The cryptocurrency market is exciting to watch. Based on the revolutionary blockchain distributed ledger system, cryptocurrencies have exploded on the marketplace. As with any new “gold rush” to hit a market, cryptocurrency...more
7/5/2018
/ Bitcoin ,
Blockchain ,
Compliance ,
Cryptocurrency ,
Digital Currency ,
Distributed Ledger Technology (DLT) ,
Ethereum ,
Financial Markets ,
Initial Coin Offering (ICOs) ,
Investment ,
Investment Management ,
Popular ,
Regulatory Oversight ,
Securities and Exchange Commission (SEC) ,
Token Sales ,
Trading Platforms ,
Virtual Currency
Maybe I am missing something, but everyone is jumping on the culture bandwagon. Regulators like to speak about it; prosecutors like to emphasize it – everyone likes to talk about it as a way to encourage corporate leaders to...more
The fundamental principle of SEC’s market regulation is the power of sunshine, transparency and disclosure. In other words, the SEC seeks to ensure that companies disclose important information to the public so that...more
After a lengthy investigation, Dun and Bradstreet (D&B) settled an FCPA enforcement action with the Securities and Exchange Commission for $9 million. ...more
5/10/2018
/ Accounting Fraud ,
Books & Records ,
Bribery ,
Compliance ,
Corporate Counsel ,
Corruption ,
Declination ,
Department of Justice (DOJ) ,
Dun & Bradstreet ,
Enforcement Actions ,
Foreign Corrupt Practices Act (FCPA) ,
Securities and Exchange Commission (SEC) ,
White Collar Crimes
The SEC continues to exercise its powerful enforcement tool – internal controls violations – in FCPA enforcement actions against public companies. Kinross Gold Corporation is the latest company to enter into an FCPA...more
When new technologies appear on the scene, Washington regulation is sure to follow. The exact configuration can take years to sort out, especially when it comes to financial products, given the labyrinth of regulatory bodies...more
3/28/2018
/ Bitcoin ,
Blockchain ,
CFTC ,
Cryptocurrency ,
Digital Currency ,
Distributed Ledger Technology (DLT) ,
Initial Coin Offering (ICOs) ,
Popular ,
Regulatory Oversight ,
Securities and Exchange Commission (SEC) ,
Token Sales ,
Trading Platforms ,
Virtual Currency
No one needs to be reminded about the importance of anti-corruption compliance. For global companies, anti-corruption risks are amongst the top 3 risks identified by corporate leaders....more
3/20/2018
/ Accounting Controls ,
Bribery ,
Compliance ,
Corruption ,
Due Diligence ,
Enforcement Actions ,
Foreign Corrupt Practices Act (FCPA) ,
Internal Controls ,
Securities and Exchange Commission (SEC) ,
Settlement ,
Third-Party Risk ,
White Collar Crimes
I am always amazed at how “business” entrepreneurs ignore enforcement risks in the face of specific warnings from regulators. The SEC and the CFTC have made it clear to the emerging initial coin offering (ICO) and...more
3/12/2018
/ Blockchain ,
Capital Raising ,
Compliance ,
Cryptocurrency ,
Digital Currency ,
Distributed Ledger Technology (DLT) ,
Enforcement Actions ,
Financial Markets ,
Initial Coin Offering (ICOs) ,
Investment ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Token Sales ,
Unregistered Securities ,
Virtual Currency
A company’s internal controls define the backbone of its operations, encompassing financial, operational and compliance functions....more
KPMG has been taking it on the chin lately – and apparently for good reason. KPMG is enmeshed in an unfolding corruption scandal in South Africa. Add to that the indictment last week of five individuals (four KPMG employees...more
1/30/2018
/ Audits ,
Corruption ,
Criminal Conspiracy ,
Criminal Prosecution ,
Financial Statements ,
Fraud ,
Government Investigations ,
Indictments ,
KPMG ,
PCAOB ,
Securities and Exchange Commission (SEC) ,
White Collar Crimes
Regulators and enforcement agencies continue to pursue aggressive regulations and requirements for financial institutions (a very broad definition under Title 31 of the US Code and regulations). The new administration does...more
1/17/2018
/ Anti-Money Laundering ,
Banking Sector ,
Broker-Dealer ,
BSA/AML ,
Compliance ,
Customer Due Diligence (CDD) ,
FinCEN ,
Geographic Targeting Order ,
Money Laundering ,
Securities and Exchange Commission (SEC) ,
Suspicious Activity Reports (SARs)
Financial institutions face enormous pressures with respect to anti-money laundering compliance. These burdens are about to grow with implementation of customer due diligence rules. In 2017, federal and state regulators...more
1/16/2018
/ Anti-Money Laundering ,
Banking Sector ,
BSA/AML ,
Citibank ,
Deutsche Bank ,
Enforcement Actions ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
FinCEN ,
Merrill Lynch ,
Money Laundering ,
Penalties ,
Securities and Exchange Commission (SEC) ,
Suspicious Activity Reports (SARs) ,
Wells Fargo ,
White Collar Crimes
Over the last year, we have seen the Justice Department and SEC’s international coordination efforts bear fruit. DOJ has expended time and efforts to train prosecutors and law enforcement on anti-corruption investigations and...more
Just when everyone was anticipating the beginning of an uptick in FCPA enforcement in 2017, the Justice Department and the SEC delivered a resounding message to remind everyone that FCPA enforcement is here to stay. However,...more
10/2/2017
/ Asset Seizure ,
Bribery ,
Compliance ,
Corruption ,
Deferred Prosecution Agreements ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Foreign Corrupt Practices Act (FCPA) ,
Government Officials ,
Securities and Exchange Commission (SEC) ,
Telecommunications ,
Uzbekistan ,
White Collar Crimes
For years, the Justice Department and the Securities and Exchange Commission touted the FCPA “sweep” of the pharmaceutical and medical device industries. With good reason, DOJ and the SEC turned the drug and medical device...more
8/17/2017
/ Anti-Corruption ,
Bribery ,
Compliance ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Foreign Corrupt Practices Act (FCPA) ,
Johnson & Johnson ,
Medical Devices ,
Pfizer ,
Pharmaceutical Industry ,
Securities and Exchange Commission (SEC) ,
Teva Pharmaceuticals ,
White Collar Crimes
We all understand that issues are not black and white, meaning there are areas of gray when analysis and cost-benefits need to be weighed. Lawyers are regularly identifying legal risks and applying such risks to specific...more
The Justice Department and the Securities and Exchange Commission have dedicated more time and energy to understanding a company’s internal controls and enforcing basic requirements that companies maintain effective internal...more
The SEC recently filed a lengthy civil complaint against two Och-Ziff executives: Michael Cohen, who headed Och-Ziff’s European office, and Vanja Barros, an executive responsible for Africa-related transactions, charging them...more
In an unusual FCPA enforcement action, the Justice Department and the SEC resolved FCPA violations against Sociedad Quimica y Minera, a Chilean chemical and mining company, for a total of $30.5 million, for paying...more
1/31/2017
/ Board of Directors ,
Bribery ,
C-Suite Executives ,
Charitable Donations ,
Chile ,
Compliance ,
Corporate Counsel ,
Deferred Prosecution Agreements ,
Department of Justice (DOJ) ,
Due Diligence ,
Enforcement Actions ,
Foreign Corrupt Practices Act (FCPA) ,
Government Officials ,
Mining ,
Securities and Exchange Commission (SEC) ,
White Collar Crimes
In its continuing quest to push the message of aggressive FCPA enforcement, the SEC resolved FCPA charges against Orthofix, a medical device company, for $6 million in penalties and disgorgement. In a related action, the SEC...more
1/30/2017
/ Brazil ,
Bribery ,
Compliance ,
Corruption ,
Deferred Prosecution Agreements ,
Department of Justice (DOJ) ,
Disgorgement ,
Enforcement Actions ,
Foreign Corrupt Practices Act (FCPA) ,
Healthcare ,
Medical Devices ,
Mexico ,
Penalties ,
Recidivism ,
Securities and Exchange Commission (SEC) ,
White Collar Crimes
The drug and medical device industries have been taking it on the FCPA chin for years. The risk factors in the international marketplace are significant – healthcare professionals are normally government employees; government...more
1/26/2017
/ Books & Records ,
Brazil ,
Bribery ,
C-Suite Executives ,
Compliance ,
Criminal Investigations ,
Customs ,
Deferred Prosecution Agreements ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Foreign Corrupt Practices Act (FCPA) ,
Healthcare ,
Internal Controls ,
Medical Devices ,
Mexico ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Third-Party Risk ,
White Collar Crimes
Just when we thought 2016 was over and we could all breathe a sigh of relief, DOJ and the SEC have continued to run with a string of new enforcement actions. To all of those prognosticators, paparazzi, commentators, chicken...more
1/24/2017
/ Anti-Corruption ,
Bribery ,
Compliance ,
Corruption ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Foreign Corrupt Practices Act (FCPA) ,
Foreign Official ,
General Motors ,
Medical Devices ,
Mining ,
Pharmaceutical Industry ,
Rolls-Royce ,
Securities and Exchange Commission (SEC) ,
SFO ,
Takata ,
Trump Administration ,
Volkswagen ,
White Collar Crimes ,
Yates Memorandum
The first FCPA enforcement action for 2017 landed with very little fanfare. The SEC reached a settlement with Mondelez International for $13 million. The facts surround the hiring of an agent in India and the failure of...more
1/17/2017
/ Books & Records ,
Bribery ,
Cadbury ,
Compliance ,
Corruption ,
Due Diligence ,
Enforcement Actions ,
Food Manufacturers ,
Foreign Corrupt Practices Act (FCPA) ,
India ,
Internal Controls ,
Kraft ,
Popular ,
Prosecutorial Discretion ,
Securities and Exchange Commission (SEC) ,
Settlement ,
Third-Party Agents ,
UK ,
White Collar Crimes
The past year was another great success for the compliance profession and related technologies. Compliance continues to grow as the “professionalization” of compliance continues to skyrocket. As my good friend Donna Boehme...more
No matter how you cut it – this was a big year in FCPA enforcement. Not just because of the large enforcement actions but the scope and depth of enforcement, remediation and compliance program demands....more
1/5/2017
/ Anti-Corruption ,
Compliance ,
Corporate Counsel ,
Corruption ,
Department of Justice (DOJ) ,
Due Diligence ,
Enforcement Actions ,
Foreign Corrupt Practices Act (FCPA) ,
Internal Controls ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Third-Party Risk ,
White Collar Crimes