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.
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Citigroup Inc. said Friday it is being investigated for hiring practices that might violate the FCPA.
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.
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.
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.
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.
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.
The Securities and Exchange Commission Tuesday said BNY Mellon agreed to pay $14.8 million to settle charges that it violated the Foreign Corrupt Practices Act by providing valuable student internships to family members of foreign government officials affiliated with a Middle Eastern sovereign wealth fund.
In a securities filing this month, Bank of New York Mellon Corp. said it received a subpoena from the SEC asking about job offers to government officials and internships awarded to their family members.