News and analysis on the global fight against fraud
Compliance seems to be everyone's business, since, for many firms, it involves managing financial crime, money laundering and cyber risks. This means compliance has to be offensive as well as defensive. Given this increased area of responsibility and scope, here are seven ways to have an effective compliance program.
Read More“The name of the game — moving the money from your client’s pocket to your pocket,” said actor Matthew McConaughey, playing fraudster Mark Hannah in the Hollywood blockbuster The Wolf of Wall Street. The irony of this quote is not lost on the people of Malaysia.
Read MoreWe all know this well-worn concept: An organization’s reputation takes years to develop, but it can collapse overnight if it didn’t originally possess integrity from the top down. “It took 160 years for Siemens to build a reputation and only five minutes to ruin it,” said Dr. Andreas Pohlmann, the former chief compliance officer of Siemens, at the 29th Annual ACFE Global Fraud Conference in June. A little ill-gotten profit means nothing if a business has to close its bank accounts when it goes belly up.
Read MoreIf you follow fraud stories in the news, there’s a chance one or two of them might have caught your attention last week. Although the circumstances of each case differ, they all involve politically active defendants who either pleaded guilty to, were found guilty of, or charged with committing fraud. The cases also illustrate the interconnected nature of many fraud charges.
Read MoreIn a new sub-report, we now focus more closely on how occupational fraud impacts organizations in the Asia-Pacific region. This study is based on the 220 cases of occupational fraud from Asia-Pacific countries that were reported in our 2017 Global Fraud Survey. Collectively, these cases, which accounted for 11% of all cases in our global study, caused a median loss of USD 236,000 and lasted a median 18 months before they were detected.
Read MoreNews and analysis on the global fight against fraud.
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