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COMPLIANCE BLOG

WHERE COMPLIANCE MEETS COMPETENCE

FRAUDULENT FINANCIAL ASSERTIONS

How these assertions exacerbate corruption

Corruption is a widespread problem that affects many aspects of society, including the financial sector. One of the ways corruption manifests itself in the financial industry is through the use of fraudulent financial assertions.

Why whistleblowing is essential in compliance programs

Whistleblowing is a vital aspect of a compliance program. It refers to the act of reporting or disclosing any suspected wrongdoing or misconduct by an organization or its employees, agents, or representatives.

In today's business world, where corporate scandals and fraudulent activities are widespread, whistleblowing is an essential tool to ensure transparency, accountability, and ethical business practices.

Why a Compliance Program is essential for Governance

Compliance and governance are interrelated concepts that refer to the regulations and policies that organizations must abide by to ensure the responsible and ethical use of their resources, as well as to prevent legal and financial consequences.

Impact of conflicting interests on compliance

Conflict of interest refers to a situation in which an individual's personal interests, obligations, or loyalties interfere with their ability to perform their professional duties in an impartial manner.

A Compliance Nugget on Compliance Risks

Compliance risks refer to the possibility of a company or organization not adhering to regulations, laws, standards, or ethical principles that govern its operations and business dealings. Here are common compliance risks to be aware of:

The intersection of ESG and Compliance

Environmental, social, and governance (ESG) refers to the three central factors in measuring the sustainability and ethical impact of an investment in a company or organization. Compliance refers to following regulations and laws, as well as adhering to industry standards and best practices.

Case against MD of Bank Pembangunan Malaysia Berhad

Bribery and fraud involving financial institutions is worrisome not least because of the millions in funds involved. The Development Financial Institution of Malaysia (Bank Pembangunan Malaysia Berhad) is suing its former MD, Datuk Mohd Zafer Hashim, and other defendants, for loss and damages of more than RM560 million (USD127 million at current exchange rate of RM4.4 to USD1).

The longest running US Navy Bribery scandal

He's known as Fat Leonard. He's at the heart of the longest running US Navy bribery, corruption and fraud scandal of all time, indicting more than 30 US Navy officials and defence contractors.

Facilitating money laundering

In a testimony in 2021 in the Tanore-1MDB trial, we were made aware of several moves that revealed how USD 1 billion was moved in 2 tranches to sham PetroSaudi beneficiaries back in 2009. These moves may be construed as underhand tactics

The Tanore Phase

If you were interested in looking at a snapshot of a part of the convoluted 1MDB money laundering trail involving numerous legal entities and the purchase of art, antiques, yacht, movies, real estate, diamond jewellery and connections to Hollywood stars/starlets and premier UK legal firm escrow accounts, here is an infographic re-drawn from the original Malaysiakini (2018) article on the DOJ lawsuit.

Section 17A - Corporate Liability Provision - Adequate Procedures

This is part 4 of a 5 part series on T.R.U.S.T. - the acronym for the Guidelines on Adequate Procedures to mitigate Section 17A - Corporate Liability provision. In Part 4 of T.R.U.S.T, we discuss Principle 4 - Systematic Review, Monitoring and Enforcement.

Section 17A - Corporate Liability Provision - Adequate Procedures

This is part 3 of a 5 part series on T.R.U.S.T. - the acronym for the Guidelines on Adequate Procedures to mitigate Section 17A - Corporate Liability provision. In Part 3 of T.R.U.S.T, we discuss Principle 3 - Undertake Control Measures.

Section 17A - Corporate Liability Provision - Adequate Procedures

This is part 2 of a 5 part series on T.R.U.S.T. - the acronym for the Guidelines on Adequate Procedures to mitigate Section 17A - Corporate Liability provision. In Part 2 of T.R.U.S.T, we discuss Principle 2 - Risk Assessment.

Section 17A - Corporate Liability Provision - Adequate Procedures

This is part 1 of a 5 part series on T.R.U.S.T - Adequate Procedures to Mitigate Section 17A Corporate Liability Provision. This 5 part series on T.R.U.S.T, the acronym for the adequate procedures guidelines, will discuss each element of the procedures that work best when encapsulated within an organisation wide anti-corruption program.

How the burden of proof has shifted

In the new Corporate Liability provision in Section 17A of the MACC Amendment Act 2018, the burden of proof has shifted to the company and its Directors and Top Management.

How compliance expertise mitigates corruption and fraud

The Foreign Corrupt Practices Act (FCPA) of the United States (US) targets official bribery outside the US. In early November 2018, the US Justice Department levied criminal charges against Timothy Leissner, former partner for investment bank, Goldman Sachs Group Inc., in Asia, for his involvement in fraud involving 1Malaysia Development Berhad (1MDB), the Malaysian sovereign wealth fund.

How the new Corporate Liability provision is a wake-up call

Are you familiar with "coffee money"? It's the local Malaysian parlance for bribery. Or, in Malaysian legal terms, gratification.

CONTACT US FOR A FREE INITIAL CONSULTATION

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SUITE 33-01, 33RD FLOOR, MENARA KECK SENG
203 JALAN BUKIT BINTANG
55100 KUALA LUMPUR
malaysia

teL: +60 (3) 2116 9761

e-mail: ASK@rc-compliance.com

Copyright © 2020 RC Compliance Consultancy. all rights reserved

RC COMPLIANCE CONSULTANCY

WHERE COMPLIANCE MEETS COMPETENCE

THE compliance blog

COMPLIANCE BLOG

WHERE COMPLIANCE MEETS COMPETENCE

FRAUDULENT FINANCIAL ASSERTIONS

How these assertions exacerbate corruption

importance of whistleblowing

Why whistleblowing is essential in compliance programs

BENEFITS OF COMPLIANCE PROGRAM

Why a Compliance Program is essential for Governance

CONFLICT OF INTEREST

Impact of conflicting interests on compliance

COMPLIANCE RISKS AT A GLANCE

A Compliance Nugget on Compliance Risks

esg AND COMPLIANCE

The intersection of ESG and Compliance

Fraud in financial institution

Case against MD of Bank Pembangunan Malaysia Berhad

FAT LEONARD AND THE US NAVY 7TH FLEET

The longest running US Navy Bribery scandal

1MDB Tanore

Facilitating money laundering

1MDB Money Trail

The Tanore Phase

Part 4 of T.R.U.S.T : Systematic Review, Monitoring and Enforcement

Section 17A - Corporate Liability Provision - Adequate Procedures

Part 3 of T.r.u.s.t : undertake control measures

Section 17A - Corporate Liability Provision - Adequate Procedures

PART 2 OF T.R.U.S.T : RISK ASSESSMENT

Section 17A - Corporate Liability Provision - Adequate Procedures

Part 1 of T.R.U.S.T : Top Level Commitment

Section 17A - Corporate Liability Provision - Adequate Procedures

SEction 17A - Corporate liability provision : the burden of proof

How the burden of proof has shifted

Compliance challenges in fraud and corruption

How compliance expertise mitigates corruption and fraud

Section 17A - Corporate Liability provision - NO more coffee money?

How the new Corporate Liability provision is a wake-up call

NEED HELP WITH YOUR ANTI-BRIBERY AND ANTI-CORRUPTION COMPLIANCE PROGRAM?

CONTACT US FOR A FREE INITIAL CONSULTATION

SUITE 33-01, 33RD FLOOR, MENARA KECK SENG203 JALAN BUKIT BINTANG55100 KUALA LUMPURmalaysiateL: +60 (3) 2116 9761e-mail: ASK@rc-compliance.comCopyright © 2020 RC Compliance Consultancy. all rights reserved

RC COMPLIANCE CONSULTANCY

SUITE 33-01, 33RD FLOOR, MENARA KECK SENG
203 JALAN BUKIT BINTANG
55100 KUALA LUMPUR
malaysia

teL: +60 (3) 2116 9761

e-mail: ASK@rc-compliance.com

Copyright © 2020 RC Compliance Consultancy. all rights reserved