Private-sector institutions that facilitate the flow of money across the global financial system are often best placed to detect when the system is being abused by criminals. But the sheer volume of data banks collect can make screening for financial crime difficult.
U.K. sanctions Saudis and Russians for human-rights abuses. Second Wirecard executive arrested and questioned by prosecutors. And, Supreme Court expands robocall ban.
A U.K. regulator told the country’s biggest professional services firms to draw up plans for separating their audit businesses by Oct. 23 and for the work to be completed by mid-2024.
Financial institutions still need to conduct due diligence and monitor transactions for hemp-related businesses, the U.S. Treasury Department’s financial crime unit said, expanding on previous guidance about the industry.
Alexion Pharmaceuticals agreed to pay more than $21 million to settle claims it bribed government officials to increase prescription drug sales in Turkey and Russia, the U.S. Securities and Exchange Commission said.
As part of the settlement, Novartis said, it “agreed to new corporate integrity obligations with the Office of Inspector General of the U.S. Department of Health & Human Services that will change how the company delivers peer-to-peer programs in the U.S.”
The U.S. issued new guidance on how authorities assess whether mergers within a supply chain might affect competition—an update that could have implications for federal antitrust enforcers’ focus on the technology sector.
The Justice Department and the Securities and Exchange Commission have closed Foreign Corrupt Practices Act investigations into the Salt Lake City-based company’s baby nutritional supplement business in China.
The coronavirus pandemic has forced some financial institutions to reduce staff or reassign personnel at a time when applications for government relief programs are flooding in, heightening banks’ compliance risks, the Office of the Comptroller of the Currency said.
The Federal Ministry of Justice and Consumer Protection is working on a new regulatory setup together with the Federal Ministry of Finance, a spokesman for the justice ministry said.
Telegram Group Inc. and a subsidiary agreed to pay an $18.5 million civil penalty and return about $1.22 billion to investors to settle charges that it violated investor-protection laws, the U.S. Securities and Exchange Commission said.
A recent revision to U.S. Justice Department guidance on corporate compliance is placing increased emphasis on the role of middle management and access to internal data as it broadens the scope of how prosecutors evaluate companies’ policies and controls.
A Novartis unit for Greece allegedly tried to bribe employees of state-owned and state-controlled hospitals and clinics, among other alleged violations, the Justice Department said Thursday.
Sweden’s financial supervisory authority fined SEB about $107 million following a delayed review of the bank’s efforts to prevent money laundering at Baltic branches.
The U.K. issued sanctions against dozens of Russian and Saudi nationals for alleged human-rights abuses, extending British legislation along the lines of the U.S.’s Global Magnitsky program targeting corrupt actors and human-rights offenders.
The Chinese maker of TikTok, the popular short-video platform, said it would pull its app out of Hong Kong amid concerns about a new national-security law, its second market exit in as many weeks.
The head of Dubai-based Cardsystems Middle East is to be detained because he is considered a flight risk.
The Supreme Court blocked the use of robocalls to collect government-backed debt, closing an exception Congress enacted in 2015 to a decades-old ban on unwanted automated cellphone-dialing campaigns.
A federal judge ordered the Dakota Access pipeline to shut down by next month because it was improperly granted a key environmental permit, a major setback for operator Energy Transfer LP and the American shale drilling industry.
The administration said companies face legal risks for involvement with entities in China blamed for human-rights abuses, including the mass detention of Uighur Muslims.
U.S. federal prosecutors filed suit late Wednesday to seize four tankers-worth of gasoline Iran is sailing to Venezuela, the latest salvo in the administration’s effort to stifle flows of goods and money helping to keep two of its top foes in power.
An Iranian firm is working with the Maduro government’s troubled emergency food program, which is the subject of U.S. enforcement action as an alleged money-laundering operation, compounding U.S. concerns.
Google, Amazon and Facebook face proposed European rules aimed at curbing their alleged anticompetitive behavior, making them pay more taxes and compelling them to shoulder more responsibility for illegal content.
Beijing is telling foreign companies not to worry, but its intercession in Hong Kong has executives fearing that the city’s unique role as a business hub is in jeopardy.
U.S. tech titans face a looming test of their free-speech credentials in Hong Kong as China’s new national-security law for the city demands local authorities take measures to supervise and regulate its uncensored internet.
Bankruptcy administrators for Wirecard, the scandal-hit German payments company, have begun the process of selling some of its businesses as they try to stabilize its operations and raise money to pay off its heavy debt burden.
Risk management, strategy and analysis written and compiled by Deloitte
Deloitte’s Chief Global Economist Ira Kalish discusses the threat to economic recovery posed by the resurgence of the pandemic in several U.S regions. He also examines the implications of the latest data on U.S. income and spending and forward-looking economic activity in the U.S., the eurozone, and the UK.
Compliance, risk, and internal audit leaders at investment management firms are rethinking many aspects of operations to move forward in a world transformed by a pandemic. Clients, culture, and talent are top of mind as they determine how to define and configure a new workplace.
A recently altered economic landscape may drive new divestitures as companies reconsider their core business strategies and search for capital to fund operations and investment. A well-planned transaction can entice buyers looking for opportunities, but the value proposition remains critical.
Looking for a new series of podcasts to complement summer routines? Consider Deloitte's Resilient podcast series, a collection of unfiltered stories from C-suite and other business leaders who discuss, among other topics, recovery strategies related to COVID-19 disruption, insights into strengthening cybersecurity, and the evolving role of the chief audit executive.
Forecasting, goodwill impairments, and disclosure procedures are three areas of financial reporting subject to change for the current financial reporting period due to ongoing pandemic impacts. Finance leaders can consider what questions to ask and how to address each area in the first of a two-part series.
Military units often form command centers to streamline the gathering and synthesis of information, enabling well-informed, nimble leadership decisions. Private and non-profit organizations might benefit from that same model as they battle back from the turbulent effects of COVID-19.
