I am always wary of definitive “best practices” lists. By definition, “best practices” vary depending on the size and nature of an organization in any compliance context. This variability is applicable to the financial industry. AML/BSA compliance can have a dramatic impact on one business but little impact on another business with a different profile. With all those caveats, there are some principles to examine...
With all the attention to Anti-Money Laundering and Bank Secrecy Act enforcement, I thought it would be a good time to review some basic AML ethics and compliance principles. Banks and most financial institutions are very familiar with surrounding regulation and risks. It is difficult to explain how institutions as large as HSBC, BNP Paribas and others can run into serious enforcement problems. It is...
Jon Umarov, an Associate at The Volkov Law Group, has written today’s blog entry. Jon is from Uzbekistan and is very familiar with business practices in Russia and the Commonwealth of Independent States. His bio is available here. Jon can be reached at [email protected]. Cisco’s 2009 audits concerning its operations in Russia revealed that its interactions with the state-owned company, Svyazinvest and local...
A client recently reminder me – “Mike, it is not just an ethics and compliance program, it is an “effective ethics and compliance program.” I always learn from my clients and this was an important reminder for me – focus on “effective” not just an ethics and compliance program. All of this came together in a recent LRN report on compliance effectiveness. The report, which...
June 10, and June 24, 2014, 12 Noon to 1 PM EST Sign Up Here (Part I, June 10) Sign Up Here (Part II, June 24) The Department of Justice and the Treasury Department have stepped up AML/BSA and Sanctions Enforcement. With the ever-increasing expansion and modification of sanctions, risks for all businesses, not just financial institutions, have increased exponentially. DOJ and the Treasury Department...
Tuesday, June 3, 2014, 12 Noon EST Sign Up Here Global companies have to design and implement an efficient process for conducting internal investigations. An effective ethics and compliance program requires companies to screen complaints, assign appropriate resources to each, and resolve investigations in a fair and even-handed way. The internal investigation process provides important insights that can be used to improve a company’s ethics...
The Department of Justice has had enough. Banks and other financial institutions are not just on the radar screen – they are on the chopping block. One-by-one watch out – banks and other financial institutions are coming under prosecutorial scrutiny. DOJ is flexing its muscle and doing so openly and notoriously. Like I always say – the government tells you what they are going to...
Lauren Connell, Managing Associate at The Volkov Law Group, joins us again with a posting on Nigeria. Lauren’s bio is available here. She can reached at [email protected]. Life can provide important perspectives on controversial issues. I know it is a broad statement but life’s lessons can be learned from a variety of experiences. Many businesses and legal commentators have challenged the importance of the global...
I am pleased to announce my affiliation with NAVEX Global, and the issuance of a white paper – A Holistic Approach to Global Anti-Corruption Compliance, which is available here. There is no other company (or brand) which carries as much weight in the compliance field – NAVEX Global is a true leader, committed to professional technology solutions for ethics and compliance. NAVEX is the gold...
The 11th Circuit US Court of Appeals handed the Department of Justice a clear victory in the Esquenazi appeal. Esquenazi was sentenced to 15 years in jail for FCPA violations – the longest criminal sentenced imposed in a criminal FCPA case. Most importantly, and as predicted, the Eleventh Circuit upheld the Department of Justice’s interpretation of the term “instrumentality” in the definition of a foreign...
