Compliance

The U.S. Department of Justice's Antitrust Division gives little credit for an existing compliance program. However, a recent criminal case in Ohio establishes that the Division will credit certain compliance programs after conviction by a guilty plea or trial.

A continuation and expansion on the UN Framework Convention on Climate Change and the Kyoto Protocol from the ‘90s, the Paris Agreement, which took place in December, offers a glimmer of hope to those who want to see an international, coordinated response. Unfortunately, there is little substance in terms of expectations; the bar for compliance may be set pretty low.

Having complied with restrictions to its nuclear program, Iran is enjoying lightened international economic sanctions. What’s good news for Iran in this instance represents a major headache for compliance officers worldwide, who now face a more complex compliance landscape. Broad prohibitions against doing business with Iran or Iranian businesses remain in place, but the “secondary sanctions” have been lifted.

There are myriad benefits for the compliance leader to getting out from behind the desk and into the field. It’s far simpler, for instance, to cultivate relationships across the company in person. Just as important is establishing trust throughout the organization in the compliance function. Good luck doing that by email or the occasional phone call.

The Consumer Financial Protection Bureau released a bulletin in November clarifying what constitutes consumer authorization for pre-authorized electronic fund transfers. Businesses uncertain about their obligations with respect to Regulation E and the Electronic Funds Transfer Act will want to take note of this development.

2015 was a banner year for the compliance field -- or at least for the regulatory authorities. Major scandals brought FIFA much unwanted attention and sullied the previously bright and shiny Volkswagen brand. The DOJ announced with the Yates Memo a focus on investigating and prosecuting individuals, not just companies. And that's just the tip of the iceberg.

The year ahead is full of promise. Good news for all here: we’ll no doubt continue to see the rise of the compliance profession in 2016. Michael Volkov forecasts changes to come and trends to watch.

Time flies. We’re coming up on the seventh anniversary of the introduction of the Affordable Care Act, and few would argue that the dialogue and the legislative happenings around the ACA have been quite the rollercoaster. Regulations have changed and debates over definitions are ongoing. What will 2016 and the future beyond hold for Obamacare?

Corporate culture, defined by behavior, is notoriously difficult to measure. Determining, then, whether an organization boasts a "culture of compliance" or instead operates in a "culture of corruption" is tricky. There are a number of red flags, however, that often point to endemic corruption. Among them: tone at the top, incentive structure, and strategy.

Starting this year, employers with 50 or more full-time employees are required to provide affordable health insurance coverage under the ACA, and to track, manage and report the company’s health insurance data. Begin establishing a reliable and smart compliance tracking and reporting process now to stay on schedule to meet the IRS’s requirements and avoid potential penalties.

Anti-money laundering programs can fail for any number of reasons. In Michael Volkov's experience, most failures in AML compliance can be traced back to at least one of five core shortfalls. The planets don't have to be perfectly aligned for an AML program to work well, but it does require a concerted effort, from the top of the organization to...

Software is today's competitive currency, and software-based services are the primary way a company connects and communicates with customers. At the same time, businesses are facing increased scrutiny and a growing number of regulatory requirements. Enterprises are keen to reconcile the conflict between compliance and competing in the fast-moving digital marketplace.