Tag: compliance

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This Week in FCPA

Episode 228, week ending October 30, 2020 – the Countdown to Nov. 3 edition


As the whole world counts down to the US election, 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 Tom with a five-part series on FCPA Compliance and Ethics Blog, Mike Volkov with a 3-part series on Corruption, Crime and Compliance, Tom and Matt on Compliance into the Weeds and the Everything Compliance gang with their first emergency video podcast.

2.     The Beam Suntory FCPA enforcement action. Harry Cassin breaks the story in the FCPA Blog. Matt Kelly provides some lessons in Radical Compliance.
3.     What can investigators learn from Wirecard? Llyodette Bai-Marrow in the FCPA Blog.
4.     TLI President sentenced to 48 months in prison. Dylan Tokar in the WSJ Risk and Compliance Journal.
5.     Why the Exit Interview is such a useful exercise. Jonathan Marks in Board and Fraud.
6.     It’s Halloween. What are your (corp) skeletons? Michael Toebe in CCI.
7.     Experian to appeal ICO fine. Jaclyn Jaeger in Compliance Week.
8.     Channel you inner Sherlock Holmes to determine UBOs. Alia Noor on xpertsleague.com.
9.     On the Compliance Podcast Network, on 31 Days to a More Effective Compliance Program, we  continue our exploration of compliance for Business Ventures.  Monday-Franchisor Liability; Tuesday-Franchisor compliance; Wednesday– Following the money thru distributors; Thursday– Distributor liability; Friday– Why Business Ventures are Different than 3rd Parties. 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.
10.  Join K2 Intelligence FIN for a November 5 webinar, highlighting scenarios in which investigative due diligence can help uncover areas of risk and opportunity in the wake of COVID-19. Learn more and register here.
11.  Virtual book launch for Sending the Elevator Back Down. Thursday, November 5, 4:30 ET. Information and registration 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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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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This Week in FCPA

Episode 226– the Losing My Yips edition


As the (non-cheating) Houston Astros attempt to return to the World Series, Tom and Jay are back to look at top compliance articles and stories which caught their eye this week.

  1. J&F Investments settles FCPA criminal case. Harry Cassin (as usual) breaks the story in FCPA Blog.
  2. Why third-party due diligence is an ongoing exercise. Mike Volkov in Corruption Crime and Compliance. Jim Nortz takes a deep dive into 3rd party risk management in Part 1 of a six-part series on CCI.
  3. Citigroup spanked for $400MM by OCC and the Fed. Matt Kelly with a double dive on Radical Compliance (Part 1 & Part 2). Matt and Tom take a deep dive on Compliance into the Weeds.
  4. Ephemeral messaging frowned upon by SEC. Jonathan Marks in Board and Fraud.
  5. The WEF’s ESG reporting now includes anti-corruption metrics. Worth MacMurray and Elaine Dezenski in the FCPA Blog.
  6. Supply Chains under more scrutiny. Vera Cherepanova in Navex Global’s Risk and Compliance Matters.
  7. Some open-door tales. Richard Leisner with a guest post on the D&O Diary.
  8. Do the FinCen Papers show we need an AM whistleblower protection program? Hamsa Mahendranathan in NYU Compliance and Enforcement Blog.
  9. On the Compliance Podcast Network, on 31 Days to a More Effective Compliance Program, we continue our exploration of compliance for Business Ventures. Monday-Safe Harbor in M&A; Tuesday-Pre-acquisition DD, the business perspective (with special guest Vin DiCianni); Wednesday– Pre-acquisition risk assessment; Thursday– Pre-acquisition due diligence; Friday-Integrating post acquisition (with special guest Eric Feldman). 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.
  10. 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.
  11. 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.
  12. Check out the Navex Next 9th Annual Risk & Compliance Virtual Conference event Beyond the Moment October 22 from 10 AM to 4 PM. Check at the agenda and register 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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31 Days to More Effective Compliance Programs

One Month to a More Effective Compliance Program Through Innovation: Day 9-the Competitive Advantage of Data

The DOJ and SEC have both made it clear that they expect companies to be more robust in their use of data analytics in compliance programs. This means using data to not only detect and prevent illegal conduct but also in the remediation prong of any best practices compliance program as well through continuous improvement. In 2019, former Deputy Assistant Attorney General Matthew Miner said in a speech that the DOJ will inquire whether compliance departments have access to internal data that could help them identify misconduct and whether compliance officers make adequate use of data analytics in their reviews of companies under investigation. Since at least 2016 in the FCPA enforcement action involving Key Energy Services, Inc., the SEC has been communicating to compliance professionals of the need for increased use of data and data analytics in any compliance program.
The bottom line is that it is not if but when you begin to incorporate corporate information into your compliance program to make your compliance program more efficient and your business process run more effectively. My suggestion is that you begin now to identify the data you have access to and the data to which you currently do not have access. Find a way to bridge that gap.

Three key takeaways:

  1. DOJ pronouncements mandate CCO availability to and use of data.
  2. Data can be an actionable solution across geographic and business lines.
  3. Use data as a business strategy.

For more information, check out The Compliance Handbook, 4th edition, here.

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This Week in FCPA

Episode 225 – the I Beat Covid edition


As President Trump claims to be ‘Covid-free’ and the (non-cheating) Houston Astros prepare to return to the ALCS, Tom and Jay are back to look at top compliance articles and stories which caught their eye this week.

  1. JPMorgan pays $920 million fine for spooking. Matt Kelly looks at it in Radical Compalince. Tom and Matt take a deep dive in Compliance into the Weeds. Mike Volkov considers on Corruption Crime and Compliance.
  2. What is ‘efficient patent infringement’ (sort of like being ‘just a little bit’ pregnant)? Jon Rusch in Dipping Through Geometries.
  3. Of donut holes and cyber attacks. Jonathan Marks in Board and Fraud.
  4. What is effective discipline? Jeff Kaplan in CEP Magazine.
  5. Is the SEC moving to increase its penalties in light of Lui? Robert Cohen and Stefani Johnson Myrick in NYU’s Compliance and Enforcement Blog.
  6. Mobile devices and internal investigations. David Carns in CCI.
  7. What is a Grand Jury subpoena? Sara Kropf in Grand Jury Target.
  8. The Everything Complaince gang takes a dive into the Herbalife FCPA resolution. Monday-Mike Volkov on what he would have done; Tuesday-Jay Rosen on the lack of a monitorship; Wednesday-Matt Kelly on the role of Internal Audit; Thursday-Jonathan Marks on the role of gatekeepers; Friday-Jonathan Armstrong on the UK perspective.
  9. On the Compliance Podcast Network, on 31 Days to a More Effective Compliance Program, we continue our exploration of compliance for Business Ventures.  Monday-Dis-linking illegal conduct; Tuesday-JV Risks Under the FCPA; Wednesday– JV Due Diligence; Thursday-Compliance T&C’s in JV agreements; Friday-Auditing JVs .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.
  10. Join Tom (and Matt Kelly) for Home Stretch 2020, a webinar sponsored by Complaince Line. Check at the agenda and register 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 9, 2020-the Increased Compliance Risks edition


In today’s edition of Daily Compliance News:

  • Covid has increased compliance risks. (WSJ)
  • Trump NLRB accuses Google contractor of illegal anti-union activity. (NYT)
  • OSHA to workers on Covid-TS baby. (WaPo)
  • Trump ally, who worked for Jho Low, pleads guilty. (WSJ)
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This Week in FCPA

Episode 223 – the FinCen Papers edition


As the ICIJ releases some 2100 SARs from FinCen detailing over $2 trillion in illegal banking activity, the fires in California, Oregon and Washington finally abate. Tom and Jay are back to look at top compliance articles and stories which caught their eye this week.

  1. The FinCen Papers. Banks and SARs. (NYT) HSBC allowed Ponzi scheme. (BBC) Cache of FinCen docs made public. (BBC) Aaron Nicodemus says it puts compliance in a bad light in Compliance Week (Sub Req’d). Martin Woods on the breach of trust in Compliance Week (Sub Req’d). Jaclyn Jaeger says look at the banks, In Compliance Week (Sub req’d). Matt Kelly weighs in on Radical Compliance.
  2. More data analytics tools for compliance. Dylan Tokar in the WSJ Risk and Compliance Journal.
  3. What makes a ‘Great Woman in Compliance’. Mary Shirley reports on her journey as co-host of #GWIC in CCI.
  4. What does doing more with less mean for compliance? Matthew McFillin and Amanda Rigby in the FCPA Blog.
  5. What are the 7 sins of ESG Management? FTI in the Harvard Law School Forum on Corporate Governance.
  6. The largest AML case in Hong Kong history. Jon Rausch in Dipping Through Geometries.
  7. Oil trader cops to FCPA violation. Harry Cassin breaks the story on the FCPA Blog
  8. Why the Board needs a separate Compliance Committee. Mike Volkov in Corruption Crime and Compliance.
  9. This month on The Compliance Life, I am joined by DeAnna Nwankwo. In this week’s Part 3, DeAnna talks about building trust as a CCO.
  10. On the Compliance Podcast Network, on 31 Days to a More Effective Compliance Program, this month focuses on internal controls. This week saw the following offerings: Monday– Objective I; Tuesday– Objective II;Wednesday– Objective III; Thursday– Objective IV; and Friday– Objective 5. 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 Jay and Tom at Converge20. Convercent’s top compliance conference is going virtual this year. Check at the agenda and register here.
  12. Join K2 Intelligence FIN, on September 30 for a webinar with the AIBACP, “Strategies for Surviving an Offsite Regulatory Examination,” featuring Koby Bambilia, K2 FIN Managing Director, and a panel of experts, from banks to regulators. Registration and information 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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This Week in FCPA

Episode 222 – the Trees Gone Bad edition


As Donald Trump blames the California and Oregon forest fires on ‘trees gone bad’; Tom and Jay continue to brave the surge in Covid cases by staying safe at home. They are back to look at top compliance articles and stories which caught their eye this week.

  1. How does Bluebell apply to cyber claims against a Board of Directors? Paul Ferllio, Bob Zukis and Christophe Veltsos in the Harvard Law School forum on Corp Governance.
  2. VW Monitor closes out monitorship. Jack Ewing in the NYT. Mengqi Sun in the WSJ Risk and Compliance Journal.
  3. Tom takes a deep dive into Herbalife. Part 1, Part 2, Part 3 and Part 4.
  4. The intersection of anti-human trafficking and ABC compliance. Vanessa Hans in the FCPA Blog.
  5. Does the DOJ have to turn in SEC investigative material in a criminal FCPA trial? Matt Kelly goes legal in Radical Compliance.
  6. The intersection of compliance and internal audit? Mike Volkov in Corruption Crime and Compliance.
  7. Who is a PEP? Dick Cassin considers a plethora of definitions in the FCPA Blog.
  8. Has Covid-19 changed the relationship between senior management and the Board? Dottie Schindlinger and Kira Ciccarelli in CCI.
  9. This month on The Compliance Life, I am joined by DeAnna Nwankwo. In this week’s Part 2, DeAnna talks about some of the skills she needed in the CCO chair.
  10. On the Compliance Podcast Network, on 31 Days to a More Effective Compliance Program, this month focuses on internal controls. This week saw the following offerings: Monday– Internal controls for 3rd parties; Tuesday– Internal controls for GTE; Wednesday– BOD oversight as an internal control; Thursday– Code of Conduct as an internal control; and Friday– What is the COSO Internal Controls Framework. The month of August is being sponsored by Affiliated Monitors. 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 Jay and Tom at Converge20. Convercent’s top compliance conference is going virtual this year. Check at the agenda and register here.
  12. Join a great upcoming K2 Intelligence FIN webinar. Robin Henry on how investigators can use social media, Thursday, 9-24 at 1600 GMT. Registration and information here.
  13. Join Tom, Charlie Voelker, Legal Compliance Solutions, Skillsoft and Stephen Martin, Partner, StoneTurn for a joint Skillsoft/StoneTurn webinar on evolving your compliance program under the 2020 Update to the Evaluation of Corporate Compliance Programs. Wednesday, September 23, from 12 PM – 1 PM EDT. Information and registration 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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Innovation in Compliance

Exiger on the Evolution in Supplier Compliance in COVID – Pillars of Good Compliance with Brandon Daniels and Carrie Wibben


Welcome to a special five-part podcast series, sponsored by Exiger, on topics From Third-Party Risk Management to Supply Chain Risk Management: Exiger on the Evolution in Supplier Compliance in COVID. Exiger was founded to fight financial crime, fraud and terrorist financing by introducing technology-enabled solutions to the market’s biggest supply chain, risk, investigation, litigation, and compliance challenges. A global authority on risk and compliance, Exiger serves the world’s largest banks, Fortune 1000 companies and government agencies and regulators. Over the course of the series, we will put a spotlight on Financial Institutions with Tara Loftus and Samar Pratt; focus on corporations with Aaron Narva and George ‘Ren’ McEachern; consider the Federal Government and Supply Chains with Carrie Wibben and Vishnu Anantatmula; review the pillars of good compliance with Brandon Daniels and Carrie Wibben; and end with a review of third-party risk management solutions with Erika Peters and Skyler Chi.
In Part 4, we consider the pillars of good compliance with Brandon Daniels and Carrie Wibben. Wibben is a Senior Vice President, National Security & Intelligence, based in Exiger’s McLean office. As the former Deputy Director of the Defense Counterintelligence and Security Agency (DCSA), Carrie joins Exiger following a distinguished career in homeland defense spanning various government agencies – including the US Department of Defense, the Executive Office of the President, and the Special Security Directorate. Brandon Daniels is the President of Global Markets. A regulatory expert and technology practitioner, Brandon brings more than 15 years in senior management across the financial services, life sciences and energy sectors. He has a reputation for technological innovation in regulatory investigations and compliance management.
Join us tomorrow where we conclude our five-part series by looking at some of the new challenges and new solutions for third party risk management and investigations.
For more information on Exiger, click here.
For more information on Brandon Daniels, click here.
For more information on Carrie Wibben, click here.

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Everything Compliance

Episode 65, the End of Summer edition


Welcome to the only roundtable podcast in compliance. Today, we have the full quintet of Jonathan Armstrong, Jay Rosen, Matt Kelly, Jonathan Marks and Mike Volkov for a potpourri of discussions and ending with a veritable mélange of rants and shouts outs.

  1. Jonathan Armstrong critiques the recent Aven decision which every compliance practitioner needs to be cognizant of going forward. Armstrong shouts out Abache Tundy, a Nigerian astronaut stranded on the Moon, who is attempting to Crowd Source a rescue mission home.
  2. Jay Rosen considers recent criminal charges brought by the DOJ and the first Opinion Release in 6 years. Jay rants about the Facebook plan to fight Trump’s fake news posting, which he believes is over 3.5 years too late.
  3. Matt Kelly considers the actions by the Postal Service execs to gut US mail service leading up the election, from the compliance perspective. Matt rants about Curt Schilling and his ill-advised business decisions off the field.
  4. Mike Volkov reviews the Business Roundtable’s Statement on the Purpose of a Corporation at the one-year anniversary of it release. He shouts out to Steve Bannon, who is looking at 51-63 months of jail time for fraud.
  5. Jonathan Marks considers the IIA for beginning the discussion to reconfigure its 3 Lines of Defense but says it does not go far enough. He rants about the unfairness of the criminal justice system, focusing on the Lori Laughlin sentence.
  6. Tom Fox shouts out to the employees of the German regulator BaFin who set up an investment pool for Wirecard, a company they were allegedly regulating. 

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. Everything Compliance is a part of the Compliance Podcast Network. He can be reached at tfox@tfoxlaw.com