For many years, financial institutions had not been frequent targets of FCPA enforcement. However, the past two years have revealed that regulators have not forgotten about this industry. The financial crisis increased regulatory scrutiny both from an investigative and a legislative perspective. The SEC and DOJ are investigating financial institutions for violations of securities laws, the FCPA, anti-money laundering rules, and similar regulations. As discussed in this article, and as the various reviews by regulators reveal, banks, private equity firms, and other financial institutions face several avenues of potential liability due to the nature of their overseas business under a myriad of domestic and international statutes. To properly navigate this complex regulatory framework requires an effective and regularly updated compliance program, consistent with the recommended government standards (and perhaps building off of their current anti-money laundering procedures), and any responses to regulatory requests demand a carefully structured internal review. In a guest article, Palmina Fava and Alan Brudner, both partners at Paul Hastings LLP, and Mor Wetzler, an associate at Paul Hastings, discuss: the regulatory focus on financial firms; guidance for anti-corruption compliance derived from anti-money laundering initiatives; the potential for anti-corruption liability without actual knowledge of the relevant corruption; the strict liability provisions of the U.K. Bribery Act; common sources of liability for financial institutions; specific compliance considerations raised by dealings with sovereign wealth funds and state-owned enterprises; and the risk of required offset funds.
Editor-in-Chief Rebecca Hughes Parker recently spoke with IBM's vice president and assistant general counsel of investigations Una Dean, who will be co-chairing ACI's FCPA conference this fall, about a range of hot compliance topics.
Senior Editor Megan Zwiebel recently appeared on a podcast with Perkins Coie White Collar & Investigations partners Gina LaMonica and Caryn Trombino, who discussed the use of AI in compliance programs, including trends in AI-based compliance, steps companies can take to utilize AI in their compliance programs, and how regulators view the use of data and AI in compliance programs. Listen to the podcast here.
Listen to our Fall Editorial Update for a discussion of recent enforcement actions; enforcement trends and policies; and top-of-mind issues, such as internal investigations and hotlines, all in under 15 minutes. Register here.
​​​​The Senior Editors of the Anti-Corruption Report and the Cybersecurity Law Report recently teamed up to present an update on the trends and hot topics in the anti-corruption, cybersecurity and data privacy spaces since the beginning of the year and what the publications will be focusing on in the coming months. A complimentary download of the webinar is available here.
Please join our sister product, the Hedge Fund Law Report, on Thursday, May 30, 2019, at 11:00 a.m. EDT, for a complimentary webinar discussing the key components of a robust anti-money laundering program. To register for the webinar, click here.
Transaction monitoring can help a company identify problem areas and assess how well its compliance program is working. Please join the Anti-Corruption Report for a complimentary webinar on May 2, 2019, from 1 p.m. to 2 p.m. EDT, where Senior Editor Megan Zwiebel will interview Google global ethics & compliance senior counsel Therese Lee and forensic program manager Aditya Yerramilli about how Google handles the art and science of transaction monitoring. Registration information is here.
Doing business in a country that is embroiled in a mega-scandal can be treacherous. This is particularly true when the local business community is slow to get on the compliance bandwagon, as has been the case in Argentina while the Notebooks Scandal has been unfolding. Please join the Anti-Corruption Report on April 17, 2019, from 1:00 p.m. to 2:00 p.m. EDT for a complimentary webinar in which Editor-in-Chief Nicole Di Schino will discuss how to mitigate risk in light of the developing scandal with Argentinian attorney Guillermo Jorge, a partner at Bruchou, Fernandez Madero & Lombardi, and Barrick Gold’s Jonathan Drimmer. To register, please click here.
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