Bank calls in auditors over FIFA scandal

From Cayman News Service –

“Fidelity Bank has called in auditors in the wake of allegations made by the US authorities that it may have played a part in the possible laundering of the alleged bribes and kickbacks at the centre of the FIFA scandal. Officials from Fidelity said they had “engaged Deloitte Cayman to conduct an independent review of the Bank’s internal processes and policies to confirm that they are in line with regulatory requirements.”

In a press release issued on Monday, the bank said it has consulted with the Cayman Islands Monetary Authority (CIMA) regarding the internal review and the regulator will contribute to the preparation of the Terms of Reference for the work “to ensure that the review covers any questions that CIMA may have”, the bank stated.”

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The FIFA Corruption Scandal: What Companies Should Take Away

From Risk Management & Crisis Response –

“What can companies take away from the United States Department of Justice’s arrest of several senior FIFA officials last week, and ongoing investigation into corruption in soccer? Indictments were issued against 14 individuals and seven were arrested last Wednesday on charges of racketeering, wire fraud and money laundering conspiracies, among other charges; the DOJ has also indicated more indictments are likely.”

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U.K. Financial Regulator in Talks with Banks over FIFA Probe

From The Wall Street Journal –

“The U.K. financial regulator is looking into weaknesses in anti-money laundering systems at U.K. banks, following a major investigation by U.S. authorities into alleged corruption by FIFA officials.

Harriett Baldwin, the Economic Secretary to the U.K. Treasury, said the Financial Conduct Authority is “discussing with banks whether the FIFA episode has highlighted weaknesses in their anti-money laundering systems and controls.”

She made the statement in a written response to a U.K. member of parliament.”

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