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Daily Compliance News

Daily Compliance News: November 25, 2024 – The All WSJ 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.

  • A reordering of world trade is coming; is compliance ready? (WSJ)
  • SEC racks up $8bn in penalties under Gensler. (WSJ)
  • 30 Chinese companies have been added to the blacklist.  (WSJ)
  • US sanctions GazpromBank and other Russian entities. (WSJ)

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Daily Compliance News

Daily Compliance News: May 2, 2024 – The Apology 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 CEO of UnitedHealth apologizes for the cyberattack. (FT)
  • Corruption stymies the Colombian Army. (Reuters)
  • The US sanctions Chinese companies for supplying the Russian Army.  (NYT)
  • China’s move forced laborers to avoid US sanctions. (WSJ)

For more information on the Ethico ROI Calculator and a free White Paper on the ROI of Compliance, click here.

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Daily Compliance News

Daily Compliance News: May 8, 2023 – The Vast Wasteland 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:

·       US allows some banks to process Russia energy sales  (WSJ)

·       Ukraine has had some success in fighting corruption   (FT)

·       With apparently nothing done, Belgium defends its handling of Qatargate. (FT)

·       Newton Minow dies. (NYT)

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Daily Compliance News

February 27, 2023 – The Maximum Pain 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:

  • Indonesia wants its share of the bribery fine. (FT)
  • FATF suspends Russia. (WSJ)
  • New levels of sanctions against Russia. (WSJ)
  • Roger Ng begs for mercy. (Reuters)

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Compliance Kitchen

Compliance Kitchen – Navigating OFAC’s Latest Guidance on Russia’s Metals and Mining Sector

The Compliance Kitchen, hosted by Silvia Surman, is a podcast that examines and evaluates the changing legal framework of international compliance. In this episode, Silvia examines OFAC’s brand new determination concerning the metals and mining sector of the Russian Khanate. She provides listeners with an FAQ about the determination and explains that it authorizes certain energy-related transactions or if General Licensed 6C only authorizes those activities. Silvia further elaborates that the license authorizes transactions related to the production, manufacturing, sale, transport, or provision of medicine and medical devices. Tune into Compliance Kitchen to stay updated with the evolving legal framework of international compliance.

Notable Quotes

1. “This February 24 determination authorizes sanctions on any person that the government determines to operate or have operated in the metals and mining sector of the Russian economy.”

2. “OFAC does not intend to target persons for operating in this metals and mining sectors where the provision of their goods and services is solely for safety and care of personnel protection of human life, prevention of accidents or injuries, maintenance, necessary repairs, to avoid significant or environmental damage or activities that are related to environmental mitigation or remediation.”

3. “Non-US persons generally do not risk exposure to US blocking sanctions. Under executive order 14024 for engaging in transactions with black persons, including in the metals and mining sector where those transactions would not require a license if a US person were engaging in the transactions.”

4. “Non-US persons generally do not risk exposure to US blocking sanctions if they engage in transactions in the mining and metals sector. If General License 8F would normally authorize such transactions as in Frank. That 1 authorizes certain energy-related transactions or if General would only authorize those activities Licensed 6C. That license authorizes certain transactions related to the production, manufacturing, sale, transport, or provision of medicine, medical devices, including certain industrial isotopes used in nuclear medicine.”

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Daily Compliance News

December 16, 2022 – The Boyfriend Confesses Edition

Welcome to the Daily Compliance News. Each day, Tom Fox, the Voice of Compliance, brings you four 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.

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

  • Eva Kaili’s boyfriend confesses. (Reuters)
  • A new round of Russian sanctions. (NYT)
  • Corporate ownership viewing rights. (WSJ)
  • Racism lawsuit against Tesla gaining ground. (Bloomberg)
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Daily Compliance News

November 18, 2022 the Worst Controls Ever Edition

In today’s edition of Daily Compliance News:

  • Russia sanctions evaders are getting more sophisticated. (WSJ)
  • Tax fraud by Trump organization. (Bloomberg)
  • Chinese anti-corruption chief admits to receiving bribes. (South China Morning Post)
  • New FTX CEO says the company had the worst controls he’d ever seen. (NYT)
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Daily Compliance News

July 16, 2022 the How to Stop Cheating edition


In today’s edition of Daily Compliance News:

  • FRC orders accounting firms to say how they will stop cheating. (FT)
  • Uber sued over sexual assault claims. (BBC)
  • ABB employees and wives were arrested for South African corruption. (Bloomberg)
  • DOT publishes fact sheets on Russia Sanctions. (WSJ)
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All Things Investigations

All Things Investigations: Episode 5 – Sanctions and Controls with Tyler Grove


 
Welcome to the Hughes Hubbard Anti-Corruption and Internal Investigations Practice Group’s Podcast, All Things Investigations. In this podcast, host Tom Fox and members of the Hughes Hubbard Anti-Corruption & Internal Investigations Practice Group will highlight some of the key legal issues involved in white-collar and other investigations, both domestically and internationally. In this episode, I speak with Tyler Grove, counsel at Hughes Hubbard, about the Biden administration’s multilateral approach to sanctions.
 

 
Tyler Grove has worked at Hughes Hubbard for over 10 years, starting as a paralegal and then working his way up to a full-time associate before taking the position of counsel. Tyler’s specialties include sanctions and export controls in addition to anti-money laundering and foreign investment issues. His practice has three main areas: compliance counseling, enforcement and investigations, and corporate diligence and filings.
Key areas we discuss on this podcast are:

  • The differences between the Biden administration’s sanctions vs. those of the past.
  • The US has imposed a soft embargo on any items subject to its jurisdiction and classified on the commerce control list.
  • How soon we will be able to see the effectiveness of the Biden administration’s embargo.
  • We will likely see an expansion of the sanctions imposed for human rights.
  • It’s important that companies are aware of their suppliers, and how their products are being manufactured.
  • Anti-boycott issues in China.

Resources
Hughes Hubbard & Reed website 
Tyler Grove on LinkedIn
 

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Daily Compliance News

May 20, 2022 the Fake Job Interviews Edition


In today’s edition of Daily Compliance News:
·      From fraudulent customer accounts to fake job interviews. (NYT)
·      Where can Elon go? (WSJ)
·      Don’t call 911 in Buffalo.  (WaPo)
·      Secondary sanctions coming.  (Bloomberg)