Compliance & Ethics

TMF Group, a prominent provider of compliance and administrative services, has unveiled its tenth edition of the Global Business Complexity Index (GBCI). This comprehensive report delves into the complexities of conducting business in 78 jurisdictions, encompassing 92% of the world's total GDP and 95% of net global FDI flows. The GBCI meticulously evaluates nearly 300 annually tracked indicators across various critical aspects, such as legislation, compliance, accounting procedures, tax regimes, human resources, and payroll processes.

The Chair of the Federal Deposit Insurance Corporation (FDIC), in a recent address at the Brookings Institution Center on Regulation and Markets, called for stronger regulations on large regional banks in the United States. The speech comes in the wake of the recent failures of three major regional banks and highlights the need for comprehensive measures to ensure financial stability and mitigate risks associated with such failures.

In a stunning turn of events, the Chief of Staff to Madagascan President Andry Rajoelina has been arrested and charged with bribery offences in London. The arrest, carried out by the UK National Crime Agency (NCA), has sent shockwaves through diplomatic circles and raised concerns about corruption at the highest levels of the Madagascan government.

SkyCity Entertainment, a prominent casino operator, is grappling with potential financial setbacks as it navigates a complex legal battle against allegations of breaching anti-money laundering (AML) and counter-terrorism financing (CTF) laws at its Adelaide Casino. The company's future is shrouded in uncertainty as it faces the prospect of a substantial penalty imposed by the Australian Transaction Reports and Analysis Centre (AUSTRAC).

Swiss banking giant UBS has reached a landmark settlement, agreeing to pay a combined $1.4 billion in civil penalties to address allegations of fraud and misconduct related to its offering of mortgage-backed securities during the lead-up to the global financial crisis. The announcement was made by federal prosecutors on Monday, marking a significant development in the aftermath of the financial turmoil.

Dutch lender De Volksbank, a state-owned entity encompassing various smaller Dutch banks, including SNS and ASN, has come under scrutiny from the Dutch central bank (DNB) for its inadequate money laundering prevention systems. As a result, the bank is expected to incur fines for the shortcomings, the institution announced on Friday.

Grupo Aval Acciones y Valores S.A., a prominent Colombian conglomerate, along with its banking subsidiary, has agreed to pay a total of $80.8 million to settle Foreign Corrupt Practices Act (FCPA) offenses. The resolution stems from activities related to a toll road project in Colombia and underscores the company's commitment to address legal concerns.