All articles by Jaclyn Jaeger – Page 107
-
Article
Compliance Trends in 2015: More Authority, More IT Uncertainty
Good news for compliance officers in existential crisis: A majority of CCOs are now part of the senior management teams at their businesses, and they have more authority than ever before. Those are two among many findings of the 2015 Compliance Trends Report, the annual survey of compliance leaders conducted ...
-
Blog
Study: CCOs Struggle to Navigate Anti-Bribery Risks
A new report from Compliance Week and Kroll Advisory Solutions gauged the level of confidence chief compliance officers have in their companies’ financial controls to catch books-and-records violations of the Foreign Corrupt Practices Act; according to the study, only 48 percent felt confident. See inside for more study details.
-
Blog
State Street Anticipating Enforcement Action
State Street disclosed in a filing with the Securities and Exchange Commission this week that it expects to become the subject of an enforcement action brought by the Federal Reserve and the Massachusetts Division of Banks for deficiencies in the bank’s compliance program relating to the Bank Secrecy Act, anti-money ...
-
Blog
Finter to Pay $5.4 Million Under Swiss Bank Program
The Department of Justice today announced that Finter Bank Zurich has reached a resolution under the Department’s Swiss Bank Program, which provides a means for Swiss banks to resolve potential criminal liabilities in the United States. Finter will pay a $5.4 million penalty in return for a non-prosecution agreement for ...
-
Article
Brit Banking Regulators Wield Attestation More Often
Deutsche Bank paid $345 million to British regulators for its role in the LIBOR scandal, $153 million of that stemming from a false attestation the bank submitted about its internal controls. Those attestations are emerging as a potent tool for the U.K. Financial Conduct Authority. “This case sends a strong ...
-
Article
Anti-Corruption Compliance Improves in Defense Sector
Image: A new Transparency International report examining anti-corruption measures in the defense sector holds both good and bad news: Many defense companies have improved their ethics and anti-corruption compliance programs; plenty more still have lots to do. “It is clear that many companies in the industry are paying closer attention ...
-
Blog
SFO Brings Corruption Charges Against Former Alstom Compliance Executive
Image: Title: LainéBritain’s Serious Fraud Office has filed corruption charges against a former head of ethics and compliance at Alstom, the beleaguered French firm subject to anti-bribery investigations in multiple countries. The charges against Jean-Daniel Lainé stem from bribes Alstom allegedly paid in the 2000s to supply trains to the ...
-
Blog
Dun & Bradstreet Discloses FCPA Investigation Costs
Dun & Bradstreet, a commercial data and analytics provider, disclosed in a recent securities filing that it spent slightly more this time around than the same period last year on costs associated with its China investigation into possible violations of the Foreign Corrupt Practices Act. Details inside.
-
Blog
SFO: Alstom to Face More Criminal Charges
The U.K. Serious Fraud Office recently announced that it has brought fresh charges against Alstom Network U.K. and an Alstom employee in phase three of its ongoing investigation. The latest charges concern allegations of corruption for the supply of trains to the Budapest Metro. Details inside.
-
Blog
Canadian Court Shifts Corporate Liability to Managers
A recent decision by the Quebec Superior Court found that Canadian companies can be held criminally liable for the wrongful actions of their middle managers, even when the head office has no knowledge of the misconduct. The decision “mark[s] a fundamental change, if not a revolution, in the law of ...
-
Blog
JPMorgan’s Laundry List of Government Probes
JPMorgan disclosed last week in a quarterly filing with the Securities and Exchange Commission that it is under several investigations concerning a wide variety of claims, including violations of the Foreign Corrupt Practices Act, foreign exchange sales, LIBOR, and much more. “Investigations involve both formal and informal proceedings by both ...
-
Blog
FinCEN Fines First Virtual Currency Exchanger
The Financial Crimes Enforcement Network fined Ripple Labs and its subsidiary, XRP II, $700,000 for violations of the Bank Secrecy Act while engaging in the exchange of virtual currency and for failing to establish and maintain an appropriate anti-money laundering program—the first civil enforcement action against a virtual currency exchanger. ...
-
Article
Far East: The Epicenter of FCPA Enforcement?
Image: Everyone says bribery risk is highest along the Pacific Rim, but how acute is the problem really? Pretty bad, according to a Compliance Week review of recent FCPA enforcement actions—and the risks will only increase as more U.S. companies enter Asia and more Asian companies tap U.S. capital markets. ...
-
Article
Q&A: How E*Trade Recovered From the Financial Crisis
Image: As part of our occasional series of conversations with compliance and risk executives, we caught up with Michael Pizzi, chief risk officer at E*Trade Financial. Prior to the financial crisis, E*Trade had made sizable investments in mortgage-related assets—toxic assets whose value ultimately plummeted, resulting in substantial writedowns for the ...
-
Blog
Mattel Appoints Corporate Controller
Mattel has appointed Joseph Johnson as corporate controller, effective immediately. He succeeds Scott Topham, who has elected to retire from the toy and family products company. Details inside.
-
Blog
Ukraine Anti-Corruption Law Requires Compliance Officers
The Ukraine has enacted a new law that applies to almost all companies participating in public tenders and state-owned enterprises over a certain size, requiring them to have in place a compliance program. The law further requires companies to appoint a compliance officer with responsibility for implementing the compliance program. ...
-
Blog
China Targets Medical Device Companies in Bribery Probe
Chinese regulators are investigating several foreign medical device companies over suspicions that they may have bribed hospitals in exchange for sales. Regulators launched a preliminary investigation last year into the Chinese healthcare units of U.S.-based General Electric, Amsterdam-based Royal Philips, and Germany-based Siemens AG. Details inside.
-
Blog
SNC-Lavalin General Counsel to Depart
SNC-Lavalin announced this month that Réjean Goulet will be retiring from his position as general counsel after a 30-year career with the embattled engineering-and-construction company, effective in July. Jean-Éric Laferrière, currently senior vice president of legal affairs, will serve as interim general counsel while the company conducts a worldwide search ...
-
Blog
TI Index Shows Anti-Corruption Improvements in Defense Sector
A new anti-corruption index examining anti-corruption measures in the defense sector reveals some good news: many defense companies are increasingly addressing corruption risks, with improvement evident in companies from every region of the world. The results show significant improvement overall,” said Transparency International, which last issued its index in 2012. ...
-
Blog
Braskem Self-Reports FCPA Probe
Brazil-based petrochemical giant Braskem has launched an internal investigation into potential violations of the Foreign Corrupt Practices Act. Braskem said it is investigating allegations that two of its former executive officers made improper payments from 2006 to 2012 to Brazil’s state-owned oil company Petrobras, in exchange for raw-material supply agreements. ...