Compliance

UK legislators have proposed major amendments to the Economic Crime and Corporate Transparency Bill currently passing through Parliament. If adopted, the amendments would significantly expand the range of potential corporate crime offenses available to prosecutors, introducing new so-called “failure to prevent” fraud, false accounting and money laundering offenses for corporates, and — perhaps most radically — allow for the attribution...

DOJ leaders provide insight into agency's plans. Analysis of Recent Statements DOJ Shaping the Future of Corporate Criminal Enforcement What’s in this whitepaper from Tom Fox:Along with the recent update to the DOJ’s “Evaluation of Corporate Compliance Programs” document, compliance practitioners can take their cues from two recent speeches by high-ranking DOJ officials, both at the ABA’s 38th annual National Institute...

Keeping up with 2023 changes to DOJ guidelines. Additions, Deletions & Changes From 2020 2023 Evaluation of Corporate Compliance Programs What’s in this whitepaper from Tom Fox:In March, the DOJ released a highly anticipated 2023 update to its “Evaluation of Corporate Compliance Programs” document (ECCP), which was most recently revised in 2020. ECCP should be mandatory reading for all compliance...

Banks bear the brunt of consequences for financial crimes amid a huge increase in anti-money laundering fines in 2022, making them an easy target when financial crime is suspected. But fighting fincrime isn’t the sole responsibility of banks, argues Samar Pratt of Exiger in London, who says a flawed approach allows financial crime to persist within the global system. Global...

Simply knowing your customer isn’t enough anymore; to keep pace with modern threats, perpetual know-your-customer practices will enable organizations to manage risk. Moody’s Keith Berry tells companies everything they need to know about pKYC and argues for a mindset-shift in many organizations. Organizations have to protect themselves from fluctuating risk levels and new financial crime threats. For many compliance teams,...

By adding incentives to encourage self-disclosure of corporate misconduct, the DOJ signaled a major change in its approach. And while many of the changes are welcome, Blank Rome’s Inbal P. Garrity and Amelia Clegg wonder if the revisions are sweet enough. The DOJ’s Criminal Division may not have had a change of heart when it comes to corporate criminal enforcement,...

OpenAI’s splashy ChatGPT rollout has generated untold amounts of text, both directly and indirectly. While much of what’s been written so far has been about creative work, which some fear will be completely upended by ChatGPT, CCI’s copy chief, Jennifer L. Gaskin, looks at how generative AI tools will change the corporate integrity landscape. Like any good journalist, I’m not...

New guidance from the DOJ on what makes an effective compliance program should be mandatory reading for every corporate integrity professional. Living Your Best Compliance life columnist Mary Shirley shares her thoughts on upshots of the new guidance. This month kicked off with an exciting development for informing corporate compliance programs, the release of an updated “Evaluation of Corporate Compliance...

The SEC has long relied on whistleblowers to enforce securities law, often making it worth their while to the tune of as much as 30% of a monetary sanction. Attorney Katherine Krems shares her insights on how Activision’s recent SEC settlement provides a lesson in what not to do. On Feb. 3, the SEC announced a $35 million settlement with...

A C-suite title on your business card doesn’t just come with a cushy corner office. Since January’s blockbuster Delaware Chancery Court decision regarding toxic behavior at McDonald’s, it could also mean that you’ll bear the same oversight duty traditionally reserved for members of the board of directors. Bart M. Schwartz of Guidepost Solutions is currently the federally appointed monitor over...

Facing a potential recession and anti-ESG headwinds may have smaller financial institutions thinking about budget cuts aimed at sustainability efforts. FTI Consulting’s Evelyn Basham and Enrique Ubarri explore what small and mid-sized banks and other financial institutions need to know about ESG in 2023 and beyond. Financial institutions of all sizes are in the midst of an ESG revolution despite...

Despite the proliferation of laws aimed at fighting bribery and corruption, a recent international report found that most countries are failing to stop corruption. How can organizations ensure they’re doing their part? Certa’s Jag Lamba offers nine signs that your company’s ABAC program is on the right track. Anti-bribery and anti-corruption (ABAC) laws and standards govern business transactions and prohibit...