All Asia articles – Page 7
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ArticleToll Holdings to pay $6.1M for widespread sanctions violations
Toll Holdings, an international freight forwarding and logistics company, has agreed to remit more than $6.1 million as part of a settlement with the Office of Foreign Assets Control resolving nearly 3,000 apparent violations of Iran, North Korea, and Syria sanctions.
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ArticleEx-Goldman banker convicted of FCPA violations in 1MDB case
Roger Ng, one of the central figures of the Goldman Sachs 1MDB scandal, was found guilty by a federal jury of conspiring to violate the Foreign Corrupt Practices Act and commit money laundering.
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ArticleTelenor caught in GDPR conundrum over Myanmar subsidiary sale
A complaint filed with the Norwegian Data Protection Authority alleges Telenor’s progressing sale of its Myanmar-based subsidiary violates the EU’s General Data Protection Regulation by potentially exposing its customers in the region to military surveillance.
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ArticleNational Bank of Pakistan to pay $55.4M for AML compliance lapses
The National Bank of Pakistan and its New York branch must pay $55.4 million in total penalties in settlements with two U.S. regulators for deficiencies in the bank’s risk management and anti-money laundering compliance program.
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ArticleKT to pay $6.3M in SEC settlement for FCPA violations
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.
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ArticleTI 2021 corruption index shows world not willing to make real change
The adage that “no news is good news” doesn’t apply to Transparency International’s 2021 Corruption Perceptions Index. That corruption levels remain at a global standstill or have worsened highlights a disturbing trend for companies, governments, and citizens alike.
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ArticleSojitz Hong Kong subsidiary fined $5.2M for violating Iran sanctions
Sojitz HK agreed to pay approximately $5.2 million for violations of U.S. sanctions against Iran that occurred when rogue employees deliberately misled company executives and compliance regarding the true origin of goods worth more than $75 million.
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ArticleTD Bank fined $105K for North Korea sanctions violations
TD Bank, N.A. agreed to pay approximately $105,000 as part of a settlement with OFAC for “multiple sanctions compliance breakdowns” that contributed to more than 1,000 apparent violations of North Korean sanctions regulations.
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ArticleIgnoring compliance, Mashreqbank fined $100M for Sudan sanctions violations
The New York State Department of Financial Services fined United Arab Emirates-based Mashreqbank $100 million for violating now-repealed Sudanese sanctions regulations and for having in place an inadequate compliance program.
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ArticleRed flags ignored in WPP $19M FCPA settlement
Global advertising giant WPP reached a more than $19 million settlement with the SEC to resolve charges of violating the anti-bribery, books and records, and internal accounting controls provisions of the Foreign Corrupt Practices Act.
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ArticleFATF urges Japan to enhance AML/CFT measures
Japanese authorities have a good understanding of money laundering and terrorism financing risks, but certain areas of their AML/CFT framework could be further improved, according to a Financial Action Task Force evaluation report.
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ArticleRomanian bank penalized over Iran and Syria sanctions lapses
The Office of Foreign Assets Control fined Romania-based First Bank and its U.S. parent company JC Flowers & Co. $862,318 as part of a settlement for First Bank’s processing of transactions in apparent violation of Iran and Syria sanctions.
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ArticleOFAC fines Payoneer $1.4M for sanctions violations
Money transfer services company Payoneer will pay $1.4 million to resolve 2,260 apparent violations of U.S. sanctions in a settlement with the Department of the Treasury’s Office of Foreign Assets Control.
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ArticleFATF adds four jurisdictions to AML/CFT watchlist
The Financial Action Task Force added Haiti, Malta, the Philippines, and South Sudan to its “grey list” focused on areas subject to increased monitoring for deficiencies in fighting financial crime.
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ArticleBig week for breaches: McDonald’s, Carnival, and more
Multiple high-profile companies—including Carnival, Wegmans, McDonald’s, Volkswagen, and CVS—have confirmed in recent days they were either victims of a data breach or were alerted to a gap in their security controls.
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ArticleHow global compliance works at the local level
For compliance officers working for global companies, it is important to understand the way different regions view compliance and how it may differ from your home country’s views.
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ArticleUSTR threatens tariffs on 6 trade partners in response to digital taxes
The United States Trade Representative is seeking public comment on the potential implementation of tariffs of up to 25 percent on a long list of goods by six U.S. trading partners, including the United Kingdom.
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ArticleToyota discloses ‘possible anti-bribery violations’ to U.S. authorities
Toyota said in a regulatory filing it has “reported possible anti-bribery violations related to a Thai subsidiary” to U.S. enforcement agencies.
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ArticleOFAC Director Andrea Gacki dishes advice on mitigating sanctions risk
OFAC Director Andrea Gacki shares insights about her organization’s latest sanctions enforcement priorities, its expectations of sanctions compliance programs, and how to mitigate sanctions risk.
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ArticleAnti-corruption developments in 2020: China, India make strides
A global panel of experts with law firm Gibson Dunn share insights around recent anti-corruption developments in some of the world’s largest regions, including China, India, Latin America, and Africa.