OFAC’s guidance is intended to ease the burden on an otherwise difficult compliance problem. Companies have to act in good faith to avoid transacting business involving Russian crude oil that has been sold above the $60 per barrel price cap. For some industry players, compliance is straightforward. However, for a number of players who do not normally have access to specific pricing information, due diligence...
The Biden Administration recognizes that the Russian Price-Cap Policy imposes serious burdens on U.S. energy companies and industries that provide ancillary services to the energy sector. It is even more complicated given the EU framework and another set of guidance related to the oil price cap. To ameliorate this burden, OFAC has set out detailed guidance on regulatory “safe harbors” for organizations and individuals affected...
In Part II of my continuing series, I identify in broad strokes some of the more significant positive and negative aspects of ISO 37001. While it is easy to second-guess the ISO 37001 authors, there are some interesting issues that are addressed and some missed opportunities to advance ethics and compliance systems. On the positive side, ISO 37001 is keyed to a valuable concept of...
Tom Fox (here) frequently reminds every one of the importance of documentation to the integrity of a compliance program. A compliance program is only as good as the documents show. This principle is especially critical when a company has to respond to a regulatory inquiry or to an enforcement action. As we anticipate the testimony of former FBI Director James Comey in our current national...
Compliance is a profession that requires multi-tasking – another profound grasp of the obvious. But in the multi-tasking world, some principles and strategies are more important than others. My colleague and compliance guru Tom Fox has coined the mantra: “document, document and then make sure you document.” My contribution to this same mantra is along the same lines: “If you do not document, then in...
In this era of shooting-from-the-hip or bombastic Donald Trump comments, companies have to attend to reducing employment litigation risks. In this era of nuisance litigation and employment-focused litigation, companies need to take affirmative steps to reduce employment claims and related litigation. There are three key steps that every company should take in order to reduce employment litigation exposure. Companies have to recognize potential employee concerns...
A due diligence infrastructure is designed to demonstrate a company’s good faith commitment to compliance with anti-corruption laws by: identifying corruption risks; and mitigating such risks to ensure that the company does not violate the law. A much simpler way to put it is – a company’s due diligence system is designed to negate any inference of intent to violate the FCPA. A due diligence...
