Compliance

The ex-compliance chief of MoneyGram International Inc. (MoneyGram) is found personally liable for MoneyGram’s AML failures. The lawsuit is unprecedented in growing regulatory efforts to impose personal liability on a compliance officer for a company program failure. Patty Tehrani offers an analysis of the settlement and lessons for compliance practitioners.

Where does your company rank on the compliance checklist? Frankly, anything below an A in today’s competitive climate can put your business at risk and your reputation at stake. With modern Business Process Management tools that clearly define your goals and identifies your weaknesses, you can bid compliance-related pains adieu.

4 Key Components The number of distinct assurance functions has nearly doubled over the last 10 years, but only 10 percent of assurance leaders believe that their company's risk management functions are currently integrated. Unfortunately, despite investments in these functions, the lack of integration leaves general counsel and compliance officers feeling no more confident in managing risks today than they...

Are Banks Bracing for Tougher Compliance? Every new AML regulation – or update – is meant to prompt banks and financial institutions to improve their compliance efforts. The latest announcement by the New York State Department of Financial Services (NYS DFS), enacting Part 504, is another such regulatory measure. Initially the impact will be felt only in New York, but...

4 Safeguards for Privileged Communications Although the compliance function works hand in hand with corporate counsel, the CCO shouldn’t expect all communications with counsel to be protected in the event of an investigation. In fact, there are specific requirements of privileged communications, and most day-to-day compliance discussions won’t be considered privileged. Learn more here. with co-author David Schmitz The Corporate...

In this critical time for compliance officers, Volkov explores the implications of the DOJ's latest move.

While many expect the new administration and Congress to chip away at employee protections, several initiatives in Congress and the executive branch suggest a trend in the opposite direction for federal employees. Two Acts currently pending in Congress are designed to fill gaps in protection for federal employees and prevent agencies from enforcing gag orders.

It may come as a surprise, but “ethics” has a negative connotation for many in a business context. Similarly, the compliance profession is often viewed negatively, as impinging on employees’ freedom. But those of us on the inside have an entirely different perspective, thinking of compliance as synonymous with integrity. Is it time, then, to rebrand the profession?

The foundation of an ethical culture is trust and integrity. Employees are proud to work for organizations that prize trust and integrity. When senior leaders act in ways that are contrary to these values, employees’ belief in the company’s integrity plummets. The importance of tone at the top can’t be underestimated; failings in this regard are disastrous.

ISO 37001 specifies requirements and provides guidance for establishing, implementing, maintaining, reviewing and improving an anti-bribery management system. There is, of course, good cause for businesses in India to adopt the new standard, but it’s likely that there will be some staunch opposition to the change.

A common discussion taking place across all enterprises today is the need for digital transformation, a change from legacy to digital processes and procedures. While many of the benefits of modernization relate to improvements in efficiency and productivity, there are several core compliance benefits, as well.

Compliance training is met with moans and groans by employees. It is always seen as a necessary evil. But does it have to be viewed that way? Compliance training expert Ayesha Omer knows better: there are plenty of ways to make it more purposeful and engaging. Read on for tips and strategies to do away with boring compliance training.