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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Neil Hodge2024-01-26T12:37:00
The recent furor in the United Kingdom over the Post Office’s wrongful prosecutions of hundreds of sub-postmasters for alleged fraud has put the government’s relationship with private contractors firmly under the spotlight and raised questions about how companies could be held more accountable in future.
Fujitsu won a contract to install its Horizon IT system within Post Office branches in 1999. Although bugs, discrepancies, and other issues relating to the accounting technology were apparent early on, the Post Office dismissed numerous concerns as “teething” problems that were down to sub-postmasters to resolve—by covering financial losses from their own pockets—rather than raise the issue with Fujitsu, upon which the organization was heavily dependent.
Over the following 15 years, more than 700 sub-postmasters were wrongfully prosecuted, dozens went bankrupt, and at least four committed suicide.
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News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
2024-02-26T15:00:00Z By Camelia Gardot, CW guest columnist
Employees engaging in side businesses—part-time jobs or new company creations—can introduce a myriad of risks for a company.
2024-02-21T15:11:00Z By Ruth Prickett
Fines for employing people who do not have a legal right to work in the United Kingdom have risen, meaning employers who fail to carry out the required checks or neglect to re-examine the status of those on temporary work visas could face substantial penalties.
2024-01-24T12:49:00Z By Ruth Prickett
Experts expect improvements in the U.K. Financial Conduct Authority’s use of data and reporting means a heightened obligation for timely compliance by companies subject to its remit.
2024-11-14T20:36:00Z By Adrianne Appel
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network issued an alert to financial institutions about their obligations to report deepfakes, warning artificial intelligence has given bad actors additional tools in their arsenal.
2024-07-31T15:31:00Z By Adrianne Appel
A nationwide rental outlet affiliated with Rent-a-Center and its chief executive have been sued by the Consumer Financial Protection Bureau for allegedly deceiving five million consumers about the terms of credit agreements.
2024-07-24T17:54:00Z By Neil Hodge
A lack of risk visibility is causing companies to reject customers–and potentially lose money–over fears they might be in danger of violating rules around anti-money laundering and sanctions regulations.
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