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• Case | HBS Case Collection | September 2020

  An Introduction to Money Laundering: 'The Hunter'

  Eugene Soltes, Guilhem Ros and Grace Liu

  Money laundering schemes disguise the criminal origins of an estimated 2% to 5% of the world’s gross domestic product. Money laundering not only enables criminals to escape detection, but may also be used to finance further criminal operations including terrorism. This case introduces readers to money laundering and anti-money laundering (AML) techniques.

  Keywords: Crime and Corruption; Accounting Audits; Financial Reporting; Financial Institutions; Banks and Banking; Cross-Cultural and Cross-Border Issues; Governance Controls; International Relations; National Security; Ethics; Accounting Industry; Banking Industry; United States; Europe;

  Citation:

  Soltes, Eugene, Guilhem Ros, and Grace Liu. "An Introduction to Money Laundering: 'The Hunter'." Harvard Business School Case 121-011, September 2020.  View Details

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• Article | Journal of Accounting Research

  Paper Versus Practice: A Field Investigation of Integrity Hotlines

  Eugene Soltes

  In an effort to motivate firms to more rapidly detect potential misconduct, legislators, regulators, and enforcement agencies incentivize firms to have integrity or “whistleblowing” hotlines. These hotlines provide individuals an opportunity to report alleged misconduct and seek guidance about how to appropriately respond. Beyond some isolated examples, little is known about the responsiveness of hotlines to actual claims of alleged misconduct. I undertake a field study to investigate how hotlines function in practice by making four different inquiries involving alleged misconduct to nearly 250 firms. I find that one-fifth of firms have impediments (e.g., phone line disconnected, email bounce back, direct to incorrect website) that hinder reporting and approximately 10% of firms do not respond in a timely manner. Overall, this investigation illuminates several differences between integrity hotlines “on paper” and how they actually perform in practice.

  Keywords: hotlines; compliance programs; corporate misconduct; Governance Compliance; Programs; Performance;

  Citation:

  Soltes, Eugene. "Paper Versus Practice: A Field Investigation of Integrity Hotlines." Journal of Accounting Research 58, no. 2 (May 2020): 429–472.  View Details

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• Background Note | HBS Case Collection | December 2019 (Revised January 2020)

  Background on Insider Trading Liability

  Trevor Fetter, Eugene F. Soltes and Grant Wahlquist

  There are numerous restrictions against trading on material, nonpublic information (MNPI)—typically called “insider trading.” This note describes the limitations facing managers and investors as enforced civilly and criminally within the United States.

  Keywords: insider trading; Legal Liability; Ethics; Crime and Corruption; Finance; United States;

  Citation:

  Fetter, Trevor, Eugene F. Soltes, and Grant Wahlquist. "Background on Insider Trading Liability." Harvard Business School Background Note 320-080, December 2019. (Revised January 2020.)  View Details

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