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This Week in FCPA

Episode 232 – the Holidays edition


As TrumpLand continues to live in fantasy and denial, going 1-55 in lawsuits while over 3000 American die daily from Covid-19; Tom and Jay are back to look at some of the top compliance articles and stories which caught their eye this week.

  1. The Vitol FCPA enforcement action. Tom takes a deep dive on the FCPA Compliance and Ethics Blog. Part 1, Part 2, Part 3, Part 4. Mike Volkov has a 3-part series on Corruption Crime and Compliance.
  2. Is the SEC whistleblower program too opaque? Harry Cassin considers in the FCPA Blog.
  3. AML reform and a new whistleblower law. Matt Kelly considers in Radical Compliance. Tom and Matt go into the weeds in the latest episode of Compliance into the Weeds.
  4. Is the SEC discouraging whistleblowers under Dodd-Frank. Mengui Sun explores in the WSJ Risk and Compliance Journal.
  5. Where did the Cheesecake Factory go wrong? Sara Kropft in the Grand Jury Target.
  6. 5 Compliance Triumphs from 2020? Kyle Brausser in Compliance Week. (sub req’d)
  7. GDPR compliance challenges in 2021. Steve Horvath in CCI.
  8. China-US audit showdown? Michael Rapoport reviews in The Dig.
  9. A new month is here and a new guest on The Compliance Life. Kim Yapchai, Chief Counsel – Environmental, Social & Governance at Tenneco Inc. In this week’s second episode, we take up the in-house roles In Kim held on her road towards the CCO chair. Check out the series here.
  10. My podcast with Mikhail Reider-Gordon on Wirecard was so popular we spun it out into its own series, The Wirecard Saga. Check out the latest episode, Dirty Deeds Down Under. 
  11. On 31 Days to a More Effective Compliance Program, we consider Training and Communications. Monday, Sharing to 360-degrees of communication Tuesday– Speical Guest Vin DiCianni on Compliance and the clash of cultures.Wednesday– Using 360 Degree of Compliance to Tell a Story; Thursday– Using Communications to Drive a Speak Up Culture; Friday– Using communications to foster your compliance brand. Note 31 Days to a More Effective Compliance Program now has its own iTunes channel. If you want to binge out and listen to only these episodes, click here.
  12. Check out the a replay of London Stock Exchange event which featured Tom, Neta Meidav, CEO, Vault Platform and Maxine Gee, Chief Risk Officer – UK Capital Markets LSE on why culture drives compliance. You can view and listen to it here.
  13. Join K2 Integrity for two great events in December. On Dec. 14, they host a webinar on “Proliferation Financing: Risks, Threats, and Mitigation.” The webinar will explore critical issues around understanding and combatting the financing of WMD proliferation. https://bit.ly/2VujK1O.
  14. On December 17, DOLFIN and K2 Integrity’s financial crimes compliance experts will host their latest “Ask an Expert FINQuiry” webinar. Expect answers to questions on topics such as: the latest developments in AML/CFT, sanctions, fraud, anti-bribery and corruption, and export controls; financial integrity risks related to the global pandemic; and regionally focused financial crime risks. https://bit.ly/39zzhFP

Tom Fox is the Compliance Evangelist and can be reached at tfox@tfoxlaw.com. Jay Rosen is Mr. Monitor and can be reached at jrosen@affiliatedmonitors.com.

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Life with GDPR

The Experian Enforcement Notice Case


In this episode Jonathan Armstrong and Tom Fox are back to discuss issues relating to data privacy, data protection and GDPR. Today, we consider the Experian enforcement action. Recently, the UK Data Protection Authority, the Information Commissioner’s Office (ICO), slapped Experian with an enforcement notice requiring the company to make major changes to how it processes personal data in its UK marketing services business. The main themes in the investigation, which targeted various players in the credit referencing industry, centered on “invisible processing”, “over processing”, providing insufficiently clear privacy information and using certain lawful bases incorrectly for processing people’s data. Some of the highlights are:

  1. Background to the case.
  2. Why did the other credit rating agencies agree to the ICO terms?
  3. This matter is about the Enforcement Notice and not fines and penalties.
  4. Why is transparency essential in data processing?
  5. How does big data make all this more difficult?
  6. What are ‘legitimate interests’?

Check out the Cordery Compliance, client alert on the Experience matter, click here. For more information on Cordery Compliance, go their website here. Also check out the GDPR Navigator, one of the top resources for GDPR Compliance by clicking here.

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The Walden Pond

Your Employees Will Expect to be Paid Daily in 2021 – Here’s what you need to know from a legal perspective


In this episode, Vincent Walden welcomes back Jason Lee, CEO of DailyPay to the Pond to discuss the earned-wage access business model and how major employers like Kroger, Target, Dollar Tree, and many others are rethinking how employees get paid in an efficient, compliant manner.

Covid has changed how we think about work and the people who do it, and Jason Lee believes that this new understanding of our reliance on the hourly workforce is going to create the impetus to serve and honor them more effectively. One of the ways this is going to be happening is through the earned-wage access. Rolling this out is a meaningful and valuable benefit for employees, but there are compliance issues that companies need to be aware of.
Jason says that it is incumbent upon employers to make sure that they are in compliance on three key issues: when taxes are owed and paid, wage and hour compliance and payroll deductions, and the issue of whether earned-wage access is being treated like a loan.
Resources:
Jason Lee at DailyPay / LinkedIn

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Everything Compliance

Episode 70, the Holiday Edition


Welcome to the only roundtable podcast in compliance. Today, we have the full quintet of Jonathan Armstrong, Jay Rosen, Jonathan Marks, Matt Kelly and Mike Volkov for a deep dive into plethora of topics in this special holiday edition. We end with a veritable mélange of rants and shouts outs.

  1. Jonathan Armstrong data privacy issues related return to work in the new year after most employee spent 2020 working from home. Armstrong shouts out the scientist who spearheaded the research which has led to the Covid vaccines.
  1. Jay Rosen looks at what a company needs to do to get through a monitorship. Jay rants about the San Francisco 49ers leaving California to play in one of the country’s biggest Covid-19 hot spots, Arizona.
  1. Matt Kelly considers the changes in enforcement, policy and focus in the SEC and other regulatory agencies under the Biden Administration. Matt shouts out to Georgia Secretary of State Brad Raffensperger who has withstood criminal actions by the Trump Administration to secure a fair vote from Georgia.
  1. Mike Volkov looks at the Vitol FCPA settlement and how it may portend greater inter-agency cooperation in corruption and anti-competitive enforcement actions. Volkov rants about Gary Cohen, former head of Goldman Sachs and his refusal to allow the Goldman mandated clawbacks for the firm’s 1MDB corruption and fraud.
  1. Jonathan Marks looks at Board of Directors and sees the Dunning-Kruger Effect of over confidence and lack of self-awareness in many areas of corporate governance. Marks rants about the NLF not giving a flip about player safety around Covid-19 all the while moving games without any thought to competition.
  1. Tom Fox gives a bittersweet shout out David Prowse who recently died. Prowse was the first actor to play Darth Vader albeit voiced by James Earl Jones. 

The members of the Everything Compliance are:

  • Jay Rosen– Jay is Vice President, Business Development Corporate Monitoring at Affiliated Monitors. Rosen can be reached at JRosen@affiliatedmonitors.com
  • Mike Volkov – One of the top FCPA commentators and practitioners around and the Chief Executive Officer of The Volkov Law Group, LLC. Volkov can be reached at mvolkov@volkovlawgroup.com
  • Matt Kelly – Founder and CEO of Radical Compliance. Kelly can be reached at mkelly@radicalcompliance.com
  • Jonathan Armstrong –is our UK colleague, who is an experienced data privacy/data protection lawyer with Cordery in London. Armstrong can be reached at armstrong@corderycompliance.com
  • Jonathan Marks is Partner, Firm Practice Leader – Global Forensic, Compliance & Integrity Services at Baker Tilly. Marks can be reached at marks@bakertilly.com

The host and producer (and sometime panelist) of Everything Compliance is Tom Fox the Voice of Compliance. He can be reached at tfox@tfoxlaw.com. Everything Compliance is a part of the Compliance Podcast Network.

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Daily Compliance News

December 10, 2020-the Facebook Sued edition


In today’s edition of Daily Compliance News:

  • US and States sue Facebook? (WaPo)
  • How bad was PPP fraud? Very bad. (NYT)
  • Chinese corruption sanctioned. (WSJ)
  • GE agrees to fine for misleading investors. (WSJ)
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The Wirecard Saga

The Wirecard Saga – Dirty Deeds Down Under


Welcome to the latest edition to the Compliance Podcast Network, The Wirecard Saga. In this series, I am joined by Mikhail Reider-Gordon, Managing Director of Institutional Ethics & Integrity at Affiliated Monitors.  In this episode, we take a deep dive into the many and varied discrepancies in all aspects of the Wirecard fraud and investigation.
Some of the highlights include:

  • Current events
  • Recriminations fly – APAS and EY at fisticuffs
  • UK jumps on the Audit Sector Reform Bandwagon
  • Marsalek tainted Wirecard Bank too
  • Six Is the Loneliest Number (at BaFin)
  • Wirecard UK Ireland (WUKI) fraud
  • The Sordid History of Wirecard New Zealand
  • FBME teaches dirty tricks to NZ
  • The Kremlin’s bank
  • The West’s hijacked financial system
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Compliance and Coronavirus

James Green with an Update on Risk Management 9 months into COVID-19


Welcome to the one of the newest additions to the Compliance Podcast Network, Compliance and Coronavirus. In this episode, I am joined by James Green, Director of Risk Advisory Services at SAI Global. James returns to discuss risk management nine months into the Coronavirus health crisis, new risks that have emerged and how companies need to think about business continuity going into 2021 and beyond.
Resources
SAI Global Risk Management Services
James Green on LinkedIn

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Great Women in Compliance

Episode 86- Angela Main, Monitor Certified


Welcome to the Great Women in Compliance Podcast, co-hosted by Lisa Fine and Mary Shirley.
Last year we spoke with Olga Pontes who was in the middle of multiple monitorships at Odebrecht at the time.  This week Mary speaks with Angela Main, Chief Compliance Officer at Zimmer Biomet who recently led the company to a monitor certification – big congratulations to Zimmer Biomet for the momentous achievement!
Mary was especially thrilled to speak with Angela as they share similarities in having New Zealand heritage and being international citizens.  They open the episode by discussing what being an expat really means today.  Is the term now outdated?
Angela shares her experiences with us about what going through the monitorship was like for a global Compliance department and some of the things she learned along the way, including thoughts on how to best work with the monitor and get the most out of the experience.
The natural question for Angela at this stage is, so what next?  Angela shares her priorities for maintaining her Compliance program into 2021 and speaks about how she would approach Compliance fatigue if it were to come up as an issue moving forward.
Mary was curious about how Angela kept her team motivated and focused given monitorships involve a great deal of work for staff to manage and Angela supplied her initiatives for keeping the team going through a busy period.
We wrap up this episode by asking Angela to gaze into her crystal ball and speak about what the future holds for Compliance – listen in to hear her astute views on several different areas, including the future of monitorships.
Have you heard that the Great Women in Compliance Book, Sending the Elevator down is now available in an electronic version?  Head to Amazon to get your copy today!
If you’ve already read the booked and liked it, will you help out other women to make the decision to leverage off the tips and advice given by rating the book and giving it a glowing review on Amazon?
As always we’re so grateful for all of your support and if you have any feedback or suggestions for our 2021 line up, or would just like to reach out and say hello, we always welcome hearing from our listeners.
Join the Great Women in Compliance community on LinkedIn here.

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Everything Compliance

NDAA Creates New Whistleblower Law

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this, our 200th episode Matt and Tom go into the weeds to look at the new anti-money launder whistleblower law (AMLA) which is part for the updated Bank Secrecy Act legislation, included in the National Defense Authorization Act authorization of 2012 (get all that). It significantly expands whistleblower protections for those who come forward with AML or other similar allegations. Some of the issues we consider are:

·      Why has this been created for the Department of the Treasury?

·      Who will administer the whistleblower program?

·      What lessons has Congress learned about protecting whistleblowers?

·      Can a CCO be a whistleblower under this new law? How about a GC?

Resources

For more information see Mengqi Sun’s article in the WSJ Risk & Compliance:

Defense Bill Proposes Anti-Money-Laundering Whistleblower Program 

For an excellent breakdown of the legislation, see the Zuckerman Law Firm’s Whistleblower Protection Law and SEC Whistleblower Awards Blog:

Anti-Money Laundering Act Establishes Whistleblower Reward Program and Protects Whistleblowers from Retaliation

Categories
Daily Compliance News

December 9, 2020-the Supply Chain Woes edition


In today’s edition of Daily Compliance News:

  • Who is in your supply chain? (WaPo)
  • McKinsey apologizes. (NYT)
  • Employee security concerns increase in WFH era. (WSJ)
  • Nationstar fined $91MM over fraudulent foreclosures. (WSJ)