Tagged: Corporate Governance

SEC Unveils First FCPA Enforcement Action Focused On Hiring Practices: BNY Mellon

The SEC is having a good year in the FCPA enforcement arena. As a former prosecutor, my eyes would sometimes glaze over when discussing civil enforcement actions. The SEC, however, has turned its FCPA enforcement program into a productive and important component of its overall mission. BNY Mellon agreed to pay $14.8 million for the hiring of three interns in order to curry favor with...

The Danger of Compliance Overkill

Government prosecutors spend time promoting enforcement programs and encouraging companies to design and implement effective ethics and compliance programs. The blogosphere is filled with articles, surveys, studies, warnings, and marketing efforts all directed to encourage companies to increase compliance programs and resources. Companies have responded by increasing attention and resources to ethics and compliance programs. In particular, regulated industries are spending vast sums to enhance,...

You Cannot Buy an Ethical Corporate Culture

I do not mean to be facetious or snarky, but I am concerned about organizations that sell or promote their ability to certify or give a seal of approval to a company as an “ethical” company.  Even more troubling (or perhaps misleading) is the certification: “world’s most ethical companies.” With the growth of ethics and compliance, you can expect that charlatans, greedy snake oil sales...

The 5 Most Common AML Compliance Program Deficiencies

Anti-money laundering compliance is a very difficult task. The number of risks is exponential. AML compliance officers have an innovative and rich history of compliance techniques and strategies. In the end, AML compliance depends on: accurate and comprehensive risk assessments; pre-screening of customers through appropriate KYC programs; and audit and monitoring of transaction and customer activity. Despite the commitment and dedication of AML compliance professionals,...

The Time is Now to Amend the US Sentencing Guidelines on Corporate Ethics and Compliance Programs

We all know the importance of the sentencing guidelines and the impact the revisions, especially the 2010 amendments, have had on corporate governance and compliance. The history behind the sentencing guidelines tracks the rise of the compliance profession. The time is now for the Sentencing Commission to launch a further review of the guidelines to reflect the rapid changes in the compliance profession. The Sentencing...

DOJ’s Disdain for “Paper” Compliance Programs

As we come to the close of the Obama Administration, the Justice Department will certainly be able to point to its record of aggressive white-collar enforcement in a variety of areas. One glaring claim omission from that list will be prosecution of senior executives tied to financial institutions responsible for the financial demise in the late 2000s. With that one big exception, across the board...

Berger FCPA Settlement: Back to the Future

The recent Louis Berger International FCPA settlement highlighted once again the serious consequences from systemic bribery violations, the ease with which bribery schemes can be carried out, and the risks facing all global companies, especially those involved in high-risk industries like construction projects. Berger agreed to pay $17 million to settle the case and agreed to a three-year corporate monitor. Interestingly, at the same time...

Volkov Law TV — Announces New Subscription Options and Pricing for On-Demand Webinars

Volkov Law TV announces new subscription options and pricing for on-demand Webinars.  We know our scheduled webinars do not always fit your busy schedule: Learn What You Want, When You Want It!  Volkov Law TV Here We now offer pricing for individual webinars and have reduced our subscription fees. In addition, we offer Flexible Enterprise Rates for companies and organizations if needed. Individual Webinars are...

Ten Key Elements of an AML Compliance Program

AML compliance reminds me of a classic Three Stooges scene from A Plumbing We Will Go (view episode here) – Curly, as one of the plumbers, continues to add pipes to a leaking bathtub, only to be surprised when the water continues to come out of the end of the pipe, and so on — you will get the picture. We all know about the...