The Wolfsberg Group (the “Group”) is pleased to publish updated Guidance as to how Financial Institutions (“FIs”) should construct an effective Anti-Bribery and Corruption (“ABC”) Compliance Programme. The paper entitled “Anti-Bribery and Corruption Compliance Programme Guidance” (“the Guidance”) updates the 2011 Anti-Corruption Guidance paper and, as before, has been developed in collaboration with the Basel […]

On 4 July 2017, the Wolfsberg Group published updated guidance on how financial institutions should construct an effective anti-bribery and corruption compliance programme, together with a statement that summarises the changes made and the reasons for those changes. The guidance updates the anti-corruption paper published by the Wolfsberg Group in August 2011 – It has […]

In Krolls 2015 ABC Report, Kroll asked respondents to identify what they considered to be the type of corrupt behavior the chief compliance officer must guard against. The primary answers are bribery (93%), money laundering (61%), bid-rigging (60%), and price fixing (56%). Trailing further behind “the big four” corruption risks are conflict minerals (27%) and […]

On 21 January, the FCA held two live webinars which are now available to watch on demand. The first webinar focused on Managing money laundering and sanctions risk at smaller banks, http://bit.ly/1yB3fQx whilst the second webinar looked at Managing bribery and corruption risk in commercial insurance broking. http://bit.ly/1y6UUPO The webinars each comprise of a presentation from Rob […]

At the end of 2014, OECD released its first ever Foreign Bribery Report. The report is an analysis of the crime of bribery. We learn about who is bribing, who is receiving the bribe, what the cost of the bribe is, how bribes are being paid, where bribes are being paid, where the bribers are […]

The Financial Conduct Authority (FCA) has found that many small banks and commercial insurance intermediaries fail to effectively manage financial crime risk. The two reviews published in November 2014 related work by the FCA’s predecessor on banks in 2011 and intermediaries in 2010. While the reviews found some firms had made good progress in addressing […]

Bribes in the analysed cases equalled 10.9% of the total transaction value on average, and 34.5% of the profits – equal to USD 13.8 million per bribe. But given the complexity and concealed nature of corrupt transactions, this is without doubt the mere tip of the iceberg, says the OECD. Bribes are generally paid to […]

The Organisation for Economic Cooperation and Development (OECD) released its Foreign Bribery Report (Report) this week. The Report is the OECD’s first ever analysis of foreign bribery on a global scale. The Report analyses 427 legal cases involving companies (164 cases) and individuals (263 cases) who allegedly bribed foreign public officials in one or more […]