All Fraud articles – Page 6
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Lost in fraud translation
Paul Hodgson explores the case of Jacques de Groote, the 90-year-old former CEO of the World Bank and director of the International Monetary Fund, who has spent the last decade in court battling allegations of fraud and corruption.
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Massive fraud at BT Italia—the work of a few rogue employees?
The BT Italia scandal involved failures at all three levels of defense in the fraud arena: management, internal audit, and outside auditors. The Man From FCPA Tom Fox explores.
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VW: Fraud at the top?
More bad news for Volkswagen, as German authorities have expanded their investigation to 37 individuals from 21, including former CEO Martin Winterkorn. Tom Fox reports.
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Combatting fraud is ‘serious business’ at the SFO
DeAnn Orie looks at how companies can fall under the watchful eye of the Serious Fraud Office and what the agency is doing to keep on top of crime.
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Churchill Mining loses $1.3bn fraud claim against Indonesian government
Neil Hodge explores the case of London-based Churchill Mining, which lost its compensation claim against the Indonesian government, after alleging its Indonesian business partner had forged documents. An international tribunal ruled against Churchill, citing inadequate due diligence and other unheeded red flags.
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IMF’s Christine Lagarde convicted of financial negligence
French court says Lagarde was “negligent” for failing to appeal arbitration award to former Mitterrand-era minister, writes Neil Hodge.
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EY agrees to $11.8 million settlement with SEC on failed audits
EY has agreed to pay $11.8 million to settle more charges from the SEC. This time the firm and two auditors are accused of ignoring red flags, enabling fraud. Tammy Whitehouse reports.
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COSO issues new fraud risk management guide
COSO, author of the most widely accepted internal control framework in the United States has released a new guide meant to help companies beef up their fraud risk management. More from Tammy Whitehouse.
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All is not well at Wells
Stephen Davis and Jon Lukomnik examine the fallout from the Wells Fargo scandal, delving into what could have been done better by management and offering some tips for other companies, read: banks, to avoid the same fate.
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Wells Fargo CEO faces bipartisan furor
You know you are having a horrible week when complaints against your company unite Democrats and Republicans, but that’s exactly what Wells Fargo CEO John Stumpf faced
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SFO investigates Airbus for fraud, bribery, and corruption
Five years after the Bribery Act, the Serious Fraud Office has yet to produce a major conviction. Will Airbus—the latest aerospace company under investigation—be its first big collar? Neil Hodge reports.
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State Street to pay $382 million for foreign currency exchange fraud
State Street Bank and Trust Company has agreed to pay a total of $382.4 million to the United States to resolve allegations that it deceived some of its custody clients when providing them with indirect foreign currency exchange (FX) services. Jaclyn Jaeger reports.
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SFO conducting criminal probe into Unaoil
The U.K. Serious Fraud Office confirmed this week that it is conducting a criminal investigation into the activities of Unaoil, its officers, employees and agents in connection with suspected offences of bribery, corruption and money laundering. Jaclyn Jaeger reports.
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Fraudsters have tech edge over companies, KPMG study shows
A study from KPMG that looks at fraudster’s typical profile says perpetrators are gaining an edge over corporate anti-fraud controls by making better use of technology than the companies they route. The report says weak controls were a factor in 61 percent of frauds through 2016. More study details from ...
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How not to be sanctioned by the World Bank
Justice Dept. enforcement actions for anti-corruption law violations often garner the most attention, but multilateral development banks are also major players in the anti-corruption global arena, adding more compliance risk. CW’s Jaclyn Jaeger on how to avoid being sanctioned.
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How employee hotlines can improve organizational well-being
According to the CDC, in 1965 more than forty percent of the U.S. population smoked. After decades of persistent education, the general population has come to realize that best practices include healthy decisions; decisions that increase well-being and reduce expenses. Today, less than twenty percent of the population are smokers ...
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German World Cup bid now under FIFA scrutiny
The ongoing FIFA corruption scandal takes on new life as some of the top names in German soccer, as well as sports apparel manufacturer Adidas, appear to be implicated in the 2006 World Cup bid. CW’s Tom Fox reports on this latest ethics investigation.
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The Mast Brothers Meltdown
For years, Mast Brothers, a brand of high-end, artisanal bean-to-bar chocolate, has proven to be an unlikely success story, making small batches of expensive chocolate bars from its humble operation in the heart of the hipster world—the Williamsburg neighborhood of Brooklyn, New York. But when Dallas-based food writer Scott Craig ...
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U.S. and U.K. Treasury Revisit AML Risks
Image: For the first time in 10 years in the United States—and for the first time ever in the United Kingdom—financial institutions have some much-needed insight into how these two countries intend to prioritize money laundering and terrorist financing risks, enabling compliance officers to better allocate their limited resources. “These ...
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AML Regulations in NY Force CCOs to Rethink Everything
Earlier this month New York officials proposed new anti-money laundering regulations for financial institutions that fall under that state’s regulatory regime and supervision—which pretty much includes every major international bank in the world. Along with heightened demands for monitoring programs that detect money laundering red flags, the requirements seek to ...