For companies competing in international markets, conducting business in a manner that implicates international anti-corruption regulations such as the U.S. Foreign Corrupt Practices Act (FCPA) and the U.K. Bribery Act (UKBA) can result in forfeiture of “tainted” gross profits, exposing the company to substantial fines and penalties, and serious ramifications for responsible corporate officers and board members. Governments all over the world are concentrating their efforts to halt corruption, and the onus is now on the company to ensure compliance with international anti-corruption laws throughout its organization.
As one of the premier providers of compliance, risk, fraud and forensic services worldwide, UHY Advisors Forensic, Litigation & Valuation Services assist clients with establishing effective compliance functions designed to help prevent potential violations of anti-corruption laws before they lead to costly investigations. With offices throughout the world, member firms in the UHY International global network understand the diverse issues facing multi-national corporations and are dedicated to helping companies establish their business presence in many foreign and emerging markets. UHY International has the global reach to conduct investigations to quickly uncover and isolate potential violations that may occur from a rogue employee. Our anti-corruption services have been designed for our clients to receive value from the tight controls we apply to all engagements and from the utilization of multi-functional teams, with capabilities in five critical areas:
According to a recent public service announcement, the FBI's Internet Crime Complaint Center ("IC3") states the business email compromise (BEC)/email account compromise (EAC) scam continues to grow. BEC is a sophisticated scam targeting businesses working with foreign suppliers and/or businesses that regularly perform wire transfer payments. The EAC is a component of BEC targeting individuals that execute wire transfer payments. The scam is carried out when a subject compromises legitimate business email accounts through social engineering (ex. phishing) or computer intrusion techniques to make unauthorized transfers of funds.
WannaCrypt is a serious ransomware attack that has caused major interruptions to individuals, businesses and governments around the world. However, what gives this ransomware teeth is that it took advantage of a vulnerability in Microsoft operating systems that has been public knowledge. Anyone who was using an operating system newer than Windows XP, could have simply patched their workstation and their only risk was to click on a link they shouldn't have. The problem is many people and organizations haven't patched their computers or are still running Windows XP.
UHY Advisors convened a roundtable discussion among financial services industry professionals on Thursday, June 16th to explore the implications and causes of recent cyber bank heists. The roundtable, “Lessons Learned from Cyber Bank Heists,” launched UHY’s Financial Services Roundtable series and included compliance, risk management, internal audit, and technology managers from some of the world’s largest banks and financial services firms.
Earlier in the year we reported an increase in email phishing and spoofing scams this tax season. Recently, the Milwaukee Bucks made headlines when an employee leaked player financial information.
As consumers and businesses have begun receiving new credit and debit cards with shiny embedded microchips (known as EMV technology), many are unaware of the liability shift that occurred in 2015. As of October 2015, merchants that are not certified to accept EMV card transactions may be responsible for certain fraudulent charges, a change from standards that previously existed where the liability rested solely with the card issuer. Estimates indicate 94 percent of magnetic-only credit cards will be replaced by the end of 2016. As a result, businesses that accept credit cards face a dramatically different landscape compared to just a few short months ago.