KYC Archives - Corruption, Crime & Compliance

5 May, 2023

Cryptocurrency Firm, Poloniex, Reaches Settlement with OFAC and Pays $7.5 Million for Sanctions Violations

The cryptocurrency industry has a target on its back – and perhaps justifiably so. The SEC, CFTC and OFAC have been bringing a number of regulatory enforcement actions, including against Bittrex, Inc. ($24,280,829.20 in settlements with OFAC and FinCEN) and Payward, Inc. d/b/a Kraken ($362,158 settlement with OFAC). Yet, the cryptocurrency has lots to worry about when it comes to compliance – fraud, cybersecurity, and...

Danske Bank Pleads Guilty and Pays $2 Billion to Resolve Massive Fraud Case

General

8 Jan, 2023

Danske Bank Pleads Guilty and Pays $2 Billion to Resolve Massive Fraud Case

Danske Bank, the largest bank in Denmark, agreed to plead guilty to fraud and paid $2 billion to settle long-standing anti-money laundering and fraud violations stemming from its banking operations in Estonia. Danske Bank plead guilty to one count of bank fraud conspiracy. The notorious Danske Bank case in Estonia has been the subject of regulators in Denmark, the European Union and non-governmental watchdogs because...

Episode 243 — Scott Greytak, Transparency USA, and Erica Hanichak, the FACT Coalition, on House Passage of The Enablers Act

Podcasts

14 Aug, 2022

Episode 243 — Scott Greytak, Transparency USA, and Erica Hanichak, the FACT Coalition, on House Passage of The Enablers Act

In a bipartisan success story, the House recently passed The Enablers Act, which is a far-reaching reform bill aimed at reducing AML and corrupt financial activity in the United States. Scott Greytak, Advocacy Director at Transparency International USA, and Erica Hanichak, Director of Government Affairs at the FACT Coalition, join Michael Volkov for a discussion of this legislative accomplishment and the implications for the battle...

The United States Strategy on Countering Corruption: Digging into the Anti-Corruption Initiatives (Part III of III)

General

16 Dec, 2021

The United States Strategy on Countering Corruption: Digging into the Anti-Corruption Initiatives (Part III of III)

The new United States Strategy on Countering Corruption includes several important statements of interest to legal and compliance professionals. Under the third of the five pillars, Holding Corrupt Actors Accountable, the U.S. Government specifically calls out the importance of private sector commitment to anti-corruption compliance programs “to improve the international business climate by encouraging the adoption and enforcement of anti-corruption compliance programs by U.S. and...