Monday Compliance News - Around the World

GCSG's Monday Compliance News is a compilation of some of the previous week's interesting trade compliance, anti-bribery/corruption, fraud, and due diligence news bites, from around the world.

PwC to pay $1m to settle Merrill Lynch audit complaint | Reuters

"Accounting company PricewaterhouseCoopers LLP will pay $1 million to settle a civil complaint alleging it conducted a flawed audit into Merrill Lynch's compliance with federal brokerage customer protection rules, U.S. audit watchdogs said on Wednesday." (Click here for the article) - USA

Australia's Commonwealth Bank accused of massive money-laundering breaches | Reuters

"The Australian government on Thursday accused the country's biggest mortgage lender, Commonwealth Bank of Australia, of widespread breaches of money-laundering and counter-terrorism financing rules. " (Click here for the article) - Australia

Volkswagen executive pleads guilty in US emissions cheating case | Reuters

"Volkswagen AG executive Oliver Schmidt pleaded guilty on Friday in U.S. District Court in Detroit in connection with a massive diesel emissions scandal that has cost the German automaker as much as $25 billion. " (Click here for the article) - USA, Germany

Ethiopia arrests state minister for finance on suspicion of corruption | Reuters

"Ethiopia has arrested its state minister for finance on suspicion of corruption, state-run television said on Friday, part of an anti-graft drive that the government says has led to dozens of arrests in the last two weeks. " (Click here for the article) - Ethiopia

These 10 people assisted in a million-dollar Medicare fraud. Now they're paying for it | Miami Herald

"Ten owners of Miami-Dade assisted-living facilities were sentenced last week for thir role in a Medicare fraud scheme by the owner of Hialeah's Florida Pharmacy.  Most received a year and a day in federal prison followed by three years of supervised release. " (Click here for the article) - USA

Regulators' penalties against Wall Street are down sharply in 2017 | WSJ

"Wall Street regulators have imposed far lower penalties in the first six months of Donald Trump’s presidency than they did during the first six months of 2016, a comparable period in the Obama administration, according to a Wall Street Journal analysis. " (Click here for the article) - USA

S.A. pharmaceutical rep indicted in $9.5M health care fraud case | San Antonio Express News

"A San Antonio pharmaceutical representative has been indicted in a health care fraud case alleging Tricare and private insurers were overbilled by $9.5 million. " (Click here for the article) - USA

US drops bribery probe of MTS systems | WSJ

"U.S. authorities ended their foreign bribery investigation of MTS Systems without bringing charges, the company said." (Click here for the article) - USA, Korea, China

The renegotiation of the NAFTA slated to kick-off in mid-August | National Law Review

"A recent U.S. Trade Representative (USTR) news release stated that the NAFTA renegotiation is planned to commence between August 16th and 20th, and it has been reported that there will be seven rounds of talks which will be held every three weeks in order to conclude the process before Mexico’s 2018 presidential elections." (Click here for the article) - USA, Mexico, Canada

Ten timeless truths of supply chain | Forbes

"Change is a fact of life, and supply chain seems to be in a state of revolution these days, with technology in particular mixing things up.  Some things, however, remain the same.  Here are 10 timeless truths that you can count on for the long run." (Click here for the article) - Global