Tag: FCPA

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FCPA Compliance Report

Walmart FCPA Settlement

In this special bonus podcast, I am joined by Jay Rosen to discuss the stunning resolution to one of the longest running bribery, corruption and money-laundering sagas on the international stage, the FCPA enforcement action against the world’s largest retailer–Walmart. Some of the highlights include:

  • The background facts;
  • How significant is the case;
  • Is the penalty too low (or too high)?
  • Response of Walmart;
  • Lessons learned for the compliance professional;
  • Was there self-disclosure and full cooperation?
  • How should we analyze the monitor requirement under the Benczkowski Memo?

Resources:
The documents for this matter include:
From the Department Of Justice

  1. Criminal Information
  2. Non-Prosecution Agreement
  3. Plea Agreement and Statement of Facts
  4. Press Release

From the SEC, aCease and Desist Order and Press Release.
See also Tom’s Blog Post Walmart Enforcement Action-Part 1: Introduction. Tom will have multiple blog posts on the Walmart enforcement action so keep abreast on the FCPA Compliance Report.

Categories
This Week in FCPA

Show Notes for This Week in FCPA-Episode 159, week ending June 21, 2019 – the KPMG Trainwreck and Walmart Settles edition

With KPMG in the news for one of the biggest ethical trainwrecks in recent memory (or since the last biggest ethical trainwreck-Walmart) Tom and Jay return to discuss both events some of this week’s top compliance and ethics stories which caught their collective eyes.

  1. Wal-Mart settles. Harry Cassin breaks the story for the compliance community in the FCPA Blog.
  2. The KPMG ethical trainwreck catapults off the tracks with a SEC enforcement action. Francine McKenna with the most comprehensive reporting. Tom and Matt Kelly explore in separate blog posts.
  3. What is the role of the WTO in global anti-corruption enforcement? Luciana Silveira explores.
  4. Banks behaving badly (Part 1,304,555). Swedebank suspends execs from its Estonia branch. Dominic Chopping reports in WSJ. Deutsche Bank under criminal investigation for AML violation. David Enrich, Ben Protess and William K. Rashbaum report.
  5. NAVEX Global published a first-of-its-kind ethics and compliance benchmark report. Jaclyn Jaeger reviews.
  6. What are the data security/data privacy issues from using Slack? Jim Murphy explains.
  7. Designing an ethical company is easy. So says Jeff Kaplan.
  8. Why are negligence and willfulness different standards? Greg Morvillo and Christine Handley explore.
  9. Dylan Tokar joins the WSJ Risk and Compliance Journal. See his twitter You can reach him at dylan.tokar@wsj.com.
  10. Why does one size not fit all? Jay continues his series on working with monitors.
  11. This week Tom had a special 5-part podcast series sponsored by Assent Compliance on the emerging regulatory challenges in Supply Chain management. Check out the following: Part 1-Ithe HTS Landscape; Part 2-instituting a broader Risk Management Program; Part 3– CSR value proposition; Part 4-Conflict Minerals/Responsible Minerals; Part 5-scaling up to meet challenges.  The podcast is available on multiple sites: the FCPA Compliance Report, iTunes, JDSupra, Megaphone,YouTube,  Spotifyand Corporate Compliance Insights. The Compliance Podcast Networkjoins C-Suite Radio.
  12. Tom is keynoting next week (June 28) at the University of Miami conference “Compliance Across Borders”. For information and registration click here. In Europe and want to attend a great compliance conference? Tom will be keynoting at Circle of Compliance forum on July 3 and 4 in Paris. For more information and registration, click 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.
For more information on how an independent monitor can help improve your company’s ethics and compliance program, visit our sponsor Affiliated Monitors at www.affiliatedmonitors.com.

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Daily Compliance News

Daily Compliance News: June 21, 2019 Walmart settles edition

In today’s edition of Daily Compliance News (all dedicated to the Walmart FCPA settlement):

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Everything Compliance

This Week in FCPA-Episode 158 – the Sweet Caroline edition

With Tom and Jay together for a week in the City of Champions (Boston) and Tom finally getting to Fenway Park to sing Sweet Caroline, he and Jay to take a break to join discuss both events some of this week’s top compliance and ethics stories which caught their collective eyes.

  1. Who owns a bribe and why does it matter?
  2. What are the 6 hats of an AML compliance professional?
  3. Two prosecutors leave DOJ.
  4. What are some of the impacts of working with monitors?
  5. FBI skewered in another FCPA sting trial.
  6. Trump Tower in Moscow? What is the story?
  7. Italy enacts a law to provide credit for remediation during corruption investigations.
  8. Two top FCPA prosecutors leave DOJ and go into private practice.
  9. And you think you are having a bad day? Matt Kelly looks at an assination attempt on a CAE in South Africa.
  10. What is ghost money?
  11. Tom has a special 3-part podcast series this week, looking at leadership lessons from Harry Truman, Douglas MacArthur and Truman’s firing of MacArthur on 12 O’Clock High, a podcast on business leadership. Check out the following: Part 1-Leadership lessons from Harry Truman; Part 2-Leadership lessons from Douglas MacArthur; Part 3– Leadership lessons from Truman’s firing of MacArthur. The podcast is available on multiple sites: the FCPA Compliance Report, iTunes, JDSupra, Megaphone,YouTube,  Spotifyand Corporate Compliance Insights,  Compliance Podcast Networkand now on the C-Suite Radio Network.
  12. The Everything Compliance gang begins a two-part podcast series looking at the Trump Administration’s first 6 months of 2019, from the compliance perspective. In Part 1, Matt Kelly, Sarah Hadden and Mike Volkov weigh in. In Part 2 (to be released June 27) Jay Rosen, Jonathan Armstrong and Tom Fox opine.

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.
For more information on how an independent monitor can help improve your company’s ethics and compliance program, visit our sponsor Affiliated Monitors at www.affiliatedmonitors.com.

Categories
FCPA Compliance Report

FCPA Compliance Report-Episode 432, Mark Lanpher on DOJ Change in M&A Enforcement under the FCPA

In this episode I visit with Mark Lanpher, a partner at Shearman & Sterling LLP, practicing in the firm’s White Collar and Regulatory Enforcement group. Lanpher is a former Assistant Chief Litigation Counsel at the SEC. We take a deep dive into the July 2018 change in FCPA Enforcement Policy, announced by the Justice Department creating a safe harbor in mergers and acquisition enforcement actions brought under the FCPA. Some of the highlights from the podcast include:

  1. How did Matthew Miner’s announcement impact the FCPA Corporate Enforcement Policy re: M&A?
  2. What were the policy reasons behind the announcement?
  3. Was Miner’s announcement a codification of DOJ/SEC safe harbor policy first articulated in the 2012 FCPA Guidance?
  4. How did (or not) Miner’s announcement bring certainty to this area?
  5. What does it mean going forward?
Categories
Daily Compliance News

Daily Compliance News: June 7, 2019-the Bring out your Dead edition

In today’s edition of Daily Compliance News:

  • OSI announces both DOJ and SEC have dropped their FCPA investigations of the company? (YaHooFinance)
  • Fiat Chrysler’s U.S. Sales Chief Files Whistleblower Lawsuit. (WSJ)
  • Will JPMorgan settlement lead to increase in Dad-leave? (Washington Post)
  • SEC investigating Siemens AG, Philips NV and General Electric Co for FCPA violations. (Reuters)
Categories
This Week in FCPA

This Week in FCPA-Episode 157 – We’re on iTunes edition

As the enjoy the Astros continue their decimation of their AL West opponents and the lads celebrate finally getting their own iTunes show, they return to discuss both events some of this week’s top compliance and ethics stories which caught their collective eyes.
1.    Complexity and compliance, how do you deal with this in your compliance program?
2.    The SEC gives two whistleblowers a premium for reporting internally before disclosing to regulators.
3.    Wither CITGO? Tom predicts things will go downhill quickly in a FCPA kind of way.The next day the government announces a subpoena to CITGO for potential FCPA violations.
4.     The Malaysian Anti-Corruption Commission on extending the commitment of management to do business in compliance and ethically.
5.     Managing Anticorruption Compliance Under the EU’s General Data Protection Regulation. An article by Ruta Mrazauskaite.
6.     Is Exxon evil? Jaclyn Jaeger thinks so and explains why in an Op-Ed.
7.    Mike Volvok follows his 3-part series on auditing your investigative protocol with a 4-part series on a sanctions compliance program.
8.    Why is compliance is critical in the daily changing Trump trade wars against everyone. Paul Ziobro reports on FedEx.
9.    Why a ‘necessary evil’ does not constitute effective compliance. Mary Bennett explains.
10. ESG Screening Underscores Challenges in Third-Party Risk Management. Brian Alster considers.
11. This week Tom had a special 5-part podcast series sponsored by AMI on the new Justice 2019 Guidance featuring Eric Feldman. Check out the following: Part 1-Introduction;Part 2-Well-designed;Part 3– Effectively Implemented; Part 4-Working in Practice; Part 5-Final Thoughts.  The podcast is available on multiple sites: the FCPA Compliance Report, iTunes, JDSupra, Megaphone,YouTube,  Spotifyand Corporate Compliance Insights. The Compliance Podcast Networkjoins C-Suite Radio.
12.  Join Tom in Boston for his industry leading Compliance Master Class on June 11 & 12. Listeners who attend will receive a complimentary copy of The Compliance Handbook. Registration and Information is here. Join Tom, Eric Feldman, Vin DiCianni and Jay at the AMI Roundtable in Boston on June 13 for a deep dive into the DOJ’s new Evaluation of Corporate Compliance Programs-2019 Guidance. Information and registration is 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.
Categories
FCPA Compliance Report

DOJ 2019 Guidance: Part V – Final Thoughts

Over the course of this podcast series, sponsored by Affiliated Monitors, Inc. (AMI), I have visited with Eric Feldman, Senior Vice President of AMI. We have considered the Department of Justice (DOJ) Evaluation of Corporate Compliance Programs, (the “2019 Guidance”), which was released in April 2019. We are exploring what the 2019 Guidance changes are from the Evaluation of Corporate Compliance Program (2017 Guidance), released in February 2017, the structure and emphasis of the 2019 Guidance and what it means for the compliance practitioner going forward. In this concluding Episode, we bring together our final thoughts through a consider of the question “What does it all mean for your compliance practice? For more information on how an independent monitor can help improve your company’s ethics and compliance program, visit our sponsor at www.affiliatedmonitors.com.

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This Week in FCPA

This Week in FCPA-Episode 156 – the Farewell to May edition

As the lads wish a fond farewell to May, enjoy the Astros still leading the MLB with the best record and looking forward to the start of summer, they return to discuss both events some of this week’s top compliance and ethics stories which caught their collective eyes.

  1. Dave Lefort’s Top 10 takeaways from Compliance Week 2019. (sub req’d) Tom, Mary Shirley, Lisa Fine and Amii Bernard-Bahn provide their reflections on a cross-posted podcast.
  2. Why ethics matters at the top.
  3. Can UNCAC help Mozambique recover funds stolen through corruption? Rick Messick explores.
  4. What is cooperation and remediation? Matt Kelly explores.
  5. Why is pre-acquistion DD from the compliance perspective now critical in France? Antoine F. Kirry, Frederick T. Davis, and Alexandre Bisch discuss.
  6. How much does a monitorship cost? Jay continues his multipart series on monitorships .
  7. How do you audit your investigative protocol? Mike Volkov explains in a 3-part series on his blog site Corruption, Crime and Compliance.
  8. Why is visibility key for compliance? Elsa Chan explores.
  9. CITGO now part of PdVSA/Venezuelan corruption scandal. Dick Cassin reports. Marissa Luck.
  10. Is there a legal duty to set the right ‘tone at the top?”
  11. This week Tom had a special 5-part podcast series sponsored by Hanzo on using AI and data analytics in compliance investigations. Check out the following: Part 1-Current State of Investigations; Part 2-Using AI and Web-Based Evidence; Part 3– Overcoming Investigative Challenges; Part 4-Improving Investigative Efficiencies; Part 5-Where are investigations headed? The podcast is available on multiple sites: the FCPA Compliance Report, iTunes, JDSupra, Megaphone,YouTube,  Spotifyand Corporate Compliance Insights. The Compliance Podcast Networkjoins C-Suite Radio.
  12. Join Tom in Boston for industry leading Compliance Master Class at the offices on AMI on June 11 & 12. Listeners who attend will receive a complimentary copy of The Compliance Handbook. Registration and Information is here. Join Tom, Eric Feldman, Vin DiCianni and Jay at the AMI Roundtable in Boston on June 13 for a deep dive into the DOJ’s new Evaluation of Corporate Compliance Programs-2019 Guidance. Information and registration is 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.
For more information on how an independent monitor can help improve your company’s ethics and compliance program, visit our sponsor Affiliated Monitors at www.affiliatedmonitors.com.

Categories
Daily Compliance News

Daily Compliance News: May 30, 2019-is a spanking is coming edition

In today’s edition of Daily Compliance News:

  • Is the SEC useless? Mark Cuban thinks so. (Yahoo Finance)
  • Monitor orderd for Wynn Casinos in Massachusettes. (WSJ)
  • Frederick Pierucci continues his crusade against the DOJ and FCPA enforcement.(Shine)
  • What will happen to Carnival Cruise Lines? (Miami Herald)