Tag: fraud

Daily Compliance News: March 21, 2024 – The Off Channel Communications Edition

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Post date March 21, 2024
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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:

More CFTC fines for messaging app violations. (WSJ)
$12 bank fraud in Vietnam. (FT)
Money laundering of $6.3bn fraud in UK. (AML Intelligence)
Will the Supreme Court legalize bribery? (The Lever)

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

Tags AML, bitcoin, bribery, CFCT, fraud, messaging apps

Daily Compliance News

Daily Compliance News: March 6, 2024 – The Another FIFA Corruption Trial Edition

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Post date March 6, 2024
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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:

Yet another FIFA-related corruption trial. (FT)
A multi-billion-dollar fraud trial begins in Vietnam. (Reuters)
Menendez search warrants are constitutional. (AP)
Mike Lynch settles a data privacy suit against the SFO. (Bloomberg)

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

Tags corruption, FIFA, fraud, Mike Lynch, Senator Robert Menendez, SFO

Daily Compliance News

Daily Compliance News: March 5, 2024 – The World’s Most Ethical Edition

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Post date March 5, 2024
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In today’s edition of Daily Compliance News:

Ethisphere announces the World’s Most Ethical Company Awards. (Press Release)
A former Venezuelan officer pleads guilty to $1.7 fraud and corruption. (Local10)
Apple was fined €1.8bn in the EU. (FT)
Former Twitter execs sued for severance packages. (WSJ)

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

Tags Apple, corruption, Elon Musk, Ethisphere, EU, fraud, twitter, WME, World's Most Ethical Companies

Compliance Into the Weeds

Compliance into The Weeds: Compliance and Internal Controls in The Trump Organization

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Post date February 21, 2024
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The award-winning Compliance into the Weeds is the only weekly podcast that takes a deep dive into a compliance-related topic, literally going into the weeds to more fully explore a subject. Looking for some hard-hitting insights on compliance? Look no further than Compliance into the Weeds! In this episode, Tom and Matt look at the Trump Organization Monitor and Independent Director of Compliance required in the trial court order.

The topic of internal controls within the Trump Organization has recently come under scrutiny, with the need for improved financial practices and systems of accounting control becoming increasingly apparent. Tom views internal controls as the backbone of financial reporting and compliance. He points out the inconsistencies and errors in the Trump Organization’s financial disclosures, emphasizing the need for accurate certifications and attestations about the organization’s financial health. Similarly, Matt underscores the importance of consistent and accurate financial disclosures. He raises concerns about the lack of basic financial controls within the Trump Organization and sees the need for a significant overhaul of internal controls to ensure transparency, accuracy, and compliance with financial reporting standards. Both Fox and Kelly’s perspectives are shaped by their extensive experience in the field of compliance and their understanding of the critical role internal controls play in maintaining financial integrity.

Key Highlights:

Compliance Monitor’s Oversight in Fraud Detection
Navigating Financial Compliance in the Trump Organization
Implementing Effective Accounting Control Systems at Trump
Enhancing Financial Integrity in the Trump Organization

Resources:

Matt on Radical Compliance

Tom

Tags compliance, corruption, fraud, Internal Controls, monitor, Trump Organization

Compliance Into the Weeds

Compliance Into The Weeds: Oscar Season and Internal Controls

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Post date January 31, 2024
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The award-winning Compliance into the Weeds is the only weekly podcast that takes a deep dive into a compliance-related topic, literally going into the weeds to more fully explore a subject. Looking for some hard-hitting insights on compliance? Look no further than Compliance into the Weeds! In this episode, Tom and Matt take a deep dive into a payments and internal controls miasma involving actors Tom Holland and Tom Hollander.

The recent incident involving British actor Tom Hollander, who accidentally received a payment intended for Tom Holland due to a mix-up at their shared talent agency, has brought to light the critical importance of robust accounting controls for payments. Tom emphasizes the need for a second set of eyes to oversee payments and ensure they are going to the correct recipients. He suggests that smaller organizations can implement human review controls, while larger ones may need to rely on technology such as robotic process automation. Matt is highlighting the potential legal and regulatory consequences of sending payments to the wrong recipients. He stresses the need for organizations to demonstrate to regulators that errors are rare and accidental and that they have effective assurance processes in place. Join Tom Fox and Matt Kelly as they delve deeper into this topic in the latest episode of Compliance into the Weeds.

Key Highlights:

Payment Mix-up Highlights Importance of Internal Controls
Error Prevention and Correction in Payments
Mitigating Compliance Risks with Internal Controls

Resources:

Matt on Radical Compliance

Tom

Tags fraud, Internal Controls, payments, Spiderman, Tom Holland, Tom Hollander

10 For 10

10 For 10: Top Compliance Stories For The Week Ending January 27, 2024

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Post date January 27, 2024
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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.

God told Paster to commit cryptofraud. (NYT)
When fraud starts at the top. (FT)
Shkreli lifetime pharma ban upheld. (Reuters)
China is cracking down on data corruption. (South China Morning Post)
Exxon sues to prevent shareholder climate petitions at Board meetings. (BBC)
Toughening China’s forced labor import ban is coming. (WSJ)
Gen Z is taking on more part-time jobs. What are the compliance risks? (WaPo)
Binance fights SEC oversight. (Reuters)
The fraud of belts and roads. (WSJ)
ICBC was fined $32MM by DFS. (WSJ)

For more information on Ethico and a free White Paper on top compliance issues in 2024, click here.

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

Connect with Tom

Tags Binance, China, compliance, corruption, DFS, fraud, GenZ, NRA

Daily Compliance News

Daily Compliance News: January 24, 2024 – The Fraud at The Top Edition

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Post date January 24, 2024
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In today’s edition of Daily Compliance News:

God told Pastor to commit crypto fraud. (NYT)
When fraud starts at the top,. (FT)
Shkreli’s lifetime pharma ban was upheld. (Reuters)
China is cracking down on data corruption. (South China Morning Post)

For more information on Ethico and a free White Paper on top compliance issues in 2024, click here.

Tags China, corruption, data corruption, fraud, Martin Shkreli

Daily Compliance News

Daily Compliance News: December 19, 2023 – The FTC Scores Big Win Edition

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Post date December 19, 2023
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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.

Stories we are following in today’s edition:

Questions about the state of the CA settlement with ActivisionBlizzard. (NYT)
Will Clarence Thomas recuse in the Trump case? (Reuters)
Nikola founder, was sentenced to 4 years for fraud. (FT)
FTC scores a big court win. (NYT)

Tags ActivisionBlizzard, Clarence Thomas, corruption, fraud, FTC, Nikola

FCPA Compliance Report

FCPA Compliance Report – Sam Tate on The UK Economic Crime and Corporate Transparency Act

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Post date December 18, 2023
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Welcome to the award-winning FCPA Compliance Report, the longest-running podcast in compliance. In this episode, Tom Fox welcomes back Sam Tate, partner at RPC, who discusses the UK’s Economic Crime and Corporate Transparency Act.

Sam Tate is a seasoned partner at RPC, an international law firm specializing in anti-corruption, compliance, and financial crimes. With a rich background in the oil and gas industry, including a stint as the head of anti-corruption at BP, Sam has a unique perspective on the UK’s Economic Crime and Corporate Transparency Act and its role in enhancing corporate transparency and accountability. He believes that the Act is a significant development, particularly in its expansion of liability to senior managers and the introduction of a new failure to prevent fraud. These changes, he argues, necessitate a reevaluation and adaptation of companies’ compliance programs to safeguard against potential offenses. Join Tom Fox and Sam Tate as they delve deeper into this topic on this episode of the FCPA Compliance Report.

Key Highlights:

Enhancing the Corporate Transparency and Accountability Act
Adapting to New Fraud Regulations and Compliance
The Evolution of Financial Crime Enforcement in the UK
Strict Liability for Company Fraud Offenses
The Extent and Impact of Fraud

Resources:

Sam Tate on LinkedIn

Tom Fox

Tags Economic Crime and Corporate Transparency Act, fraud, RPC, Sam Tate

Data Driven Compliance

Data Driven Compliance: Marta Cadavid – Fighting Fraud with AI

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Post date December 5, 2023
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Are you struggling to keep up with the ever-changing compliance programs in your business? Look no further than the award-winning Data Driven Compliance podcast, hosted by Tom Fox, is a podcast features an in-depth conversation around the uses of data and data analytics in compliance programs. Data-Driven Compliance is back with another exciting episode. Today, I visit with Marta Cadavid, co-founder of NoFraud Latam who talks about using data-driven compliance to fight fraud.

Marta Cadavid, a Colombian accountant and co-founder and CEO of NoFraud Latam, is a passionate advocate for fraud prevention and detection. Marta’s perspective on “AI-based fraud prevention software developed by Northrop La Tam CEO” is shaped by her belief that fraud is a significant issue causing financial losses for companies and that current detection methods are slow and ineffective.

Mart and her team have developed Fraud Explorer, a software that uses artificial intelligence to detect fraud in real-time, significantly reducing the typical 12-month detection period. Marta emphasizes the importance of a diverse team in developing effective strategies to mitigate risks related to fraud and other misbehaviors in companies. Join Tom Fox and Marta Cadavid on this episode of the Data-Driven Compliance podcast to learn more about her innovative approach to fraud prevention.