The SEC has been racking up several FCPA enforcement actions. DOJ appears to be declining many of these cases. The division of enforcement appeared to follow a pattern – on larger cases with more pervasive violations, DOJ and the SEC would each bring an enforcement action; while on relatively “smaller” cases, the SEC would bring a case and the DOJ would decline to prosecute. This...
The SEC recently announced two separate FCPA SEC enforcement actions — the first against Franks International for $8 million for FCPA violations in Angola; and the second against Philips, a Dutch medical device company, for $62 million for FCPA violations in China. The SEC settlement actions underscored important bribery risks in Angola and China. Philips’ recent settlement is its second in the last ten years. ...
Thank you to the brave men and women who have made the ultimate sacrifice. We honor their service, their courage, and their memories. Let us use this holiday to remind us all of our heroes and to honer them for their service.
Sam Finkelstein, an Associate at The Volkov Law Group, joins us for his first posting about TD Bank’s compliance failures. Sam can be reached at [email protected]. How much is an effective Anti-Money Laundering (“AML”) Compliance Program Worth? For Toronto-Dominion Bank (“TD”), the answer is at least $225 million––the amount that TD must now pay to First Horizon Bank, after backing out of a proposed $13.4...
The Justice Department certainly has altered the landscape of enforcement, compliance priorities, and ultimately corporate decisions surrounding voluntary disclosure. It has become a little bit more complicated to sort out all the carrots and sticks. One thing is clear – DOJ wants more companies to voluntarily disclose misconduct. And that is understandable. DOJ does not want companies to wait until they receive a grand jury...
The SEC has been racking up several FCPA enforcement actions. DOJ appears to be declining many of these cases. The division of enforcement appeared to follow a pattern – on larger cases with more pervasive violations, DOJ and the SEC would each bring an enforcement action; while on relatively “smaller” cases, the SEC would bring a case and the DOJ would decline to prosecute. This...
The SEC recently announced two separate FCPA SEC enforcement actions — the first against Franks International for $8 million for FCPA violations in Angola; and the second against Philips, a Dutch medical device company, for $62 million for FCPA violations in China. The SEC settlement actions underscored important bribery risks in Angola and China. Philips’ recent settlement is its second in the last ten years. ...
Thank you to the brave men and women who have made the ultimate sacrifice. We honor their service, their courage, and their memories. Let us use this holiday to remind us all of our heroes and to honer them for their service.
Sam Finkelstein, an Associate at The Volkov Law Group, joins us for his first posting about TD Bank’s compliance failures. Sam can be reached at [email protected]. How much is an effective Anti-Money Laundering (“AML”) Compliance Program Worth? For Toronto-Dominion Bank (“TD”), the answer is at least $225 million––the amount that TD must now pay to First Horizon Bank, after backing out of a proposed $13.4...
The Justice Department certainly has altered the landscape of enforcement, compliance priorities, and ultimately corporate decisions surrounding voluntary disclosure. It has become a little bit more complicated to sort out all the carrots and sticks. One thing is clear – DOJ wants more companies to voluntarily disclose misconduct. And that is understandable. DOJ does not want companies to wait until they receive a grand jury...
After a long-running investigation, Koninklijke Philips (“Philips), a Dutch company, resolved FCPA violations in China by agreeing to pay the SEC $62 million. Philips is a global manufacturer of medical equipment. Philips agreed to pay $15 million in civil penalties and more than $47 million in disgorgement and prejudgment interest. According to Philips, DOJ has declined to prosecute charges in the current case. Philips’ recent...
Even with the current focus on sanctions compliance, many companies have done little to assess and enhance their existing sanctions compliance program. Instead, companies have stitched together a basic sanctions compliance program that centers on a screening tool and little beyond that. Such a limited program provides just a false comfort of compliance. Many companies are not even conducting the mandated basic requirement of annual...
In a pair of criminal cases , the U.S. Supreme Court delivered a one-two punch to the Justice Department’s prosecution of corruption cases based on violations of the criminal wire fraud statute. In Ciminelli v. U.S., and Percoco v. U.S., the Supreme Court reversed the convictions in two separate decisions relsasedd on the same day. The Ciminelli and Percoco criminal cases were brought by the...
Even with the current focus on sanctions compliance, many companies have done little to assess and enhance their existing sanctions compliance program. Instead, a number of companies have stitched together a basic sanctions compliance program that centers on a screening tool and little beyond that. Such a limited program provides just a false comfort of compliance. Many companies are not even conducting the mandated basic...
Let’s move beyond the headline – trade compliance is the new FCPA. We get it. The next step is to do something about it. The Justice Department has repeated this refrain – it is one of its greatest hits. In addition, DOJ, OFAC and the Bureau of Industry and Security have sent a loud message — $629 million from British American Tobacco and $300 million...
