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The Internal Control Institute has developed two mini assessments to test your knowledge. A CICS Common Body of Knowledge Mini Assessment that helps an individual determine their knowledge as it relates to organizational governance and control practices. Results point out areas of knowledge that may require additional training and experience. The assessments also provides a measurement to the individual's readiness for CICS certification.

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On Jan. 17, 2024, the U.S. Department of Justice (DOJ) Criminal Division's Fraud Section released its annual Year in Review for 2024 (2024 Report). Although larger than many U.S. Attorneys' offices, the Fraud Section prosecutes only white collar crimes. The Section has approximately 140 prosecutors in its three litigating units: the Health Care Fraud Unit (HCF), the Market Integrity and Major Frauds Unit (MIMF), and the Foreign Corrupt Practices Act Unit (FCPA). The 2024 Report showcases various Fraud Section successes over the past year and compares 2024 statistics to those of prior years.The Fraud Section reported a very active 2024, with increases over 2023's numbers across most metrics — cases resolved, individuals convicted, and financial penalties imposed. Last year, the Fraud Section reported $28 million in average fraud per individual charged; the 2024 Report shows an increase to $35 million, a 25% jump.

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Designed for busy in-house counsel, compliance professionals, and anti-corruption lawyers, this special edition of our award-winning monthly Top 10 International Anti-Corruption Developments newsletter summarizes the most important international anti-corruption law and enforcement developments and trends over the past year, with links to primary resources. Our Year in Review answers questions such as: What trends are we seeing in FCPA corporate resolutions? What notable trial takeaways emerged?

Download the full report here

American Express will pay a total of about $230 million to resolve federal wire fraud investigations and to settle civil allegations of deceptive marketing, the company said Thursday. The tally includes more than $138 million as part of a non-prosecution agreement with the U.S. Attorney’s Office in Brooklyn, New York, related to allegations that American Express gave customers “inaccurate tax advice” for two wire products. Separately, the banking giant will pay $108.7 million to resolve civil claims by the Department of Justice’s Civil Division that it deceptively marketed credit cards to small businesses, among other allegations.

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Hino Motors, a subsidiary of Toyota, has agreed to plead guilty and pay over $1.6 billion to resolve charges of submitting false engine emissions and fuel consumption data to regulators, as well as smuggling engines into the United States. This misconduct allowed Hino to improperly secure approvals to sell over 110,000 diesel engines in the U.S. from 2010 to 2022. The resolution involves multiple federal agencies and aims to hold Hino accountable for violating environmental, consumer protection, and import laws, ultimately endangering public health and the environment.

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Compliance risk is a persistent challenge for banks to manage in today’s stringent regulatory landscape. Financial institutions face significant risks with escalating legal and financial penalties for non-compliance, and reputational damage eroding customer trust. Staying ahead with robust compliance risk management programs helps safeguard their operations, maintain regulatory confidence, and protect their competitive standing. Let’s dive into the top compliance risks banks face and explore risk management strategies to mitigate them, drawing lessons from notable industry scandals.

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Designed for busy in-house counsel, compliance professionals, and anti-corruption lawyers, this newsletter summarizes some of the most important international anti-corruption law and enforcement developments from the past month, with links to primary resources. This month we ask: Which companies resolved Foreign Corrupt Practices Act (FCPA) cases with the U.S. Department of Justice (DOJ) and Securities and Exchange Commission (SEC)? Why is DOJ touting 2024 as a “banner year” for FCPA enforcement? What are the results of China’s anti-corruption crackdown in the healthcare sector? The answers to these questions and more are here in our December 2024 Top 10.

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The DOJ’s civil cyber-fraud initiative has been increasingly active in making compliance with cybersecurity requirements a False Claims Act (FCA) enforcement priority, and qui tam whistleblowers remain crucial to FCA enforcement. At the same time, the SEC, which in 2023 adopted enhanced requirements regarding material cybersecurity incidents and reporting, relies heavily on its own whistleblower program for its enforcement efforts. Under the FCA and SEC whistleblower program, individuals with knowledge about companies with deficient cybersecurity products or services or about a company’s failure to disclose a cyber breach are thus empowered to blow the whistle to the government. If their whistleblowing contributes to a successful enforcement action, they may be eligible for a monetary award.

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In 2002, Congress passed the Sarbanes-Oxley (SOX) Act to prevent corporate fraud and safeguard investors against inaccurate financial reporting. Lawmakers developed the SOX Act in response to high-profile financial scandals in the early 2000s, and it applies to all public company boards and accounting firms in the U.S.

Two of SOX's key sections mandate that 1) a company's CEO and CFO personally certify the accuracy and completeness of financial statements (section 302) and 2) management and auditors implement internal controls and procedures for reporting (section 404). Failure to meet these regulations can result in legal and financial repercussions.

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Contact: Mr.Nikolai Triffet 

Email: nikolai@icib.org

Contact: Mr Nereo Guzman Mendoza

Email: nguzman@businesssolutionvalley.com

Tel: +52 811 181 3514

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Email: ici-asean@hotmail.com

Control Quote

‘Our greatest weakness lies in giving up. The most certain way to succeed is always to try just one more time.’

– Thomas A. Edison