Like every compliance project, when you start the process, it is important to conduct a careful assessment of risks and your company’s compliance program. With the growing risk of criminal, civil and regulatory enforcement of BSA, sanctions and AML laws, banks and other financial institutions need to dedicate some time and effort to this process. From my experience, banks and financial institutions turn to –...
I am a little reluctant to raise this issue. I am sure the overwhelming response will be “Yes, of course.” I am prepared for that and for any criticism that I am only offering another profound grasp of the obvious. Is there a distinction between a corporate compliance officer and a corporate ethics officer? I am a literal person, so I can easily say yes...
I used to say – if your business operates in China, you are likely violating the FCPA in one way or another. Permit me to revise my admonition: if your business operates in India, you are likely violating the FCPA in one way or another. What has happened? From my own anecdotal experiences, which I know is not based on reliable sampling techniques, there appears...
Last year was the year of Bank Secrecy, sanctions and anti-Money Laundering enforcement. The HSBC settlement sparked significant controversy over the claim by the Justice Department that HSBC and other banks are “too big to jail.” Below the high-profile cases, there is another phenomena occurring – a resurgence in regulatory enforcement against banks and other financial institutions. With this constellation of enforcement – high-profile mega-cases...
I have reprinted below an article I wrote this week for Corporate Counsel — link is here I thought the debate was over on this issue: The train has clearly left the station for the “best practice” of separating the legal and compliance functions—empowering a separate chief compliance officer with direct reporting authority to the board of directors. As a former prosecutor and now defense...
Talk about a way to start off FCPA enforcement in 2013. The Department of Justice has sent an emphatic message: Just when you think things are slowing down, they come out and surprise you. I hate to say it but I predicted the BizJet indictments back at a n October 2012 seminar in Houston. Tom Fox and Dan Chapman from Parker Drilling are my witnesses....
April 23 and 25, 12 Noon -1 PM EST Register Here (April 23) or Here (April 25) The Department of Justice’s and the SEC’s FCPA Guidance issued last November, 2012, outlined the hallmarks of an “effective” anti-corruption compliance program. In the FCPA Guidance, the Justice Department and the SEC suggested that an “effective” anti-corruption compliance program could protect a company from liability for an FCPA...
Sometimes the legal profession reminds me of the medieval guild system – a profession which is motivated more by self-preservation than change. You can always count on lawyers who cling to an outmoded perspective to try to stall inevitable change. Make no mistake about the current trend in compliance – companies are now embracing change to empower chief compliance officers and create independent lines of...
Compliance professionals have a lot of demands on their time. By definition, they are spread thin across a number of competing demands. As a result, companies do not spend much time on “tone-at-the-top.” In reality, compliance officers are relieved when they get the support of the CEO, and the ability to cite the CEO’s commitment to compliance. Often the CEO’s support translates into resources and...
Try to imagine what DaVinci said to himself when he painted his last brush stroke on the Mona Lisa. Or consider what Tolstoy muttered to himself when he put down his pen after writing the last word of War and Peace. Consider the same scenario when a Chief Compliance Officer and his/her team have designed and implemented their third-party due diligence system. Beginning with a...
