Tag: FinCen

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2 Gurus Talk Compliance

2 Gurus Talk Compliance – Episode 41 – The Where Are We Headed Edition

What happens when two top compliance commentators get together? They talk compliance, of course. Join Tom Fox and Kristy Grant-Hart in 2 Gurus Talk Compliance as they discuss the latest compliance issues in this week’s episode!

Stories This Week Include:

  • End of ESG and crypt initiatives at SEC.  (WSJ)
  • What science reveals about corruption. (El Pais)
  • FinCEN, corruption, and the real estate industry.  (Reuters)
  • Would you trust Mattel to list your website?   (NYT)
  • Fat Leonard was sentenced. (NYT)
  • 10 Compliance Lessons Learned from the Telefónica Venezolana FCPA Enforcement Action (JDSUPRA)
  • DOJ has received 200 tips since launching the whistleblower program (LEGALDIVE)
  • Retaliation – The Reality From passive policy to a data-driven active anti-retaliation program (IDEAS & ANSWERS)
  • Connect With One Old Colleague or Boss (WSJ)
  • A quick guide to rekindling a business relationship gone dormant—and why it’s important to do it  
  • Ex-Disney Employee Accused of Hacking Disney World Menus, Changing Font to Wingdings (404 MEDIA)

 

Register for the First Annual Compliance Podcast Network, Agora Awards for Excellence in Podcasting. Our inaugural winners are Mary Shirely and Lisa Fine for co-founding Great Women in Compliance. The event is free on Tuesday, November 19, from 12-3 PM ET. Registration and Information here.

Resources:

Kristy Grant-Hart on LinkedIn

Spark Consulting

Prove Your Worth

Tom

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Daily Compliance News

Daily Compliance News: November 12, 2024 – The Science of Corruption Edition

Welcome to the Daily Compliance News. Each day, Tom Fox, the Voice of Compliance, brings you compliance-related stories to start your day. Sit back, enjoy a cup of morning coffee, and listen in to the Daily Compliance News—all from the Compliance Podcast Network. Each day, we consider four stories from the business world: compliance, ethics, risk management, leadership, or general interest for the compliance professional.

  • What science reveals about corruption. (El Pais)
  • End of ESG and crypt initiatives at SEC. (WSJ)
  • FinCEN, corruption, and the real estate industry. (Reuters)
  • Would you trust Mattel to list your website?  (NYT)

For more information on the Ethico Toolkit for Middle Managers, available at no charge, click here.

Check out the full 3-book series, The Compliance Kids, on Amazon.com.

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10 For 10

10 For 10: Top Compliance Stories For The Week Ending October 26, 2024

Welcome to 10 For 10, the podcast which brings you the week’s Top 10 compliance stories in one podcast each week. Tom Fox, the Voice of Compliance brings to you, the compliance professional, the compliance stories you need to be aware of to end your busy week. Sit back, and in 10 minutes hear about the stories every compliance professional should be aware of from the prior week.

Every Saturday, 10 For 10 highlights the most important news, insights, and analysis for the compliance professional, all curated by the Voice of Compliance, Tom Fox. Get your weekly filling of compliance stories with 10 for 10, a podcast produced by the Compliance Podcast Network.

  • Former A&F CEO arrested for sex trafficking. (WSJ)
  • Peru’s ex-President gets 20 years for corruption. (NPR)
  • Charges dropped against Tigran Gambaryan in Nigeria.  (Wired)
  • The Quid Pro Quo-Judge Aileen Cannon on Trump’s short list to be AG. (ABC)
  • FinCEN fines CA Casino over AML violations.  (WSJ)
  • Harris looking at crypto friendly types to head SEC. (Unchained)
  • EY fires staff who took multiple online training courses at the same time.  (FT)
  • Preventing bad behavior at work. (FT)
  • Extreme forum shopping. (CoinDesk)
  • An analysis of Supreme Court’s legalization of corruption.     (NYT)

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Daily Compliance News

Daily Compliance News: October 25, 2024 – The 80 Hour Work Week Edition

Welcome to the Daily Compliance News. Each day, Tom Fox, the Voice of Compliance, brings you compliance-related stories to start your day. Sit back, enjoy a cup of morning coffee, and listen to the Daily Compliance News. All from the Compliance Podcast Network.

Each day, we consider four stories from the business world: compliance, ethics, risk management, leadership, or general interest for the compliance professional.

In today’s edition of Daily Compliance News:

  • The 80-hour workweek circuit breaker. (FT)
  • Why didn’t Boeing answer the Lion Air question on the safety of 737MAX. (NYT)
  • FInCEN fines CA Casino over AML violations. (WSJ)
  • Will AI make employee burnout worse? (BBC)

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Daily Compliance News

Daily Compliance News: February 7, 2024 – The Return of Adam Neumann Edition

Welcome to the Daily Compliance News. Each day, Tom Fox, the Voice of Compliance, brings you compliance-related stories to start your day. Sit back, enjoy a cup of morning coffee and listen to the Daily Compliance News. All from the Compliance Podcast Network. Each day, we consider four stories from the business world: compliance, ethics, risk management, leadership, or general interest for the compliance professional.

In today’s edition of Daily Compliance News:

  • When will FinCEN implement its whistleblower program?  (WSJ)
  • Who is corrupt in Qatargate? (Euronews)
  • Adam Neumann wants to buy back WeWork. What could go wrong? (Bloomberg)
  • Bridging the digital divide to bring equality. (BBC)

For more information on Ethico and a free White Paper on top compliance issues in 2024, click here.

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Compliance Into the Weeds

Compliance into the Weeds: Binance Pays $4+ Billion for Criminal Acts

The award-winning, Compliance into the Weeds is the only weekly podcast that takes a deep dive into a compliance-related topic, literally going into the weeds to more fully explore a subject. Looking for some hard-hitting insights on sanctions compliance? Look no further than Compliance into the Weeds! In this episode, Tom and Matt take a deep dive into the Binance enforcement action brought by the DOJ, OFAC, FinCEN, and the CFTC.

In a landmark case that has sent shockwaves through the cryptocurrency industry, Binance, the world’s largest cryptocurrency trading platform, has been slapped with a staggering $4.3 billion fine for intentionally violating anti-money laundering laws and other financial regulations. Tom views this as a significant turning point, marking the end of the libertarian experiment around cryptocurrency and alternative financial systems. He believes that the hefty penalties imposed on Binance, along with other smaller enforcement actions in the crypto world, are a clear message from regulators that the crypto sector must comply with US laws and regulations.

Matt echoes Fox’s sentiments, emphasizing that the enforcement actions against Binance and other cryptocurrency ventures signify the end of the libertarian experiment around cryptocurrency. He underscores the deliberate and intentional nature of Binance’s violations, stating that they knowingly deceived and evaded compliance regulations. Join Tom Fox and Matt Kelly on this episode of the Compliance into the Weeds podcast as they delve deeper into this case and its implications for the cryptocurrency industry.

 Key Highlights:

  • Binance’s $4.3 Billion AML Violation
  • Deceptive Evasion of Regulations in Cryptocurrency
  • Extensive Monitorship to Address Compliance Deficiencies
  • Binance’s Non-Compliance Leads to Legal Consequences
  • Personal Liability of the CCO
  • End of Crypto?

 Resources:

Matt’s blog post in Radical Compliance

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SBR - Authors' Podcast

SBR Authors Podcast: Jonathan Wilson on the Corporate Transparency Act

Welcome to the Sunday Book Review, the Authors Podcast! Don’t miss out on this episode of SBR-Author’s Podcast, where Tom sits down with Jonathan Wilson on his book The Corporate Transparency Act Compliance Guide.

Jonathan Wilson is a seasoned attorney specializing in middle market M&A and securities, with a particular emphasis on private offerings and working with startups and growing businesses. His perspective on the topic of FinCEN Report Company assists with Corporate Transparency Act compliance is shaped by his extensive experience in corporate compliance and his authorship of the Corporate Transparency Act Compliance Guide. Jonathan recognized the potential confusion the Act could cause for business owners and their lawyers, prompting him to write a comprehensive guide to help them identify beneficial owners and file the necessary reports. He also founded the FinCEN Report Company, an online filing service that aids businesses in meeting the reporting requirements of the Corporate Transparency Act. Join Tom Fox and Jonathan Wilson on this episode of the Sunday Book Review-Author’s Edition podcast to delve deeper into this topic.

Key Highlights Include:

  • Corporate Transparency Act Compliance Simplified
  • Combatting Money Laundering through Corporate Transparency
  • Exemptions Based on Company Size and Income
  • Formation Date-Based Reporting Deadlines
  • The Importance of Compliance Officer and Policy

Resources:

Jonathan Wilson on Linkedin

The FinCEN Report Company

The Corporate Transparency Act Compliance Guide

Tom Fox

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Compliance Kitchen

Understanding the Beneficial Ownership Information Filing Requirement Starting in 2024

Are you aware of the upcoming beneficial ownership information filing requirement that will start in January 2024? The Financial Crimes Enforcement Network (FinCEN) issued their first set of guidance materials, aiming to help individuals and small businesses understand the incoming filing requirement. According to the guidance, “beneficial ownership information” refers to individuals or individual who directly or indirectly own or control a company.

To enhance corporate transparency and discourage illegal activities like money laundering, companies must report the beneficial ownership information to FinCEN. The guideline applies to domestic and foreign reporting companies, including corporations, LLCs, or any other legal entity that was created by filing documents with a secretary of state or similar body. However, exemptions are available, and there are 23 different types of entities exempted from the requirement.

To ensure a smooth transition, FinCEN has put together an online platform for reporting and published frequently asked questions on their website along with an introductory video on YouTube. If you’re a business owner or operate a legal entity registered to do business in the U.S, it’s essential to start preparing for the beneficial ownership information filing requirement.

Here are three tips to keep in mind:
– Stay updated with the latest guidance materials available on the FinCEN website.
– Ensure that you have all documents and information needed to report beneficial ownership information accurately.
– Identify whether you qualify for any exemptions and seek professional advice if needed.

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Daily Compliance News

March 24, 2023 – A Cluster at Treasury Edition

Welcome to the Daily Compliance News. Each day, Tom Fox, the Voice of Compliance, brings you compliance-related stories to start your day. Sit back, enjoy a cup of morning coffee, and listen to the Daily Compliance News. All from the Compliance Podcast Network. Each day we consider four stories from the business world, compliance, ethics, risk management, leadership, or general interest for the compliance professional.

Stories we are following in today’s edition of Daily Compliance News:

· CA to try and clean up cannabis regulatory corruption. (LA Times)

· UBS and Credit Suisse: a clash of cultures. (FT)

· Could FinCEN have fouled up the corporate registry any worse? (WSJ)

· IKEA in the UK told to protect staff from sexual harassment. (BBC)

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Daily Compliance News

February 16, 2023 – The Defending Fraud Edition

Welcome to the Daily Compliance News. Each day, Tom Fox, the Voice of Compliance, brings you compliance-related stories to start your day. Sit back, enjoy a cup of morning coffee, and listen to the Daily Compliance News. All from the Compliance Podcast Network. Each day we consider four stories from the business world, compliance, ethics, risk management, leadership, or general interest for the compliance professional.

Stories we are following in today’s edition of Daily Compliance News:

  • Banks want visibility into account ownership data bank. (WSJ)
  • China national soccer head arrested on corruption charges. (FT)
  • Bankruptcy court rejects call for another investigation into FTX collapse. (Reuters)
  • After having accused Twitter of fraud, Musk now defends lawsuits accusing Twitter of fraud. (Bloomberg)