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Daily Compliance News

Daily Compliance News: October 14, 2024 – The Do GC’s Face Peril Edition

Welcome to the Daily Compliance News. Each day, Tom Fox, the Voice of Compliance, brings you compliance-related stories to start your day. Sit back, enjoy a cup of morning coffee, and listen to the Daily Compliance News. All from the Compliance Podcast Network.

Each day, we consider four stories from the business world: compliance, ethics, risk management, leadership, or general interest for the compliance professional.

In today’s edition of Daily Compliance News:

  • Is routine legal advice risky? If you advise paying a bribe. (Law.com)
  • Deloitte fooled by fraudster in Texas (Houston Chronicle)
  • Moog settles FCPA claim. (WSJ)
  • TD Bank fined $3bn (WSJ)

Categories
10 For 10

10 For 10: Top Compliance Stories For The Week Ending October 5, 2024

Welcome to 10 For 10, the podcast which brings you the week’s Top 10 compliance stories in one podcast each week. Tom Fox, the Voice of Compliance, brings to you, the compliance professional, the compliance stories you need to be aware of to end your busy week. Sit back, and in 10 minutes hear about the stories every compliance professional should be aware of from the prior week.

Every Saturday, 10 For 10 highlights the most important news, insights, and analysis for the compliance professional, all curated by the Voice of Compliance, Tom Fox. Get your weekly filling of compliance stories with 10 for 10, a podcast produced by the Compliance Podcast Network.

  • CEOs turning to pods. (FT)
  • Francis Haugen says we need more whistleblowers. (WSJ)
  • Britain to give banks a new tool to fight fraud. (Reuters)
  • Cheat at home, cheat at work? (Bloomberg)
  • SEC head of enforcement to step down. (WSJ)
  • The ghost of Odebrecht lives on. (WSJ)
  • Where do you find modern slavery? At a McDonald’s in the UK.    (BBC)
  • Hearing on Boeing/DOJ guilty plea set. (Reuters)
  • SEC fines 11 more firms for failures in messaging apps.  (SEC Press Release)
  • Adams’s Lawyers Ask Judge to Dismiss Federal Bribery Charge. (NYT)

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Daily Compliance News

Daily Compliance News: September 24, 2024 – The Revised ECCP Released Edition

Welcome to the Daily Compliance News. Each day, Tom Fox, the Voice of Compliance, brings you compliance-related stories to start your day. Sit back, enjoy a cup of morning coffee, and listen to the Daily Compliance News. All from the Compliance Podcast Network.

Each day, we consider four stories from the business world: compliance, ethics, risk management, leadership, or general interest for the compliance professional.

In today’s edition of Daily Compliance News:

  • DOJ releases a 2024 update to the Evaluation of Corporate Compliance Programs. (FCPA Compliance & Ethics Blog)
  • Jackson Walker referred for disciplinary proceedings. (Reuters)
  • Singapore gears up for huge corruption trial. (Al Jazeera)
  • The UK government says flexible work is better for companies. (BBC)

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Blog

The Bre-X Mining Scandal: Part 6 – A Guide for the 2024 Compliance Professional (Part 2)

Today, we conclude a multipart blog post series exploring one of the biggest corporate scandals of the 1990s, the Bre-X mining scandal. Our most recent blog post explored the foundational lessons from the Bre-X scandal for today’s compliance professionals, focusing on due diligence, transparency, corporate governance, and more. In today’s concluding blog post,  we focus on additional critical areas where compliance officers can play a pivotal role in ensuring organizational integrity. From fostering a strong whistleblowing culture to leveraging modern technologies for continuous monitoring, these strategies will help prevent financial fraud, uphold ethical standards, and do business in compliance into 2024 and beyond.

The Role of Whistleblowing and Ethics Programs

A lack of transparency and accountability within Bre-X contributed to the persistence of fraud for years. If a robust whistleblowing mechanism had been in place, the red flags might have been raised earlier, potentially preventing the massive fallout.

  • Encouraging Whistleblowing. One of the most critical aspects of modern compliance is creating a culture where employees feel empowered to speak up without fear of retaliation. Compliance officers should focus on building and maintaining secure, confidential channels where employees can report unethical or suspicious activities. A strong whistleblowing framework protects the organization from reputational damage and demonstrates to employees that integrity is a top priority.
  • Ethics Training. In addition to promoting whistleblowing, regular ethics training can help build a culture of transparency and accountability. Employees must be educated on the importance of ethical decision-making and how their actions contribute to the company’s long-term success. Compliance teams can reinforce the core values of honesty and integrity across the organization through frequent workshops, case studies (including Bre-X), and clear guidance on ethical behavior.

Risk Management and Scenario Planning

The Bre-X scandal is a stark reminder of the importance of comprehensive risk management. The ability to foresee potential risks and prepare accordingly can be the difference between averting a disaster or getting caught in one.

  • Assessing and Mitigating Risk. Risk management is central to the work of a compliance officer. Rigid risk assessments are non-negotiable in industries like mining—where speculation, large financial stakes, and geographical challenges intersect. Compliance professionals must develop strategies that identify, assess, and mitigate potential risks early, whether they stem from operational, financial, or reputational sources. For instance, resource overestimation, as seen in Bre-X, could have been mitigated with proper checks on geological data and third-party verification.
  • Scenario Planning. Preparing for various fraud scenarios, including “what if” situations similar to Bre-X, is a valuable exercise. Scenario planning enables organizations to consider how they would respond in the event of fraud or a major compliance breach. Companies should develop detailed crisis management plans, identify key decision-makers, and outline steps for navigating potential crises. In the event of another large-scale scandal, having these contingency plans in place will reduce the organization’s response time and limit damage.

Continuous Controls Monitoring and Auditing

The importance of continuous monitoring cannot be overstated, particularly in industries prone to high levels of fraud, such as mining, finance, or healthcare. Compliance professionals must champion ongoing oversight to ensure early detection of potential issues.

  • Ongoing Oversight. Continuous auditing of processes and transactions is an effective way to catch problems before they escalate. In the Bre-X case, regular audits of geological sample reporting and financial disclosures could have flagged discrepancies early on. Compliance teams today should implement robust monitoring programs that examine critical areas like financial performance, regulatory adherence, and ethical behavior. Routine audits of key operational processes, especially in high-risk industries, can prevent fraudulent behavior from going undetected.
  • Use of Technology. The rise of data analytics and artificial intelligence (AI) has transformed the compliance landscape. In 2024, compliance professionals must embrace technology that enhances real-time monitoring capabilities. By leveraging AI and big data, companies can detect anomalies or suspicious activities before they evolve into significant problems. For example, automated systems can track financial reporting patterns or identify irregular resource estimates, helping compliance teams intervene before major fraud occurs.

Global Considerations and Jurisdictional Awareness

In today’s globalized business environment, companies often operate in multiple countries, each with its regulatory requirements. Compliance professionals must stay abreast of international standards and ensure the organization complies with all regions.

  • Navigating International Regulations. The Bre-X scandal highlighted the complexities of operating in different jurisdictions. While Bre-X was a Canadian company, much of its fraudulent activities occurred in Indonesia, and the regulatory landscape vastly differed between the two countries. In 2024, compliance officers must develop an in-depth understanding of the regulatory environments in each jurisdiction where their company operates. This includes legal compliance and cultural and business norms that could impact operations and risk management strategies.
  • Cross-Border Cooperation. In an interconnected world, no company is an island. Regulatory bodies across countries are increasingly cooperating on compliance and enforcement efforts, especially in mining, finance, and pharmaceuticals. Building relationships with regulatory agencies in different jurisdictions is vital for compliance professionals. These partnerships can help organizations navigate complex international regulations and stay on top of emerging global compliance trends.

The Bre-X scandal was a watershed moment for the mining industry and for compliance professionals across sectors. The lessons from this case are invaluable in shaping how compliance is approached in 2024. Compliance officers can safeguard their organizations from the devastating consequences of fraud by encouraging a culture of whistleblowing, implementing comprehensive risk management practices, leveraging technology for continuous monitoring, and understanding global regulatory landscapes.

Fraud prevention is a continuous journey that requires vigilance, transparency, and a proactive mindset. Today’s compliance professional’s responsibility is not just to respond to incidents but to anticipate them, fostering a corporate culture prioritizing ethics and accountability at every level. This concludes our series on the Bre-X scandal. By learning from the past, compliance professionals can build a more resilient, transparent future for their organizations.

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The Corruption Files

The Corruption Files: Stranger Than Fiction: The Bre-X Mining Scandal

What is stranger than fiction? The stories of worldwide corruption. In this podcast series, co-hosts Tom Fox, the Voice of Compliance and Mike DeBernardis, partner at Hughes Hubbard, discuss some of the most audacious corruption cases in anti-corruption enforcement. More importantly, they will discuss the lessons learned on what your organization can do to prevent running afoul of international anti-bribery laws.

In this episode of Season 2, Tom and Mike take a deep dive into the Bre-X mining scandal of the mid-1990s. Tom and Mike explore the fraudulent gold discovery announced by the Canadian company in Indonesia, which led to a massive media frenzy, skyrocketing stock prices, and eventually, a colossal financial collapse. The discussion includes the scandal’s sensational aspects, lack of individual prosecutions, and the regulatory responses that followed. Fox and DeBernardis also examine the greed and desperation driving the fraud and draw vital compliance lessons for today’s professionals.

Key Highlights:

  • Overview of the Bre-X Mining Scandal
  • The Sensational Details of the Fraud
  • The Aftermath and Lack of Prosecution
  • Regulatory and Legal Responses
  • Compliance Lessons for Today

Resources:

Mike DeBernardis on LinkedIn

HughesHubbardReed

Tom Fox

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Blog

The Bre-X Mining Scandal, Part 2: Why Was it So Sensational?

In the annals of corporate fraud, few scandals match the magnitude of the Bre-X mining affair. For compliance professionals, the lessons from this incident resonate deeply, not just because of the scale of the deception but because of its far-reaching impact on global markets, regulatory frameworks, and the reputations of major institutions. This blog post continues our series on scandals and the lessons for compliance professionals. In today’s Part 2, we deeply dive into why the Bre-X scandal became so sensational, providing key takeaways for compliance officers and business managers.

The Scale of the Discovery

Bre-X Minerals, a little-known Canadian company, exploded onto the global scene in the mid-1990s, announcing that it had made the largest gold discovery ever. Located in the remote Busang region of Indonesia, the supposed find was estimated at around 200 million ounces of gold—potentially the most valuable gold deposit in history. The news sent shockwaves through the mining industry, leading to a dramatic surge in Bre-X’s stock price, which catapulted the company’s market capitalization to nearly $6 billion at its peak.

From a compliance perspective, the sheer size of the claim should have been a red flag. While due diligence procedures existed, the excitement around the discovery caused many investors, including large institutions, to overlook the necessary checks and balances. This episode highlights the importance of remaining skeptical of “too-good-to-be-true” claims, no matter the excitement surrounding a company’s prospects.

Global Impact

Bre-X’s fraudulent claims did not simply captivate Canadian investors and the Toronto Stock Exchange; the scandal involved major international players, including the Indonesian government and multinational mining companies like Freeport-McMoRan. With such a significant discovery located in a developing country, the situation became a geopolitical issue, raising questions about resource control, corruption, and the distribution of wealth.

For compliance professionals, the Bre-X scandal is a sobering reminder of the global nature of financial frauds. In today’s interconnected markets, a localized scandal can have ripple effects that span continents. Investors worldwide were drawn into Bre-X, and when the fraud was exposed, it became a global financial disaster. The lesson is that due diligence must extend beyond national boundaries, particularly when international stakeholders are involved.

The Scale of the Deception

I am not sure what the right word is here: breathtaking, unbelievable, fantastic, improbable, or some other word, as what set Bre-X apart was the elaborate nature of the fraud. The company engaged in “salting” its gold samples—adding trace amounts of gold to drill core samples to inflate the perceived value of the deposit. This sophisticated deception went undetected for years, partly because it was executed with such audacity. Bre-X’s claims of having discovered the world’s largest gold deposit seemed almost unbelievable—and they were.

This should serve as a cautionary tale for compliance teams regarding the lengths to which some companies will go to perpetrate fraud. It also underscores the importance of rigorous, independent verification processes, especially when dealing with complex technical industries like mining. Major mining companies’ due diligence in the case of Bre-X was insufficient, allowing the fraud to go unchecked for far too long.

Human Drama and Tragedy

The Bre-X scandal was a human drama with mysterious deaths and personal tragedies as its main plot points rather than just financial deception. Chief among these was the death of Michael de Guzman, Bre-X’s chief geologist, who allegedly committed suicide by jumping from a helicopter into the Indonesian jungle as the fraud was being uncovered. His death remains shrouded in mystery, and many questions remain unanswered to this day.

Additionally, the founder of Bre-X, David Walsh, conveniently died of a suspected brain aneurysm shortly after the scandal came to light. His death further deepened the sense of tragedy, leaving unresolved questions about how much he knew and whether he bore responsibility for the fraud. These events highlight the profound personal toll corporate scandals can take on compliance officers. While the focus is often on financial or regulatory issues, the human cost of fraud can be equally devastating.

Media Frenzy

The Bre-X scandal was tailor-made for the media. The story captured the world’s attention with incredible wealth, deception, mysterious deaths, and international intrigue. Sensational headlines painted a picture of greed, betrayal, and the collapse of fortunes, turning the scandal into a global media phenomenon.

For compliance professionals, this aspect of the Bre-X case illustrates the power of public perception. Once the media gets hold of a scandal, it can magnify the reputational damage to a company and its stakeholders. Preventing such scandals requires rigorous internal controls and a proactive approach to managing external communications and public relations.

Lack of Accountability

Despite the overwhelming evidence of fraud and the massive financial losses suffered by investors, no one was successfully prosecuted for the Bre-X scandal. This lack of accountability remains one of the most frustrating aspects of the case. The idea that such a large-scale fraud could occur without significant legal consequences is troubling for compliance officers, whose role is ensuring violations are met with appropriate action.

The Bre-X affair is a stark reminder of the gaps in enforcement, especially when jurisdictional and international complexities are involved. This was not Too Big to Prosecute, but something different. Compliance teams must work closely with regulators and legal teams to ensure that accountability is maintained and that fraudsters are brought to justice.

Impact on the Mining Industry

One of the Bre-X scandal’s most lasting legacies is its impact on the mining industry. The fallout led to significant regulatory changes, particularly in Canada, where weaknesses in the regulatory framework were exposed. New standards were implemented to prevent future fraud, including more rigorous reporting requirements for mineral resources and reserves.

This is a critical takeaway for compliance officers in any industry: regulatory frameworks must evolve in response to major frauds or scandals. While Bre-X was an extreme case, it catalyzes continual improvement in compliance standards, particularly in industries vulnerable to fraudulent claims.

Psychological and Social Elements

As Mike Debernardis noted in the Corruption Files podcast on the matter, at its core, the Bre-X scandal is a story about greed and speculation. Investors, driven by the promise of massive profits, rushed to buy shares without fully understanding the risks involved. The result was a speculative bubble that burst spectacularly, leaving many investors with significant losses. The psychological aspect of this story—how people can get swept up in hype and speculation—offers a cautionary lesson for investors and compliance professionals.

For those in compliance, the key takeaway is educating stakeholders about the risks of speculative investments and ensuring that companies maintain transparency and integrity in their communications with investors.

The Bre-X mining scandal was sensational for its massive scale, the human drama, and the profound financial and regulatory consequences. For compliance professionals, it is a powerful reminder of the importance of due diligence, transparency, and accountability. In an increasingly globalized world, the lessons from Bre-X continue to resonate, offering valuable insights into how to prevent such scandals from happening again.

Join us tomorrow as we consider why no one was prosecuted.

Resources

The Bre-X Fraud by Donald Goold and Andrew Willis

Bre-X-The Inside Story of the World’s Biggest Mining Scam by Jennifer Wells

The Corruption Files podcast with Mike DeBernardis and Tom Fox

Categories
Daily Compliance News

Daily Compliance News: September 3, 2024 – The Fictional Company Edition

Welcome to the Daily Compliance News. Each day, Tom Fox, the Voice of Compliance, brings you compliance-related stories to start your day. Sit back, enjoy a cup of morning coffee, and listen to the Daily Compliance News. All from the Compliance Podcast Network.

Each day, we consider four stories from the business world: compliance, ethics, risk management, leadership, or general interest for the compliance professional.

In today’s edition of Daily Compliance News:

  • A Nigerian tech boss fined $250MM for a fictional company. (FT)
  • How much did Stewart Health Care pay its agent? (OCCRP)
  • 9 people have died from a listeria outbreak, so far. (NYT)
  • HP to go after Lynch’s widow. (Reuters)

For more information on the Ethico Toolkit for Middle Managers, available at no charge by clicking here.

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Regulatory Ramblings

Regulatory Ramblings: Episode 52 – AI vs. Financial Scams: Why Banks Aren’t Doing Enough in the Fight Against Sextortion and Fraud with Oonagh van den Berg

A lawyer by training and an entrepreneur by vocation, Oonagh van den Berg founded the compliance consultancy and training firm RAW Compliance. She is a highly regarded international compliance professional with two decades of experience in London, Hong Kong, and Singapore.

Growing up in Northern Ireland against the violent backdrop of “The Troubles” during the tumultuous 1980s, she’s a veteran at weathering the sharp, harsh curveballs that life sometimes throws us. She went on to become a lawyer, compliance officer, recruiter, and later, a consultant and educator despite the hardships she encountered as a young girl, such as the Irish Republican Army shooting her police officer father.

This episode of Regulatory Ramblings is topical, timely, and deeply poignant. Oonagh talks to our host, Ajay Shamdasani, about the need for artificial intelligence (AI), mainly by international banking and financial institutions and multinational corporations more generally, to combat financial scams, deep fakes, and sextortion:

It is an issue that hit close to home earlier this summer as Oonagh while working to raise awareness of the matter, learned that her 13-year-old daughter and a few of her school friends became the victims of blackmail because of some innocent photos shared on Snapchat. Raising awareness, Oonagh says, can help prevent others from experiencing the same thing. She shares that RAW Compliance has been working on important awareness videos about social media scams and sextortion targeting pre-teens, teenagers, and young adults.

A recent poll by Europol revealed that cybercriminals are increasingly exploiting new technologies to commit complex and dangerous crimes – and, in many instances, using AI to commit vile acts of violation against the unwitting. For example, malicious large language models (LLM) are used to develop scripts, phishing emails, and online fraud advertisements and to overcome language barriers that allow sex offenders to groom victims in any language and impersonate peers.

Then there is the threat of generative AI because AI-altered and fully artificial child sexual abuse materials are now so realistic and used in sextortion cases that it has resulted in the blackmail and subsequent suicide of some victims.

Additionally, AI deepfakes are becoming more sophisticated and accessible. Such technologies make it vexatious for law enforcement to identify victims and find the appropriate legal framework to charge criminals. Yet, law enforcement has grown more tech-savvy and started using more advanced detection tools. It is still an uphill battle, however, as the authorities are all too often playing catch-up.

Oonagh also discusses her firm’s groundbreaking collaboration to support victims of financial scams and help recover their assets. Together with Nick Leeson, the infamous former 90s-era Barrings trader, the pair combine their expertise to make a tangible difference in the fight against financial fraud. (Links below)

Oonagh says it matters because “Financial scams leave lasting impacts and destroy lives, with little to no help available. Recovery can feel overwhelming. By joining forces, we aim to turn the tide and provide the help and guidance victims need to reclaim their financial futures.”

In her view, banks are not doing enough to help victims of financial scams, mainly due to shortcomings in their technology and fraud detection systems. In the UK, for example, financial crime is a growing issue, with over 3.5 million people affected by scams annually, leading to losses exceeding £1.2 billion.

The problem is equally severe in continental Europe, with countries like Ireland and the Netherlands reporting significant increases in scam-related incidents, resulting in hundreds of millions of euros in losses.

Similarly, in the US, financial scams cost consumers over $3.3 billion annually.

The conversation continues with Oonagh fleshing out how financial institutions can navigate evolving regulations and effectively monitor child sexual abuse materials (CSAM). She also discusses the challenges and strategies for investigating CSAM and human trafficking in traditional and decentralized financial systems. She emphasizes the hurdles of global technology in combating such crimes and estimates the value of suspected CSAM transactions using fiat versus cryptocurrency.

The discussion concludes with Oonagh pointing out that the financial sector has often shirked its responsibility when it comes to anti-money laundering, ‘pig butchering,” human trafficking, and financial scams. The sad truth is that many victims will never truly be made whole.

She stresses that when it comes to law enforcement and investigators, the biggest takeaway for traditional financial crime compliance professionals and blockchain investigators is understanding suspicious red flags and other typologies supporting investigations.

We are bringing you the Regulatory Ramblings podcasts with assistance from the HKU Faculty of Law, the University of Hong Kong’s Reg/Tech Lab, HKU-SCF Fintech Academy, Asia Global Institute, and HKU-edX Professional Certificate in Fintech.

Useful links in this episode:

  • Connect or follow Oonagh van den Berg on LinkedIn

  • RAW Compliance: Webpage

  • Oonagh van den Berg with Nick Leeson, through FundsRehab.com, offers support and solutions for those impacted by financial scams, guiding them through asset recovery. Assistance is available for those in need. FundsRehab.com is dedicated to combating financial fraud and driving change, with updates on their efforts on the website.

You might also be interested in:

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Threads: https://www.threads.net/@hkufintech
Website: https://www.hkufintech.com/regulatoryramblings 

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Website: https://compliancepodcastnetwork.net/

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10 For 10

10 For 10: Top Compliance Stories For The Week Ending August 24, 2024

Welcome to 10 For 10, the podcast that brings you the week’s Top 10 compliance stories in one podcast each week. Tom Fox, the Voice of Compliance, brings to you, the compliance professional, the compliance stories you need to be aware of to end your busy week. Sit back, and in 10 minutes, hear about the stories every compliance professional should be aware of from the prior week.

Every Saturday, 10 For 10 highlights the most important news, insights, and analysis for the compliance professional, all curated by the Voice of Compliance, Tom Fox. Get your weekly filling of compliance stories with 10 for 10, a podcast produced by the Compliance Podcast Network.

  • Corruption in the OIG? (The Hill)
  • Menendez resigns from the Senate. (AP)
  • Putin was shocked to find corruption in Russia. (Newsweek)
  • SEC censorship? (FT)
  • What to do about workplace assassins? (NYT)
  • Santos pleads guilty.  (WSJ)
  • TD Bank reserves $2.6 billion for the AML fine.  (WSJ)
  • An ex-Vitol trader pleads guilty. (Law360)
  • Mike Lynch’s body was found. (FT)
  • Michael Lewis issues mea culpa on SBF. (WaPo)

For more information on the Ethico ROI Calculator and a free White Paper on the ROI of Compliance, click here.

You can check out the Daily Compliance News for four curated compliance and ethics-related stories each day, here.

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10 For 10

10 For 10: Top Compliance Stories For The Week Ending August 3, 2024

Welcome to 10 For 10, the podcast which brings you the week’s Top 10 compliance stories in one podcast each week.

Tom Fox, the Voice of Compliance brings to you, the compliance professional, the compliance stories you need to be aware of to end your busy week. Sit back, and in 10 minutes hear about the stories every compliance professional should be aware of from the prior week.

Every Saturday, 10 For 10 highlights the most important news, insights, and analysis for the compliance professional, all curated by the Voice of Compliance, Tom Fox. Get your weekly filling of compliance stories with 10 for 10, a podcast produced by the Compliance Podcast Network.

  • The EU investigates Chinese corruption in Cyprus. (FT)
  • US aviation company accused of bribery in South Africa. (Business Insider)
  • Glencore trader criminally charged by SFO for bribery. (FT)
  • Meta agrees to pay the state of Texas a $1.2 billion fine. (Texas Tribune)
  • FirstEnergy loses the privilege ruling. (Reuters)
  • Are corporate criminal convictions ‘just a footnote’?   (WSJ)
  • State Street agreed to a $7.5 million fine for Russia’s sanctions violations. (WSJ)
  • Mozambique wins the ‘hidden debt’ case. (Barron’s)
  • The top Trump bundler connected the FirstEnergy corruption scandal. (Ohio Capital Journal)
  • Raytheon (RTX) sets aside $959 million for pricing, corruption probe fine.   (Bloomberg)

For more information on the Ethico ROI Calculator and a free White Paper on the ROI of Compliance, click here.

You can check out the Daily Compliance News for four curated compliance and ethics related stories each day, here.

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