Putting aside the politics surrounding the Iran Nuclear Deal, the exchange of prisoners and other hot button political issues surrounding Implementation Day and the change in US-Iran relations, the new Iran sanctions create a new set of challenges for trade compliance officers. Talk about a headache — all you have to do is look at the new guidance, Frequently Asked Questions, and related documentation (Here)....
There has been a lot written about CCOs fearing prosecution for compliance failures. Not to say there is no risk, but the truth lies really in the middle. From my perspective, there is too much fear-mongering around this issue. Let’s look at one extreme – a CCO who engages in misconduct should be prosecuted. A good example of this case is the prosecution of Thomas...
I am always wary of simplistic policy proposals – often the simple idea to apply one policy to another subject matter, just does not work. Instead, policy debate will turn to the simple idea and how it can easily be applied in other circumstances. Not to get too cute, but the inquiry requires deciding on which idiom to apply: Is this a situation where: “If...
The Justice Department and the SEC are tired of investigating companies with “paper” compliance programs. It is easy to spot a “paper” compliance program – as the saying goes, you can smell it a mile away. The key distinguishing feature of an effective compliance program and a “paper” program can be distilled down to the question of whether the program is “operational.” Hui Chen, the...
For years, cyber security has been the province of IT specialist and technicians. Those days are long gone. If you ask a Board of Directors to identify a company’s most significant risk – cyber security is tops. That is no big surprise. When you consider the consequences of a cyber intrusion or a more likely breach, companies suffer serious reputational and financial harm. Directors, senior...
I recently published an article on Trade Ready concerning export compliance and recent sanctions developments in Cuba and Iran. A link to the article is here. Thanks for your continued support.
One of the more frustrating topics for discussion is defining business ethics. It is frustrating to see how complex and unhelpful the discussion turns when defining business ethics. I have two tests for how to deal with this issue. Do you use simple terms that can be easily communicated internally in a company? Do the terms embrace the kind of values important to the company?...
Webinar: 2016 Year in Review: AML and Sanctions Enforcement Tuesday, January 19, 2016, 12 Noon EST Sign Up Here The Justice Department and the Treasury Department’s Office of Foreign Asset Control had another strong year in AML and Sanctions enforcement. With ever-changing sanctions programs, and vigilant AML enforcement, businesses now face significant risks of civil and criminal enforcement. Sanctions enforcement has stretched beyond financial institutions...
Each year I have identified the so-called “person” of the year to capture the most significant enforcement and compliance trend. In the past, I have given the award to the Chief Compliance Officer, the Ethics Officer, the Prosecutors, and others. This year is not an easy choice. In my view, there have been three significant events or trends, each of which could easily be named...
The New Year brings new promise for compliance professionals. I always sympathize with compliance officers because of their inevitable conflict – their idealism often is confronted by corporate realities – a CEO who fails to live by his or her promise of support for compliance, or the slow assignment of personnel and resources needed to implement an effective compliance program. When you add to these...
