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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 - And More
8/2/2018 9:49:00 AM

 

 

Walmart Deadlocked With U.S. Over Bribery Probe

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.”

 

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CBS hires law firms to probe Les Moonves misconduct allegations

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.”

 

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Wells Fargo to pay $2.09 billion fine in mortgage settlement

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.’”

 

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UPDATE 1-Credit Suisse charged with rigging foreign exchange rates

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.’”

 

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Eby troubled by lack of anti-money-laundering compliance in B.C. real estate sector

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.”

 

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Register for the Compliance & Ethics Institute | Oct 21-24 in Las Vegas | Learn More >Register for the Compliance & Ethics Institute | Oct 21-24 in Las Vegas | Learn More >

 

Chinese ex-online tsar Lu Wei charged with bribery

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.”

 

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Majority Of Organizations Have Too Few Cybersecurity Workers

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.”

 

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U.S. Investigators: Maduro Took Part In PDVSA Money-Laundering Scheme

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.”

 

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Product features

 

The Complete Compliance and Ethics Manual - 2018

The Complete Compliance and Ethics Manual — 2018

 

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Workplace Investigations: Techniques and Strategies for Investigators and Compliance Officers

Workplace Investigations: Techniques and Strategies for Investigators and Compliance Officers

 

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Join us for the Board Audit Committee Compliance Conference | Sept. 24-25 in Scottsdale | Buy one registration for $895, get one for only $595 | Learn More >Join us for the Board Audit Committee Compliance Conference | Sept. 24-25 in Scottsdale | Buy one registration for $895, get one for only $595 | Learn More >

 

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Articles on the Ethics and Compliance Environment
The Society of Corporate Compliance and Ethics provides this library of articles, insight into current issues, the regulatory environment, and other items of interest to our members.