Citibank’s parent company, Citigroup, disclosed this year that an astounding 15 percent of its employees are now categorized as “risk, regulatory, and compliance staff,” up from 4.3 percent about ten years ago.… Continue Reading
Credit Suisse Group AG and its Hong Kong unit agreed Thursday to pay the DOJ and SEC $76.7 million for a referral hiring scheme that violated the Foreign Corrupt Practices Act.… Continue Reading
Banking giant Credit Suisse Group AG said Wednesday it has agreed to pay a $47 million penalty to the Justice Department to end an FCPA investigation into hiring practices in Asia.… Continue Reading
Banking giant Credit Suisse Group AG said Wednesday the DOJ and SEC are investigating its hiring practices in the Asia Pacific region.
The agencies want to know whether Credit Suisse hired referrals from government agencies and other state-owned entities “in exchange for investment banking business and/or regulatory approvals,” according to a fourth-quarter earnings release.… Continue Reading
The Federal Reserve Board Friday said it will seek fines and permanent bans against two former managing directors at J.P. Morgan Securities (Asia Pacific) Limited who allegedly led an illegal hiring program.… Continue Reading
Citigroup Inc. said Friday it is being investigated for hiring practices that might violate the FCPA.
The bank said the SEC and other agencies are “conducting investigations or making inquiries concerning compliance with the Foreign Corrupt Practices Act and other laws.”… Continue Reading
In the fall of 2013, the FCPA Blog published my series Cameo Corruption, which focused on the potential use of film roles as something “of value” that could be improperly offered to influence foreign officials.… Continue Reading
JPMorgan Chase and a Hong Kong subsidiary agreed Thursday to pay $264.4 million to the DOJ, SEC, and Federal Reserve to resolve FCPA offenses for awarding prestigious jobs to relatives and friends of Chinese government officials to win banking deals.… Continue Reading
As mentioned in my post last week, one way the DOJ determines if a company has performed the required anti-corruption due diligence when acquiring an entity is looking at whether the new entity was promptly incorporated into the acquiring company’s internal controls, including its compliance program.… Continue Reading
We’ve talked about South Korea’s foreign bribery laws and we looked at specific compliance risks related to gift giving, rebates, and kickbacks. In this post we’ll look at enforcement actions in South Korea and what specific steps can reduce compliance risks there.… Continue Reading
With every enforcement action comes lessons and warning tales for other companies and compliance officers. Last week Qualcomm paid $7.5 million to settle SEC charges that it violated the Foreign Corrupt Practices Act by hiring relatives of Chinese officials responsible for deciding whether to select the company’s mobile technology products. … Continue Reading
The Securities and Exchange Commission said Tuesday that Qualcomm Incorporated agreed to pay $7.5 million to settle charges that it violated the Foreign Corrupt Practices Act by hiring relatives of Chinese government officials.… Continue Reading