Tagged: Third Party

5 Key Takeaways from AB InBev SEC FCPA Settlement

The Justice Department and the SEC have been busy over the last 2 weeks in the FCPA arena. For those who have raised doubts about DOJ and the SEC’s continuing commitment to FCPA enforcement, you should forever hold your peace. The SEC announced a $6 million settlement with Anheuser-Busch InBev (“AB InBev”) for FCPA violations that occurred in India, along with a precedent setting (in...

Third-Party Risk Management – Part 2: Contract Termination

Cristina Muehl’s second part of her series addresses third-party risk management relating to contract termination.  Cristina is a Senior Corporate Auditor at Delphi Corporation.  Her Linked In profile is here.  She can be reached at cristina@muel.info. This second part of the series will take a look at the last phase in the lifecycle of third-party business relationship and that is contract termination. This is a...

Third-Party Risk Management – Part 1: Contract Extension

I am pleased to welcome Cristina Muehl as a guest contributor.  Cristina has provided a two-part series on third-party risk management relating to contract extensions and contract termination.  Cristina is a Senior Corporate Auditor at Delphi Corporation.  Her Linked In profile is here.  She can be reached at cristina@muel.info. Risk Management is a constant theme for top management as it might make the difference between...

DOJ and SEC Collect $22 Million from LAN Airlines for Conduct in Resolving Labor Dispute

Last week, the Justice Department (here) and the SEC (here) announced parallel FCPA settlements totaling $22 million in fines, penalties and disgorgement against LAN Airlines, a Chile-based airline, for conduct in resolving a labor dispute in Argentina. In March 2016, the SEC settled a case with LAN’s CEO for approving payments to a consultant, an advisor to the Secretary of Argentina’s Ministry of Transportation, to...

Webinar: Cutting Edge Issues in Third Party Risk Management

July 26, 2016, 12 Noon EST Sign Up Here Global companies continue to elevate their due diligence and audit programs to mitigate third party risks. With the advent of new technology platforms and improved information collection products, global companies need to “stay ahead of the curve” when it comes to managing third party risks. Global companies face a variety of third party risks depending on...

The Evolving Due Diligence Standards and Beneficial Ownership

In case you are not following all the latest scandals – Unaoil and the Panama Papers being two significant ones – we are seeing an evolution and possibly a revolution in due diligence expectations. No matter what context or what your specific concern may be, the need for every compliance department to identify the beneficial owners of joint venture partners, third party intermediaries, distributors, agents...

Nordion: A Contrast in FCPA Enforcement Actions

FCPA enforcement actions run the gamut of fact patterns and structured resolutions. We are in the midst of a transformation in the overall settlement environment with an expected increase in individual prosecutions. On the one side, we have a tough and comprehensive DOJ and SEC settlement against VimpelCom. The conduct within VimpelCom was pervasive and occurred at every level of the company, including the board....

Beneficial Ownership: Sanctions and FCPA Compliance

Financial institutions have been pushing back hard on FinCEN’s proposal to require banks, investment banks and other financial institutions to identify beneficial owners of account holders. As time goes on the impact of FinCEN’s proposal is diminishing. Why? In general, businesses have other reasons to secure beneficial ownership information. One key concern is sanctions compliance. To the extent an account holder engages in international transactions,...

Webinar: Anti-Corruption Enforcement and Compliance — The Year in Review

Webinar: Anti-Corruption Enforcement and Compliance — The Year in Review January 5, 2016, 12 noon EST Sign Up Here The past year — 2015 — was another eventful year in global anti-corruption enforcement. While the US Department of Justice enforcement activity slowed, the SEC and other governments increased enforcement activity. DOJ’s enforcement program took some unusual twists with the hiring of a Compliance Counsel and...

Building a Due Diligence Infrastructure (Part IV of IV)

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...