The UK Financial Conduct Authority fined Barclays Bank £72 million ($108 million) Thursday for rushing to serve rich politically exposed persons and keeping their deal secret.
Entries in Due Diligence (77)
In the e-book we wrote as a guide to navigating corruption challenges in emerging markets, we talk in one chapter about the particular risks companies face when they enter new markets.
A major risk for inbound investors in Russia is inadvertent exposure (often under the aegis of third parties) to a type of shell entity called a Fly-by-Night company.
The U.S. Federal Reserve and the New York Department of Financial Services said China's second biggest bank has to improve its anti money-laundering practices and do more due diligence on customers.
Corrupt payments are made to achieve important objectives -- important enough to risk possible loss of reputation and criminal prosecution. The most common objectives are winning business, maintaining business, and executing transactions faster.
The DOJ and SEC expect diverse functional areas of organizations to participate in compliance risk assessments. Among them are compliance, legal, internal audit, procurement, and finance. Human resources, marketing, and public relations also usually have a role.