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Entries in internal controls (22)

Monday
Jan302017

How perverse incentives cause companies to abandon controls

In the prior post, we talked about reasonable goal setting that can turn into perverse incentives, leading to compliance and reputational disasters like Wells Fargo. In this post, we look at whether companies can contain the excesses of their incentive programs with controls.

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Friday
Aug122016

Key Energy pays $5 million to settle FCPA offenses in Mexico

Houston-based Key Energy Services, Inc. agreed to disgorge $5 million to settle Foreign Corrupt Practices Act offenses caused by bribes from its Mexican subsidiary to an employee at state-owned Pemex.

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Monday
Feb012016

SAP settles Panama bribes case with SEC for $3.9 million

The Securities and Exchange Commission said Monday that software maker SAP SE agreed to pay nearly $3.9 million to settle charges that it violated the Foreign Corrupt Practices Act by paying bribes to win business in Panama.

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Thursday
Aug062015

Practice note: BHP Billiton and expanding enforcement of FCPA internal controls provisions

The SEC took a seemingly aggressive stance in the BHP Billiton case, penalizing the Australian company $25 million for FCPA offenses because it sponsored foreign officials to attend the 2008 Summer Olympics in Beijing.

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Monday
Mar092015

Are FCPA books and records and internal controls defenses becoming obsolete?

Many of us scratched our head in 2010 when the Oracle FCPA enforcement action came out. We didn't understand how a company could be prosecuted, even civilly by the SEC for internal controls or book and records violations, without evidence that bribes had been paid. But after the past few months, I think Oracle was a precursor to a strict liability standard that's coming to FCPA enforcement.

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Wednesday
Feb182015

After Bruker: How much compliance is enough?

In the world of anti-corruption internal controls, there is no “one-size-fits-all” model. Ideally, design and implementation of such controls should be thoughtful, rigorous and based on a robust and re-performable corruption risk assessment. 

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Wednesday
Jan282015

International Franchising and the FCPA (Part Three): Best Practices

This post continues from Part One: Vicarious Liability and Part Two: A Flock of Foreign Officials.

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Monday
Dec222014

Alstom pays $772 million for FCPA settlement, SFO brings new charges

Alstom Chief Executive Officer Patrick Kron (Image courtesy of Alstom)Paris-based Alstom pleaded guilty Monday to bribing officials in Indonesia, Saudi Arabia, Egypt, and the Bahamas. It will pay $772 million in criminal penalties to settle the charges, the DOJ said.

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Tuesday
Nov182014

SEC sanctions ex FLIR employees for Saudi Arabia bribes

Image courtesy of FLIRThe Securities and Exchange Commission said Monday it sanctioned two former employees in the Dubai office of a U.S.-based defense contractor for violating the Foreign Corrupt Practices Act by taking government officials in Saudi Arabia on a “world tour” to help win business for the company. The two later created phony records to hide their offenses.

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Monday
Nov032014

Bio-Rad pays $55 million to settle FCPA offenses

California-based life science company Bio-Rad Laboratories agreed Monday to pay a total of $55 million to settle DOJ and SEC allegations that subsidiaries made improper payments to foreign officials in Russia, Vietnam, and Thailand to win business

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Tuesday
Oct072014

Software company pays SEC $750,000 for weak internal controls

The Securities and Exchange Commission sanctioned a Scottsdale, Arizona-based software company for having inadequate internal accounting controls over its financial reporting, causing misstated revenues in public filings for four years.

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Tuesday
Sep232014

Barclays fined $15 million for post meltdown Lehman compliance lapses

The Securities and Exchange Commission charged Barclays Capital Inc. Tuesday with failing to maintain an adequate internal compliance system to make sure it didn't violate any federal securities laws after its wealth management business in the U.S. acquired the advisory business of Lehman Brothers in September 2008.

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