Lauren Connell, Managing Associate at The Volkov Law Group, joins us again with a posting on AML trends.  Her profile is here.  She can be reached at [email protected]. They say that when one door closes another will open. Unfortunately, that appears to hold true for criminal money launderers. Banks and international enforcement authorities have gotten very good at spotting “traditional” money laundering techniques, those that...

Everyone is against corruption. Everyone knows that corruption can stifle economic development and increase economic disparity and poverty. When government officials take money for their own benefit, they are robbing the law-abiding public of the benefits of public and private spending. The international anti-corruption movement is strong and getting stronger. Some have argued that anti-corruption principles are important for promoting justice, fairness and the rule...

I am pleased to announce the release of my new e-book: The Revolution in Ethics and Compliance.  You can download the book for free from JD Supra here. Versions are available in iBooks on any Mac device (iPad, iPhone or laptop) as well as in Kindle (on a Kindle device, or via Kindle app on iOS or Andriod.  If you want to read it on...

We all have read the AML/BSA enforcement headlines – big banks, big settlements in the hundreds of millions, monitors and overhauls of bank operations. We know all the players, all the enforcement agencies, and the news conferences to announce enforcement actions. Underneath these enforcement actions, there is a lot more to the story. Medium and small-sized banks, and other “financial institutions” are facing a very...

The most important opportunity for a company to communicate an ethics and compliance message is training. The Board, senior executives, managers and employees are required to watch and hopefully interact with a training presentation. It is an important time to communicate a message and reinforce the message to  the audience. A Chief Compliance Officer has to recognize the importance of this opportunity and seize the...

To label the current enforcement environment as “tough” is a dramatic understatement.   I never understand why lawyers spend so much time touting the new, aggressive enforcement era as part of their marketing pitches – everyone knows we are in a tough environment, there is no need to remind everyone. Prosecutors have put together criminal and civil enforcement partnerships that are proactive and extremely successful. From...

If there is one industry that needs an ethics overhaul, it has to be the financial industry. The list of transgressions continues to grow – AML/sanctions, LIBOR, Foreign Exchange Currency Cartels and Market Manipulations, Mortgage-Backed Securities, Foreign Bribery – when will it stop? Look at a quick (and not exhaustive) list of bank settlements: Bank of America $16 billion (mortgage-back securities); JP Morgan $13 billion...

Traditionally, performing third party due diligence has been primarily a data gathering activity. Now, with access to abundant information sources, the activity—and the challenges—have evolved. How do you manage and efficiently analyze relevant information related to third party vendors? This will require a paradigm shift in how compliance professionals approach due diligence. Fortunately, technology is stepping in to help. Third party due diligence compliance solution...

The old expression goes – “Do not break your arm patting yourself on the back” – but maybe I might just extend my arm a little with the Alstom settlement. Last year I predicted that the Alstom case would eclipse Siemens as the most significant FCPA enforcement action (at least until Wal-Mart). I was close. The Alstom case settled “quickly” in FCPA terms because of...