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In a recent report, 3M Company has agreed to pay over $6.5 million in fines in a settlement with the SEC following claims of breaking the Foreign Corrupt Practices Act (FCPA). The alleged illegal actions of a 3M subsidiary in China were central to these claims. According to the Securities and Exchange Commission (SEC), 3 M’s Chinese arm had a peculiar method to bolster sales. The subsidiary provided overseas travel opportunities to Chinese government officials. 

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A United States-based forensic expert, Eliezer Olukowade, has advocated the adoption of forensic accounting by the government at all levels and private organisations to address corruption and other financial recklessness in society.

Olukowade said the application of forensic accounting techniques was necessary for tackling the hydra-headed corruption in government ministries, agencies, and private establishments and tracking down those perpetrating criminal activities.

He disclosed that a total of $3.5 trillion has been lost to fraudulent financial reporting, corruption, and asset misappropriation globally due to the inability of the statutory audit system to detect and prevent corrupt practices

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A 49-year-old Texas man and former employee for Vitol Inc. is set to appear in federal court for allegedly conspiring to violate the anti-bribery provisions of the Foreign Corrupt Practices Act (FCPA) and for allegedly violating the FCPA, the Travel Act and the money laundering statutes in connection with a scheme involving Mexican government officials.  Javier Aguilar is expected to make his initial appearance before U.S. Magistrate Judge Yvonne Ho in Houston at 2 p.m. today.

The five-count indictment, returned Aug. 3, alleges Aguilar was a former manager and oil trader for Vitol Inc., the U.S. affiliate of the Vitol group of companies which together form one of the largest energy trading firms in the world. The former employee allegedly agreed with others to bribe Mexican officials in order to win business advantages related to contracts with the Mexican government instrumentality, PEMEX Procurement International (PPI). He is also charged with money laundering in connection with the scheme. 

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This Policy sets out the fundamental criteria of our Internal Control Model, which applies across the entire Telefónica Group. As the parent company, Telefónica, S.A. is responsible for providing the tools and mechanisms for effective coordination with all group companies, while respecting their individual decision-making rights and fiduciary duties to their shareholders.  This Policy also provides guidance on internal control responsibilities within Telefónica’s subsidiaries. When new entities join the Group or when we acquire stakes without gaining control, the relevant departments, supported by Internal Audit, will ensure these entities adhere to this Policy’s requirements, always maintaining confidentiality and ensuring compliance before finalising any investments or participations. 

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Banks and other financial institutions across the globe have been adopting biometrics as a way to improve the customer experience and increase security against identity fraud, such as money laundering or account takeovers. Biometrics are used by banks to onboard customers and authenticate them after onboarding when conducting transactions, such as at ATMs. Biometric authentication can help ensure that transactions are not fraudulent — and are less time-consuming than the traditional ways that banks reach a high level of assurance that the right person is accessing the account. Banks are also using biometrics as an internal control, securing staff access to sensitive data and restricted areas.

Fingerprints are the most common modality of choice for bank biometrics due to their speed, ease of use, high accuracy and cost-effective nature.

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BNK Financial Group is eager to restore public trust following multiple cases of illicit activities by a number of its employees. The group has recently been rolling out a series of measures to bolster internal controls at its banking subsidiary.

The group said Sunday that it established a team dedicated to analyzing the internal control activities of BNK Kyongnam Bank. The aim is to overhaul the existing system to prevent similar cases from happening in the future. The team operates directly under the supervision of the bank's CEO.

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Detecting and responding to financial fraud is a sum of many parts. At an individual auditor level, there are rigorous professional standards, controls, and engagement strategies that aid in the identification of and response to financial statement fraud. However, just as a goalkeeper is only as good as the team around them, the individual auditor is the final touchpoint in a far more complex journey within the audit firm. This culture plays an important part in the firm’s quality management system. The interplay of firm culture and audit quality is addressed in the Public Company Accounting Oversight Board’s recent findings that audit deficiencies were expected to rise for the second year in a row to 40% in 2022,.

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As a result of new cybersecurity rules adopted by the SEC, any public company doing business in the United States will need to assess its cybersecurity stance to make sure it is in compliance. Depending on their cyber maturity, some may already be headed in that direction and simply need to refine their adherence to the previous 2018 rules. Others may need to make significant adjustments or changes to their cybersecurity strategy. The new rules could have a profound impact on risk management programs through material incident reporting and board oversight and accountability requirements.

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Contact: Mr. Yves Dupont

Email: info@icib.org

Tel: 0032 2 305 35 25

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Tel: +52 811 181 3514

Control Quotes:

“Never regret anything that made you smile.”

Mark Twain.