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This Week in FCPA

Episode 227 – the Sending the Elevator Back Down edition


As the Great Women in Compliance hosts publish their first book and Goldman Sachs settles its massive FCPA enforcement action over 1MDB, Tom and Jay are back to look at top compliance articles and stories which caught their eye this week.

1.     Goldman Sachs settles FCPA enforcement action involving 1MDB. See, DOJ Press Release and Remarks of Acting Assistant Attorney General Brian Rabbitt.

2.     What have we learned? Team #GWIC (Mary Shirely and Lisa Fine) publish their first book, Sending the Elevator Back Down. Annoucement on CCI.
3.     What are the lessons of J&F Investments? Tom takes a deep dive in a 5-Part series on the FCPA Compliance and Ethics Blog. Part 1-Introduction, Part 2-the Bribery Scheme, Part 3-the SEC Order, Part 4-the Plea Agreement, Part 5-Final Thoughts. Mike Volkov does as well in a 4-Part series on Corruption Crime and Compliance. Part 1, Part 2, Part 3, Part 4. Tom and Matt Kelly go into the weeds on Compliance into the Weeds.
4.     World Bank to put more resources into evaluating compliance programs. Joshua Ray in the FCPA Blog.
5.     Do DPAs and NPAs encourage recidivism? Dylan Phillips continues the debate in the FCPA Blog.
6.     Is there more corruption now in college sports? Pat Forde in SI.com.
7.     What is the future of financial fraud? Jonathan Karpoff in the Harvard Law School Forum on Corporate Goverance.
8.     Will FinTech be the great enabler of the next Industrial Revolution? Ingrid Vasiliu-Feltes on xpertsleague.com.
9.     The Everything Compliance gang is back. In this episode, they consider what enforcement might look like under a Trump or Biden Administration. Listen here.
10.  On the Compliance Podcast Network, on 31 Days to a More Effective Compliance Program, we  continue our exploration of compliance for Business Ventures.  Monday-Tying it all together for JVs; Tuesday-Know Your Customer; Wednesday– the Corporate Controller and Business Ventures; Thursday– Financial review of your business venture partner; Friday-Distributors as Business Venture Partners. 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.
11.  Join Tom and Sam Silverstein for an Executive Forum on Ethics and Accountability on October 28, 2020 12-1 PM CT. Check at the agenda and register here.
12.  Join Tom, Holly Sais Phillippi, Head of Americas Risk Sales, Refinitiv and Kelly M. Slavitt in a Refinitiv sponsored webinar, The Future of Due Diligence: Third-Party Risk in the Era of COVID-19, Tuesday, October 27, 1-2 PM CT. Check at the agenda and register here.
13.  Check out the replay of the Navex Next 9th Annual Risk & Compliance Virtual Conference event Beyond the Moment. For more information, go here.
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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Daily Compliance News

October 23, 2020-the Goldman Settles edition


In today’s edition of Daily Compliance News:

  • Goldman settles. (WSJ)
  • Walmart sues US over opioid crisis. (WSJ)
  • Do we need a new Tech Regulator? (NYT)
  • Corruption whistleblower comes forward in Ohio. (WaPo)
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Everything Compliance

Episode 67, the Enforcement Under the Next Administration


Welcome to the only roundtable podcast in compliance. Today, we have the quartet of Jonathan Armstrong, Jay Rosen, Matt Kelly and Mike Volkov for a deep dive into four key areas of enforcement and what they might look like under a Trump or Biden Administration. We end with a veritable mélange of rants and shouts outs.

  1. Jonathan Armstrong looks at the fraying relationship between the UK Serious Fraud Office and US Department of Justice and where it may be heading. Armstrong rants requesting a return to British standards of decency.
  2. Jay Rosen looks at the transparency of the DOJ around its views on compliance programs and asks if it will continue. Jay rants the illegal GOP voter drop boxes in California.
  3. Matt Kelly considers the trends in FCPA enforcement and how they might continue in the next administration. Matt shouts internal auditors who have been murdered in Liberia.
  4. Mike Volkov considers how antitrust enforcement might move forward under a Trump or Biden Administration. Volkov shouts out to and for early voting.
  5. Tom Fox shouts out to his fellow residents of Harris County who smashed the 3-day early voting recording by casting 100,000 votes each of the first three days.

 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 Compliance Evangelist. 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

October 22, 2020-the Frat Rat edition


In today’s edition of Daily Compliance News:

  • Purdue Phrama to settle for $8.34bn. (WSJ)
  • Big Tech in sites? (NYT)
  • Will KA drop RELee? (NYT)
  • Has college sports corruption only gotten worse? (com)
Categories
Compliance and Coronavirus

John Castner on Sustainability During the Era of Covid-19


Welcome to the newest addition to the Compliance Podcast Network, Compliance and Coronavirus. As the Voice of Compliance, I wanted to start a podcast which will help to bring both clarity and sanity to the compliance practitioner and compliance profession during this worldwide health and healthcare crisis. In this episode, I am joined by John Castner, President and CEO of IsoMetrix Americas who has over a decade’s experience in EH&S, having been responsible for setting up and growing the USA office of CMO, a leading product in this space. We visit about issues around sustainability in the era of Covid-19 and moving forward into 2021 and beyond.
IsoMetrix is a leading supplier of integrated software for governance, risk, and compliance. You can check out their website, here.

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Great Women in Compliance

Matt Kelly-the Compliance Observer


Welcome to the Great Women in Compliance Podcast, co-hosted by Lisa Fine and Mary Shirley.
In today’s episode, Lisa talks with Matt Kelly, who is the CEO and Editor of Radical Compliance. Matt is a journalist who is a long-time reporter and writer about compliance and GRC. He is also a supporter and advocate of women in compliance and of the Great Women in Compliance podcast, as he was the unofficial tech support, advisor and one of the first podcast subscribers.
Matt and Lisa discuss the continuing influence of #MeToo, and how this has impacted organizations and how it relates to the social justice movements and Black Lives Matter. They also talk about how the influence of social media and how it is used as a tool to raise and publicize concerns, and how this impacts corporate culture, investigations and compliance functions.
Matt also writes about retaliation – both for reporters, and as an issue for compliance professionals. He also gives his view of things of what someone should do in their 20s in their careers, and we won’t spoil that for you!
Join the Great Women in Compliance community on LinkedIn here.

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Compliance Into the Weeds

The J&F FCPA Enforcement Action


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 episode Matt and Tom go into the weeds to look at the recent FCPA enforcement action involving the Brazilian megalith, J&F Investments. Some of the issues we consider are:

  • It was one of the most bold, audacious bribery schemes ever.
  • Follow on from Brazil’s largest anti-corruption enforcement action, JBS.
  • What happens when an acquirer of a US listed company is the corrupt entity?
  • Is a target required to perform due diligence on the source of the money used in a M&A deal?
  • Did Pilgrim’s Pride have any responsibility?
  • Are there any US individuals involved?
  • Is Pilgrim’s Pride a victim, entitled to compensation?

 Resources
See Matt’s blog posts on Radical Compliance–JBS, Internal Controls and the FPCA
See Tom’s exploration the FCPA Compliance and Ethics Blog
Part 1-Introduction
Part 2-The Bribery Schemes
Part 3-The SEC Order
Part 4-The Plea Agreement

Categories
Daily Compliance News

October 21, 2020-the Extortion edition


In today’s edition of Daily Compliance News:

  • Exxon says it did not pay bribes to President Trump. (NYT)
  • Goldman to settle for $2.8bn. (WSJ)
  • US sues Google for antitrust violations. (WSJ)
  • Berkshire Hathaway to pay fines for Iran sanctions violations. (YaHooFinance)
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The Affiliated Monitors Expert Podcast

Don Stern on Defense Counsel Working with Monitors


In this episode, I am joined by AMI Managing Director Don Stern. We introduce the concept of defense counsel working with independent monitors. Stern began by noting that traditionally defense lawyers were very wary about getting compliance professionals engaged and involved in assessing a company’s compliance plan in the midst of an investigation. They tended to focus on such criteria when an investigation is active, the overall investigation. Moreover, initially the government wanted companies to wait until an investigation was over before a company would begin to fix things. However, those days have long since passed. Stern said, “at this point, the worst thing that a defense lawyer can do is to sit back, wait for the investigation to complete either their own internal investigation or the government’s investigation and then say to the government, well now we’re going to fix things. I think it’s important to get in there as quickly as possible.”
There are then multiple reasons for defense counsel, whose primary role is to defend an individual or organization. Stern ended by concluding, “the government has become much more sophisticated in assessing compliance programs. It used to be that you can simply present the policies, procedures and some metrics and the prosecutors or the regulators would nod their head and say you’ve got a very good program. But that is not anymore. They want an on the ground assessment as to whether it’s really working and whether people take it seriously.” The bottom line is that the “best way to do that in my view is having a third-party independent come in and do that work.”
Join us in next week where we dive into the weeds by looking at the nuts and bolts of working with a third-party independent monitor.
Find out more about Affiliated Monitors Inc. by checking out their website here.

Categories
Innovation in Compliance

Empowering Adversary Intelligence with Luke Wilson


 
Tom Fox welcomes Luke Wilson to the Innovation In Compliance show. Luke is the Vice President of Intelligence at 4iQ. He has extensive experience in cyber threat analysis and counter-terrorism, having worked with the federal government for many years.  Luke and Tom chat about trending cybersecurity issues in this week’s show.
 

The Adversary Intelligence Company
Tom asks Luke why 4iQ calls itself The Adversary Intelligence Company. Luke responds that their mission at 4iQ is to help their clients defend themselves against bad actors. “We’re here to help you defend yourself from adversaries,” he says. “…We want to help you gather intelligence on those individuals so you can understand their TTPs [tactics, techniques, and procedures], what they’re after, and how to prevent that from happening in the future as well.” He points out that good cybersecurity involves understanding your third-party service providers, including who is supplying data and infrastructure to them.
COVID’s Impact on Cybersecurity
“The impact of the coronavirus health crisis has been that it has accelerated, sometimes exponentially, trends that were already in play,” Tom comments. Luke explains how the pandemic has impacted the cybersecurity space. “It’s the perfect scenario for cybercrime and for cybercriminals to ramp up their attacks,” he remarks. Employees used protected networks at the office, but now that they’re working from home, that basic protection is not available. As a result, there has been an uptick in cybercrime, including ransomware phishing. Luke expects these trends to continue in 2021 and beyond: “I see a continuation of the threats that are out there now. A lot of what’s going on is just a repackaging of what’s been happening for a while now in the cyber threat landscape… I think we’re going to see this going for a very long time until COVID-19 is not the main topic around the world.” 
Luke and Tom discuss the measures the government may take to deal with financial crime. “Whenever you have a massive event like this [COVID-19 federal loans], you can expect that there will be some fraud going on,” Luke says. “But I probably would assess that they’ll put a little bit more stringent criteria on there after what they’ve seen happening now with some of these loans.”
Resources
4iQ.com
4iQ on LinkedIn
COVID-19 Threat Report