The Treasury Department's Financial Crimes Enforcement Network (FinCEN) imposed a $1 million civil penalty against the former chief compliance officer for MoneyGram International Inc.
Entries in Due Diligence (71)
Law-related employment for grads from American law schools isn't exactly robust. In 2013, the ABA Journal said, only 57 percent of the that year's JDs had full-time bar-passage-required jobs. At the same time, the world seems to have an insatiable appetite for compliance officers. That sounds like an opportunity.
The New York Department of Financial Services said Tuesday that Standard Chartered Bank will pay $300 million for "failures to remediate anti-money laundering compliance problems" required by the bank's 2012 settlement with the same regulator.
FCPA Blog sponsor Kroll released a survey showing that 75% of compliance officers aren't involved in managing cyber security risk.
Dow Jones Risk & Compliance conducted an online survey in February, asking 383 compliance professionals around the world to evaluate their anti-corruption compliance programs and name their top risk concerns.
This post is the first in a series of three on the topic of conflict minerals. The first examines the origins of the reporting requirement, and the following two will explore what constitutes sufficient due diligence when conducting an investigation of a company and its supply chain.
Section 1502 of the Dodd-Frank Act of 2010 requires companies using conflict minerals in their products to disclose the source of such minerals, hoping to dissuade companies from continuing to engage in trade that supports these human rights abuses.
The Ethical Alliance polled nearly 10,000 general counsel, senior compliance and legal professionals as to what would their course of action be if the Kaloti Group was part of their supply chain.
The U.S. Federal Reserve said last week it was requiring Commerzbank AG in Germany and its New York branch to improve compliance with federal and state anti-money laundering (AML) laws.
An interesting face-off is currently taking place between the UK’s Parliamentary Home Office Affairs Committee, chaired by Keith Vaz, and the Serious Organised Crime Agency “SOCA” over the latter’s failure to publish a list of 92 institutions, firms, celebrities and companies who have allegedly obtained illegal private information from rogue private investigators. Unless SOCA publishes the list by next week the Committee threatens to release it, despite SOCA’S concern that publication may prejudice ongoing investigations.