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.
Stories we are following in today’s edition:
Welcome to the Daily Compliance News. Each day, Tom Fox, the Voice of Compliance brings to 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.
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:
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 explore a subject and looking for some hard-hitting insights on sanctions compliance. Look no further than Compliance into the Weeds!
Tom Fox and Matt Kelly dive into the recent enforcement action against British American Tobacco (BAT) for violating North Korean sanctions. After years of evading sanctions and funneling over $630 million, regulators have imposed the maximum penalty. Join the podcast to understand the scheme enacted by BAT and the consequences of their actions. They also discuss the need for clarity around who is responsible for ensuring compliance with OFAC and the Justice Department for the next 5 years. With potential penalties looming, the consequences senior management could face, and the extent of compliance commitments expected of BAT, this is a case you want to take advantage of. Listen to Tom and Matt make sense of this perplexing case and what it means for companies in countries like North Korea.
Key Highlights:
· Sanctions enforcement on British American Tobacco
· The North Korean Scheme of British American Tobacco
· British American Tobacco’s Sanctions Compliance Penalty and Requirements
· Legal implications of BAT’s North Korea joint venture
Notable Quotes:
“I almost think we should just name this series, ‘the hits just keep on coming’ as sanctions is the new FCPA.”
“This is a long-running, complicated scheme involving the highest levels of BAT knew this was going on to evade sanctions risks.”
“Short of Activision Blizzard, this case strikes me as 1 of the most egregious that we have seen in any form of trade control, export control, trade sanctions, FCPA, or other major corporate white collar.”
“They talk about how BAT and its subsidiaries knew full well that US sanctions said you can’t do business with North Korea; they were upset over how BAT publicly announced it.”
Resources
Matt
Blog Post in Radical Compliance
Tom
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 explore a subject more fully. In this episode, join Tom and Matt as they delve into Microsoft’s recent sanctions enforcement action with OFAC. They explore what went wrong and how to avoid costly compliance failures, from potential red flags to reseller relationships. But it’s not all doom and gloom as they discuss how Microsoft implemented three lines of defense model for sanctions compliance, setting a benchmark for the industry. With Tom and Matt going into the weeds on the importance of centralization and persistent screening technology, this podcast is a must-listen for any compliance officer looking to stay ahead of the curve. Tune in now to find out more!”
Key Highlights
· Sanctions compliance case involving Microsoft
· Microsoft’s Sanctions Compliance Model
· Microsoft’s Sanctions Compliance Program Remediation
· Sanctions Compliance and OFAC Guidance
· Impact of Russia invasion on Microsoft operations
Notable Quote:
“It’s well worth giving the case a good look. So it was, I thought, a great lesson on resellers and the way the hardware and software industry did business.”?
Resources
Matt on LinkedIn
Matt on Radical Compliance
Tom
Data Driven Compliance, hosted by Tom Fox, is a podcast featuring an in-depth conversation around the uses of data and data analytics in compliance programs. In this episode, host Tom Fox visits Vince Walden from Kona AI to discuss data driven compliance and new areas of risk, such as trade AML and trade sanctions. Vince provides an example of a heavy equipment manufacturer using RFIDs on their products to monitor movement, and Tom warns of heavy fines for companies who fail to comply with prevailing sanctions. The conversation continues as Vince and Tom touch on topics such as ESG compliance, financial implications of green initiatives, and consortiums for sharing data. They also discuss how data analytics and text analytics can be used to track inventory and the importance of tracking energy spend to identify ESG-compliant vendors.
Key Highlights
· Sanctions & trade compliance are the new FCPA.
· Data-driven compliance for sanctions & trade compliance.
· Data-driven ESG?
· The cost of meeting ESG standards.
· Economic benefits of sustainability.
· Research with MIT and Integrity Distributed on the data sharing consortium.
Notable Quotes
“It’s not hard. Now they have to put the chips on, which is a variable.”
“You really have to mine the supply chain and use, you know, text analytics, text mining beyond just traditional accounting tools. To get into the weeds in that supply chain to find out where risks are located.”
“It’s funny. This is why I love our profession that we’re all in. It’s compliance and any fraud professionals, there’s always something new, always something changing.”
“With a much broader overview. So you can see the big picture.”
Resources
Vince Walden on LinkedIn
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:
The Compliance Kitchen, hosted by Silvia Surman, dives into detailed and complex topics looking at all sides of the compliance industry. The recent advisory from the repo task force that Silvia discusses reveals the clever evasion tactics used by Russian elites, including the beneficial ownership of legal entities transferred to their children, as well as enablers performing certain functions on their behalf. Russian and other users are able to access sensitive goods and technologies by using freight forwarding businesses in a third country. The Compliance Kitchen is here to provide insight and analysis into these and other compliance topics in an engaging and educational manner.
Key Highlights
Russian Sanctions Evasion Tactics Used by Elites. 00:06
The Use of Enablers to Avoid Sanctions on Russian Oligarchs. 06:13.
Illegal Access to Sensitive Goods and Technologies Through Freight Forwarding Business. 12:18
Notable Quotes
The Compliance Kitchen with host Silvia Surman is the podcast you need to stay up-to-date on regulation details. In the most recent episode, Silvia dives into the EU’s tenth package of sanctions against Russia and the DOJ’s new disruptive technology strike force. Surman covers details such as entities and people added to the Russia sanctions list, additional trade restrictions, enforcement and anti-convention measures, and the prohibition on transmitting dual use items and goods and technology from the EU through Russian territory. Additionally, Surman talks about the DOJ’s new strike force encompassing more than 10 cities to enforce U.S. laws protecting advanced technologies from illegal acquisition. Tune into The Compliance Kitchen for the need-to-know information on regulation details!
Highlights Include
Notable Quotes
Resources
Silvia Surman on LinkedIn
The Compliance Kitchen returns with a wrap-up of the week’s top trade and economic sanction issues. In today’s episode, Silvia Surman looks at the EU prolonging economic sanctions over Russia’s military aggression against Ukraine; FinCEN designates virtual currency exchange Bitzlato a “Primary Money Laundering Concern” for illicit Russian finance; DOJ obtains guilty plea from a military contractor for rigging bids on government military contracts.
