 million) against Luckin Coffee and a group of affiliated firms in response to the coffee chain’s inflated sales scandal.
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ArticleFinCEN leaks damage trust between banks and regulators, but serve higher purpose
The “FinCEN Files” leaks divided opinions within the community of financial crime compliance officers. Trust has been damaged, writes Martin Woods, but these leaks could facilitate real reform.
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Article‘FinCEN Files’ report casts compliance officers in unfair light
The BuzzFeed “FinCEN Files” investigation purportedly uncovered evidence of a catastrophic, international collapse of internal controls within the world banking system. But that argument is misleading, to the point of being disingenuous.
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ArticleSwedbank being investigated for suspected market abuse
Swedbank announced the Swedish Financial Supervisory Authority has opened an investigation into the bank for potential violations of the regulation on market abuse in connection to the disclosure of suspected money laundering.
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ArticleFormer Rite Aid compliance exec charged with insider trading
Armed with insider information about problems with a merger with Walgreens, a Rite Aid compliance executive who oversaw its corporate code of conduct sold company stock to save himself and his family over $150,000, according to the SEC.
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ArticleVolkswagen completes monitorship; Deloitte family leave policy too good to be true?
Volkswagen gets a nod this week for successfully completing its 3-year compliance monitorship related to Dieselgate. Deloitte, on the other hand, lands on the wrong side of our list.
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ArticleFinCEN seeking comment on AML program overhaul
The Financial Crimes Enforcement Network has proposed a plan to issue AML guidance every two years to encourage financial institutions to align their Bank Secrecy Act compliance programs with the agency’s enforcement priorities.
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ArticleAssessing the fallout from coronavirus relief loan frauds
In both the U.S. and U.K., millions (perhaps billions) of dollars of coronavirus relief loans intended for small businesses is believed to have been misused. Legitimate businesses have been hurt as a result, writes Martin Woods.
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ArticleEY chairman: Auditors should work harder to find fraud
The chairman and chief executive of Big Four auditing firm EY says auditors should do more to uncover fraud while conducting external audits, a topic the industry has historically been reluctant to tackle.
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ArticleDaimler, U.S. authorities reach $1.5B proposed emissions settlement
Daimler AG and subsidiary Mercedes-Benz USA have reached a proposed settlement with U.S. authorities totaling $1.5 billion in fines and other costs to resolve emissions-cheating allegations.
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ArticleElizabeth Holmes might seek ‘mental disease’ defense at Theranos trial
Elizabeth Holmes, founder and CEO of now-defunct blood testing company Theranos, is exploring the idea of using “mental disease or defect” as part of her defense during her criminal fraud trial, which is set to begin in March.
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PremiumChapter 3: Carnival’s history as serial polluter catches up to it
This installment looks back at Carnival’s history of environmental law convictions, plea agreements with the DOJ, criminal fines, and environmental compliance plans (yes, there is more than one).
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ArticleSEC charges chief compliance officer in stock fraud scheme
A New Jersey-based asset management firm and its president and chief compliance officer are facing SEC charges for “cherry-picking” profitable stocks for new and favored accounts that diminished returns for other clients.
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ArticleGut instinct keeps humans ahead of AI in fight against financial crime
As artificial intelligence evolves and takes on new tasks, whether it can develop the instinct of an experienced compliance professional will be key to its prevalence in the AML world, writes Martin Woods.
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ArticleCredit to JPMorgan Chase in this week’s banking-themed naughty/nice list
JPMorgan Chase, Danske Bank, Deutsche Bank, and Bank of America all either “Nailed It” or “Failed It” this week.
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DOJ: 50 individuals criminally charged for PPP fraud, with ‘more to come’
The DOJ, together with a coalition of law enforcement partners, announced criminal charges against 50 individuals who allegedly committed fraud in obtaining money from the Paycheck Protection Program.
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ArticlePactiv Evergreen discloses FCPA probe ahead of IPO
In its IPO filing, foodservice packaging company Pactiv Evergreen (currently Reynolds Group Holdings Limited) announced it might have potentially violated the Foreign Corrupt Practices Act regarding gift cards given in China.
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ArticleBenefits of bribery: New study separates fact from fiction
While bribery can provide companies with major short-term gains, there is little evidence to support many other beliefs surrounding the “return on investment,” according to a new study.
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ArticleAIG whistleblower claims in lawsuit he was fired for uncovering fraud
A former attorney for AIG has alleged in a federal whistleblower lawsuit that he was fired after he complained about fraudulent activity related to an attempt to spin off a separate legal services company.
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ArticleForget the status quo: Proactive AML is the path forward
The AML community is guilty of tolerating the failing status quo, and very few have dared to confront, challenge, and disrupt the inefficient and ineffective practices. A proactive approach could be the solution, writes Martin Woods.