Login | Join | Contact Us
Walmart Deadlocked With U.S. Over Bribery Probe
CBS hires law firms to probe Les Moonves misconduct allegations
Wells Fargo to pay $2.09 billion fine in mortgage settlement
UPDATE 1-Credit Suisse charged with rigging foreign exchange rates
Eby troubled by lack of anti-money-laundering compliance in B.C. real estate sector
Chinese ex-online tsar Lu Wei charged with bribery
Majority Of Organizations Have Too Few Cybersecurity Workers
U.S. Investigators: Maduro Took Part In PDVSA Money-Laundering Scheme
The Complete Compliance and Ethics Manual — 2018
Workplace Investigations: Techniques and Strategies for Investigators and Compliance Officers
On August 2, Bloomberg News reported, “Walmart Inc. set aside nearly $300 million last fall for a possible resolution with the U.S. government over international bribery allegations, a sign that an end to the years-long investigation was imminent. But eight months later, the sides are deadlocked, three people familiar with the matter said. It’s not about the money: One source of tension is prosecutors’ insistence that Walmart, the world’s largest retailer, admit to certain misconduct as part of any deal, one of the people said. The standoff leaves unfinished one of the biggest foreign-corruption probes of a U.S. company in history, a case that put a spotlight on the obscure Foreign Corrupt Practices Act.”
On August 2, Reuters reported, “CBS Corp said on Wednesday it retained two law firms for a full investigation into the allegations about Chairman and Chief Executive Leslie Moonves, CBS News and cultural issues in the company. The board has also set up a special committee to help the probe, and Moonves will have no role in the investigation, CBS said in a statement. The investigation by the law firm Debevoise & Plimpton will be led by Mary Jo White, a former chair of the U.S. Securities and Exchange Commission, CBS said.”
On August 1, CNN Money reported, “Wells Fargo has agreed to pay a $2.09 billion fine for issuing mortgage loans it knew contained incorrect income information, the Justice Department announced Wednesday. The government said this activity contributed to the financial crisis. … In a statement, Wells Fargo said it ‘remains focused on [its] important role as one of the nation's leading providers of mortgage financing.’”
On July 31, Reuters reported, “Credit Suisse has been charged by European Union antitrust regulators with rigging foreign exchange rates, a sign that the five-year-long EU investigation may reach a conclusion in the coming months. Credit Suisse said on Tuesday in its quarterly report it received notification from the EU executive on July 26 alleging that it ‘engaged in anticompetitive practices in connection with its foreign exchange trading business.’”
On July 31, Vancouver Sun reported, “B.C. Attorney General David Eby says he is troubled by the continued lack of compliance with anti-money-laundering controls at B.C. real estate firms revealed in the latest deficiency reports. According to figures obtained by Postmedia News, and reported Monday, Canada’s financial intelligence watchdog found ‘significant’ and ‘very significant’ deficiencies in the money-laundering controls at 88 per cent of 130 real estate entities they examined in B.C. over the last two years. The companies were not identified by name.”
On July 30, BBC News reported, “China's former chief of internet regulation, Lu Wei, has been charged with taking bribes. He is accused of taking advantage of his position to reap monetary and property gain, the official Xinhua News Agency reports. Mr Lu was once one of China's most senior officials, overseeing the department of online media regulation. His role as China's ‘internet tsar’ meant he was once listed as one of Time Magazine's 100 Most Influential People.”
On July 30, Forbes Middle East reported, “In 2017 alone, cybersecurity attacks cost organizations nearly $172 billion globally. In light of this, it is anticipated that companies would move to increase their IT staff to ensure that their cybersecurity is full proof. However, new research indicates that this might now be happening at the adequate frequency it required to keep organizations safe. While it is estimated that global artificial intelligence-based cybersecurity market will grow at a compound annual growth rate (CAGR) of more than 29% between 2018 and 2022, research shows that nearly 63% of organizations have too few cybersecurity workers.”
On July 30, OilPrice.com reported, “A U.S. probe into the laundering of US$1 billion from Venezuela’s state-owned oil company PDVSA has spread to the country’s president, Nicolas Maduro, the Miami Herald reports, citing unnamed sources in the know. Although Maduro has not been named in the criminal complaint filed with the Miami federal court earlier this month, the president along with other senior Venezuelan officials are being investigated for their alleged participation in the scheme that involved channeling hundreds of millions of dollars from PDVSA into U.S. and European banks, as well as real estate in Florida and other assets.”
Get discounts on events and products! Learn more about the benefits of an SCCE membership.
Do you want to receive the latest corporate compliance world news, too? Subscribe! It’s quick and free!
Please feel free to contact the Corporate Compliance Weekly Newsletter editor, Margaret Martyr.
To View the full content on this page you might have to login to your SCCE account. If you do not already have a login and password you can create one for free.
If you have a login click here
To create a login click here
Become a member
Past Web Conference CDs
Post a Job
Post an Internship
6500 Barrie Rd., Ste. 250
Minneapolis, MN 55435
Phone: (952) 933-4977 (888) 277.4977
Fax: (952) 988-0146