BIT Mining changes business model, pays $10M fine to resolve FCPA violations
A publicly traded cryptocurrency mining company will pay $10 million and completely change its business model to one with “lower corruption risk” as part of a settlement over violations of the Foreign Corrupt Practices Act (FCPA), two regulators announced.
DOJ proposes rule that would block sale of Americans’ personal data to Chinese, Russian firms
The Department of Justice (DOJ) has proposed a new rule that would regulate the use of Americans’ personal information by foreign companies and foreign persons in six “countries of concern,” prohibiting and restricting the sale of data to thwart the use of data for cyber-enabled activities, espionage, coercion, influence and ...
Vietnamese business pays $860K for violating U.S. sanctions on North Korea
A Vietnamese alcohol company has agreed to pay $860,000 to settle allegations by the Office of Foreign Assets Control that its business with North Korea involved U.S. financial institutions.
Genius Group names Tokinvest CCO to board
Genius Group Limited, an AI-powered education and acceleration group, announced that Tokinvest Chief Compliance Officer and Chief Financial Officer Ian Putter was appointed to its board.
Poor internal controls led to FCPA violations in Moog’s $1.7M settlement with SEC
A company culture geared to “win business at any cost” encouraged employees of New York-based aerospace manufacturer Moog to pay bribes in India to win contracts, the Securities and Exchange Commission alleged.
AAR Corp. discloses former exec implicated in Nepal, South Africa FCPA violations
Aviation maintenance services provider AAR Corp. disclosed that several former employees may have bribed officials in Nepal and South Africa to win contracts, and chose to self-report violations of the Foreign Corrupt Practices Act to authorities in the U.S. and U.K.
Bank of China appoints risk chief
Bank of China announced the appointment of Zhao Rang as its chief risk officer.
John Deere to pay $10M to settle FCPA violations by subsidiary in Thailand
Illinois-based manufacturer John Deere will pay approximately $10 million in penalties and disgorgement to the Securities and Exchange Commission for violating the Foreign Corrupt Practices Act with bribes paid by a Thai subsidiary.
SEC fines Esmark, CEO combined $600K over false offer to U.S. Steel Corp.
A privately held family company and its CEO, who announced a $10 billion bid to buy U.S. Steel without having the cash on hand, will pay $600,000 in penalties to the Securities and Exchange Commission for making materially false statements.
Raytheon parent to pay $200M in fines, remediation over export control violations
RTX Corp., the parent company of Raytheon, agreed to pay $200 million in fines and remediation to address hundreds of export control violations that led to the disclosure of sensitive military secrets.
Bitget welcomes new legal chief
Cryptocurrency exchange and Web3 company Bitget announced the appointment of Hon Ng as its chief legal officer.
Maybank promotes deputy risk chief to head of group risk
Maybank announced the promotion of Deputy Group Chief Risk Officer Mohamed Rezwan Abdullah Ismail to group chief risk officer.
StarHub appoints general counsel
Communications, entertainment and digital services provider StarHub announced the appointment of Audra Balasingam as general counsel and company secretary.
PharmaEssentia appoints legal head
PharmaEssentia USA announced the appointment of Beth Krewson as head of legal.
Compensation survey finds average annual CCO pay jumped above $400K
A new compensation survey found base pay for chief compliance officers has risen 36 percent since 2021 to an average of more than $403,000.
HanAll Biopharma appoints legal chief
HanAll Biopharma announced the appointment of Christopher Slavinsky as chief business development and legal officer.
Survey tackles aligning cross-generational views of ethics in the workplace
Companies may need to examine employees by age group to find out how likely some workers might be to ditch compliance to complete tasks.
Mahindra Group announces sustainability chief
Mahindra Group announced the appointment of Ankit Todi as the new group chief sustainability officer.
Updated UFLPA enforcement strategy targets aluminum, PVC, seafood imports
U.S. Customs and Border Protection will make it a priority to check shipments of aluminum, polyvinyl chloride, and seafood from China and elsewhere in the region for links to forced labor, according to an updated Uyghur Forced Labor Prevention Act enforcement strategy.
C1 names chief risk officer
C1, a global technology solution provider, announced that Rui Goncalves has been promoted to chief legal officer.
DOJ latest agency to charge crypto platform BitMEX for BSA/AML failures
The parent company of crypto-trading platform BitMEX is again facing charges of violating the Bank Secrecy Act, the latest in a string of punishments against the company and its founders for failing to implement adequate know your customer and anti-money laundering programs.
De-risking trend threatens global financial markets, Treasury official warns
As the United States and other Western countries turn the screws on criminals, hackers, terrorist organizations, and sanctions evaders attempting to access global financial markets, financial institutions could respond by reducing their connections to risky sectors, according to Treasury Under Secretary Brian Nelson.
Boeing agrees to plead guilty, pay additional $244M for violating 2021 DPA
Boeing will plead guilty to a felony and pay an additional $243.6 million for violating the terms of a 2021 settlement it made with the Department of Justice related to safety lapses that contributed to the crash of two airplanes.
Q&A: Seaco general counsel, compliance head on environmental regulations
Dominic Buckwell, general counsel and compliance head at global marine container leasing company Seaco, discussed key themes including anti-money laundering, sanctions, and why the industry needs common environmental reporting standards.
FATF removes Jamaica, Türkiye from watchlist; adds Monaco, Venezuela
Jamaica and Türkiye made “significant progress” addressing deficiencies in their anti-money laundering/countering the financing of terrorism (AML/CFT) programs, warranting their removal from the Financial Action Task Force’s grey list.
Jio Financial Services announces group CRO
Jio Financial Services announced the appointment of S. Anantharaman as group chief risk officer of the company.
Mondo TV reaches $538K settlement with OFAC over N. Korea sanctions violations
Italy-based Mondo TV agreed to pay $538,000 to settle charges with the Treasury Department’s Office of Foreign Assets Control over 18 apparent violations of North Korea sanctions regulations.
OFAC sanctions nearly 50 entities for ‘shadow banking’ benefiting Iranian military
The Treasury Department’s Office of Foreign Assets Control sanctioned nearly 50 entities connected with so-called “shadow banking” networks that help Iran’s military evade U.S. sanctions and to sell the country’s oil and petrochemical products.
Washington state importer ordered to hire CCO in response to Lacey Act violations
A Washington state importer has been ordered by the Department of Justice to pay a $360,000 fine and hire a chief compliance officer after imported wood items the company claimed to be from Malaysia were found to be from China.
‘We have to stop shrinking ourselves’: Strategies for confronting BIPOC bias
Attendees at Compliance Week’s Women in Compliance Summit discussed strategies for confronting bias against Black, indigenous, and people of color professional women working in compliance and risk.
Panelists break down robust sanctions landscape at TPRM Summit
Sanctions compliance officers face myriad challenges as complex geopolitical situations heighten risks worldwide, experts discussed during Compliance Week’s Third-Party Risk Management & Oversight Summit.
Freedom Holding adds first legal chief
Financial services company Freedom Holding Corp. announced the appointment of Jason Kerr as its first chief legal officer.
Slice names ex-Kotak risk chief as chief risk adviser
India-based consumer payments and lending company Slice announced the appointment of Arvind Kathpalia, president and group chief risk officer at Kotak Mahindra Bank, as chief risk adviser.
Karnataka Bank appoints chief compliance officer
India-based Karnataka Bank announced the appointment of Vinaya Bhat P.J. as chief compliance officer.
OFAC fines SCG Chemicals unit $20M over Iran sanctions violations
A subsidiary of Thailand-based SCG Chemicals Co. agreed to pay a $20 million fine to the Office of Foreign Assets Control over “egregious” violations of sanctions against Iran.
Bank of Maharashtra appoints risk chief
India-based Bank of Maharashtra announced the appointment of Subhasish Roy as chief risk officer.
KPMG Netherlands fined record $25M by PCAOB for exam cheating
KPMG Netherlands agreed to pay a record $25 million penalty levied by the U.S. Public Company Accounting Oversight Board for allegedly allowing widespread cheating by employees on internal training exams and misinforming regulators about the misconduct.
Giti Tire appoints chief sustainability officer
Singapore-headquartered tire company Giti Tire announced the appointment of Pang Chong Hau as chief sustainability officer.
Trafigura pleads guilty, to pay $127M over FCPA violations in Brazil
Singapore-based commodity trading company Trafigura agreed to pay nearly $127 million as part of a resolution with the Department of Justice addressing violations of the Foreign Corrupt Practices Act in Brazil.
Adani Group on defense over reports of FCPA probe
Indian conglomerate Adani Group said it is aware of an investigation by the U.S. Department of Justice into bribery allegations against a “third party” but denied a relationship with it.
SMBC appoints Americas chief risk officer
Sumitomo Mitsui Banking Corp. announced the appointment of Mark Corteil as chief risk officer for the Americas division.
ArcelorMittal Nippon Steel India appoints sustainability chief
Steel manufacturer ArcelorMittal Nippon Steel India appointed Arvind Bodhankar as chief sustainability officer.
Angel One names group general counsel
India-based retail full-service broking house Angel One welcomed Meenal Maheshwari Shah as group general counsel.
Allied Blenders and Distillers names chief risk officer
India-based beverages company Allied Blenders and Distillers appointed Jayathirtha Mukund as head of investor relations and chief risk officer.
Paytm denies money laundering claims amid regulatory scrutiny
The Reserve Bank of India ordered a halt to many banking activities of digital payments provider Paytm while the regulator investigates “persistent noncompliances and continued material supervisory concerns.”
Ofi announces sustainability chief
Ofi, a Singapore-based food and beverage ingredients supplier, announced Roel van Poppel as its chief sustainability officer.
Deepfakes: A silent threat to digital integrity and AML efforts
Deepfakes have emerged in the digital world as a silent pandemic threatening not only our digital integrity but becoming a major risk to anti-money laundering efforts.
SAP to pay $220M in FCPA settlements
German-based software company SAP agreed to pay more than $220 million as part of resolutions with authorities in the United States and South Africa regarding alleged violations of the Foreign Corrupt Practices Act.
Ethical compliance for facial recognition technology
The lack of clear regulations and guidelines for the ethical use of facial recognition technology further exacerbates concerns of discriminatory practices and potential infringements on human rights.
LIC appoints new risk chief
Life Insurance Corp. of India announced the appointment of S Sunder Krishnan as chief risk officer.