Retrieved from " https: Involvement in the Olympus accounting fraud Under US law, a financial institution is required to detect and report suspicious activity. Retrieved July 21,
In , a radioactive canister imported by Schlumberger was recovered in the Western Australian outback desert. Officials said the leak did not contaminate groundwater. The cause of the problem was from polychlorinated biphenyls PCB released into the environment by Sangamo-Weston from to According to the Justice Department's Environment and Natural Resources Division, an additional agreement by Schlumberger to purchase and remove dams will directly improve the Twelvemile Creek, South Carolina ecosystem and provide significant environmental benefits for the affected communities.
Schlumberger was contracted to perform wireline logging on the Deepwater Horizon oil rig in the Gulf of Mexico in However, the wireline log was cancelled and the Schlumberger standby crew was released by BP and left the rig earlier on the same day of the Deepwater Horizon explosion.
From Wikipedia, the free encyclopedia. For the surname, see Schlumberger surname. Houston portal Companies portal Energy portal. January 15, — via CNBC. Retrieved July 14, Retrieved March 26, Retrieved 9 September Retrieved on January 30, Retrieved on September 02, Archived from the original on February 6, Retrieved January 27, Archived from the original on January 15, Retrieved January 18, The Wall Street Journal.
Retrieved 19 March Retrieved on February 23, Retrieved September 20, Retrieved 28 August Schlumberger axes 11K jobs". Retrieved 27 August Retrieved on October 25, Retrieved on 26 October Retrieved on October 24, Friday September 29, Retrieved on January 13, Sunday February 3, Wednesday October 26, Retrieved July 21, Retrieved December 22, Retrieved July 22, Retrieved May 15, Business data for Schlumberger: Finance Reuters SEC filings.
Acronyms Oil shale gas Peak oil mitigation timing People Petrocurrency Petrodollar recycling Shale band Shale gas Swing producer Unconventional oil heavy crude oil sands oil shale tight oil. This can be accomplished by conducting adequate due diligence and making sure compliance measures are effective.
Commerzbank admitted and accepted responsibility for violating several US laws. Furthermore, Commerzbank agreed to implement rigorous internal controls and to cooperate fully with the DOJ.
According to admissions contained in the deferred prosecution agreement, Commerzbank knowingly and wilfully moved USD million through the US financial system on behalf of Iranian and Sudanese entities subject to US economic sanctions. From to , Commerzbank engaged in this conduct, using numerous schemes designed, according to the admission, to conceal the true nature of the suspicious transactions from US regulators. Commerzbank admitted that its senior management ignored multiple red flags that should have uncovered the bank's practices at an earlier stage.
Under US law, a financial institution is required to detect and report suspicious activity. This is accomplished, among other things, through conducting adequate due diligence. According to the DOJ, Commerzbank failed to conduct adequate due diligence or obtain "know your customer" information with respect to correspondent bank accounts for Commerzbank's own foreign branches and affiliates. According to the DOJ, these systematic deficiencies reflected a failure to maintain adequate policies, procedures and controls to ensure compliance with several US laws and regulations and guard against money laundering.
As a result of Commerzbank's failure to comply with US law from to at least , Commerzbank, allegedly, did not detect and report suspicious transactions involving Japan's Olympus Corporation and instead lent money to off-balance-sheet entities created by or for Olympus to perpetrate its fraud.
From through , PayPal had failed to implement effective compliance procedures to identify and prevent transactions in apparent violation of the US sanctions. According to the OFAC, the company failed to employ adequate screening technology and procedures to identify the potential involvement of US sanctions targets in transactions they processed.
Consequently, PayPal did not properly screen transactions with companies and persons sanctioned by the US. PayPal has taken remedial action, including the strengthening of its screening processes and measures.
The settlement includes a criminal forfeiture of USD As part of the settlement, SOHL has also agreed to plead guilty. The plea agreement requires SOHL to: Schlumberger , SOHL's parent company, has agreed to the following additional terms during the term of probation:. SOHL failed to adequately train its employees to ensure that all US persons complied with Schlumberger's sanctions policies and compliance procedures.
This settlement is one in a series of settlements reached with companies based in the US that were found to have violated sanctions.
Goodyear agreed to pay more than USD 16 million in disgorgement and pre-judgment interest to resolve alleged violations of the books and records and internal controls provisions of the Foreign Corrupt Practices Act FCPA. In , Goodyear first acquired a minority interest in the Kenyan subsidiary. By , Goodyear owned a majority interest. Goodyear allegedly did not detect or prevent these improper payments because it failed to conduct adequate due diligence when it acquired a majority interest in the Kenyan subsidiary and to implement adequate FCPA compliance training and controls after the acquisition.
This settlement is particularly noteworthy because it partly concerns bribery of private companies instead of public officials. Through the books and records and internal controls provisions, the FCPA clearly also targets non-governmental corruption. The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances. De Brauw Blackstone Westbroek N. Your LinkedIn Connections at Firm.