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FCPA Compliance Report

Tom Fox has practiced law in Houston for 30 years and now brings you the FCPA Compliance and Ethics Report. Learn the latest in anti-corruption and anti-bribery compliance and international transaction issues, as well as business solutions to compliance problems.
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Nov 20, 2018

NOVEMBER 20, 2018 BY TOM FOX

In today’s edition of Daily Compliance News:

Nov 19, 2018

In today’s edition of Daily Compliance News:

  • Very strange deaths surround allegations of bribery and Odebrecht in Colombia. (Wall Street Journal)
  • Why do employees cut corners and what does it mean for compliance.(Fast Times)
  • The reputational damage to Facebook from the NYT exposé continues. (New York Times)
  • Can you do business when a culture is corrupt? GE is about to find out when selling turbines into Iraq. (Wall Street Journal)
Nov 16, 2018

As Tom and Jay mourn the death of cultural icon Stan Lee, they consider that story and look at some of the week’s top compliance and ethics stories. 

  1. Why Goldman’s ‘tick the box’ compliance program not good enough. FT editorial board. sub req’d What are 4 questions the DOJ is likely to ask and what are 4 areas of inquiry under the FCPA Corporate Enforcement. Tom explores in Part Iand Part II. Mike Volkov asks ‘what about respondent superior’?; in his blog Crime, Corruption and Compliance. Richard Bistrong explained what happened during his guilty plea hearing for his FCPA criminal action, in the FCPA Blog.  
  2. Richard Bistrong explained what happened during his guilty plea hearing for his FCPA criminal action, in the FCPA Blog.
  3. How can ISO 37001 be fixed? Joe Murphy lists 44 ways on the FCPA Blog.
  4. MoneyGram spanked again as it’s DPA is extended. John Rausch reports in his Dipping Through Geomotries
  5. Tesla names new Board Chair. Will she be able to rein in Elon Musk? Tom Krisher reports in the Washington Post.
  6. Has your company assess the impact of Brexit? If not, the SEC says you should do so. Tatyana Shumsky reports in the WSJ Risk & Compliance Journal.
  7. Why 2019 may well be a challenging year for internal audit. Rafael Go and Leslee McKnight write in Corporate Compliance Insights.
  8. Are companies meeting their human rights requirements? Sam Rubenfeld explores in WSJ Risk & Compliance Journal.
  9. What is the business impact of bribery and corruption in Venezuela? Chevron weighs pulling out. Kejal Vyas and Bradley Olson report in the WSJ.
  10. Chuck Duross says cutting back on compliance programs would be both short-sighted and foolish. Adam Dobrik reports in GIR.
  11. How has GDPR impacted M&A deals? Nina Trentmann reports in the WSJ Risk & Compliance Journal.
  12. In a sponsored podcast, Tom visits with Vin DiCianni and Eric Feldman of Affiliated Monitors on the impact of culture, compliance and monitoring for non-US companies in countries outside the US. Part I-Introduction, Part II-International Enforcement Trends, Part III-Spain, Part IV-Development of Monnitoring in International Enforcement and Part V-International Challenges for Monitors. 

For more information on how an independent monitor can help improve your company’s ethics and compliance program, visit our sponsor Affiliated Monitors at www.affiliatedmonitors.com.

Nov 16, 2018

NOVEMBER 16, 2018 BY TOM FOX

In today’s edition of Daily Compliance News:

Nov 15, 2018

Welcome to the only roundtable podcast in compliance. This week’s episode was is dedicated to considering one article which recently appeared in the New York Times, entitled, “Trump Administration Spares Corporate Wrongdoers Billions in Penalties”. Each panelist considers the piece and its underlying principals from their own perspective. 

  1. Jonathan Armstrong considers whether or not the US is losing its role as the global anti-corruption policeman? If it is, will another country step up to take its place? Jonathan rants about UK politicians meddling in UK criminal prosecutions and criminal procedure.
  1. Mike Volkov considers what, if anything does the article tell you about DOJ enforcement priorities? How do priorities change from administration to administration? What does that mean for line and career prosecutors? Mike gives a shout out to US voters who turned out in record numbers in the recent mid-term elections.
  1. Matt Kelly considers the enforcement angle from the SEC or other regulatory bodies notably the Federal Reserve and Office of the Currency. Matt give a very large tip of the hat in his shout out to shareholder activist extraordinaire Evelyn Davis who recently passed away.
  1. Jay Rosen who works as a vendor during in the ethics and compliance space, considers the article from his perspective. He explores such questions as are companies spending less because of enforcement or is corporate compliance is as robust as ever? Jay has a heavy heart this week in remembering the victims of the massacres at the Tree of Life Synagogue in Pittsburg and the Borderline Bar & Grill in Thousand Oaks, CA.

For additional reading see the following from Cordery Compliance:

http://www.corderycompliance.com/client-alert-rolls-royce-case-sends-a-strong-signal/

http://www.corderycompliance.com/new-sfo-director-assumes-office-2-2/

http://www.corderycompliance.com/brexit-and-compliance-2/

http://www.corderycompliance.com/client-alert-skansen-linked-executives-jailed-for-bribery-in-uk/

The members of the Everything Compliance panelist are:

  • Jay Rosen– Jay is Vice President, Business Development Corporate Monitoring at Affiliated Monitors. Rosen can be reached at JRosen@affiliatedmonitors.com
  • Mike Volkov– One of the top FCPA commentators and practitioners around and the Chief Executive Officer of The Volkov Law Group, LLC. Volkov can be reached at mvolkov@volkovlawgroup.com.
  • Matt Kelly– Founder and CEO of Radical Compliance. Kelly can be reached at mkelly@radicalcompliance.com
  • Jonathan Armstrong– Rounding out the panel is our UK colleague, who is an experienced lawyer with Cordery in London. Armstrong can be reached at armstrong@corderycompliance.com

The host and producer (and sometime panelist) of Everything Compliance is Tom Fox the Compliance Evangelist. Everything Compliance is a part of the Compliance Podcast Network.

Nov 15, 2018

NOVEMBER 15, 2018 BY TOM FOX

In today’s edition of Daily Compliance News:

  • How has GDPR impacted M&A deals? (Wall Street Journal)
  • AstroBall nominated as one of the best business books of 2018.(Amazon)
  • What is a public spanking? Goldman Sachs finds out as the FT Editorial Page calls out its check the box compliance function. (Financial Times)
  • Why cutting back on compliance programs would be short-sighted and foolish. (GIR)
Nov 12, 2018

In this podcast series, I visit with Vin DiCianni, founder and President of Affiliated Monitors, Inc. (AMI) and Eric Feldman, Senior Vice President of AMI. We consider the global view of ethics, compliance and corporate culture of non-US companies, outside the US; in both their home countries and in other countries where they do business. AMI does independent integrity monitoring in multiple countries outside the US and for many non-US organizations. This work has given them a unique vantage point to observe developments. In this Part I, I visit with Vin DiCianni on the trends he sees in the global arena around ethics, compliance and monitoring.

For more information on how an independent monitor can help improve your company’s ethics and compliance program, visit our sponsor Affiliated Monitors at www.affiliatedmonitors.com.

Nov 12, 2018

In this podcast series, I visit with Vin DiCianni, founder and President of Affiliated Monitors, Inc. (AMI) and Eric Feldman, Senior Vice President of AMI. We consider the global view of ethics, compliance and corporate culture of non-US companies, outside the US; in both their home countries and in other countries. AMI does independent integrity monitoring in multiple countries outside the US and for many non-US organizations. This work has given them a unique vantage point to observe developments. In this Part II, I discuss international enforcement trends with Feldman. 

In the next episode we consider the changes going on in the country of Spain.

For more information on how an independent monitor can help improve your company’s ethics and compliance program, visit our sponsor Affiliated Monitors at www.affiliatedmonitors.com.

Nov 12, 2018

In this podcast series, I visit with Vin DiCianni, founder and President of Affiliated Monitors, Inc. (AMI) and Eric Feldman, Senior Vice President of AMI. We consider the global view of ethics, compliance and corporate culture of non-US companies, outside the US; in both their home countries and in other countries. AMI does independent integrity monitoring in multiple countries outside the US and for many non-US organizations. This work has given them a unique vantage point to observe developments. In this Part III, I discuss trends in ethics and compliance programs in Spain with DiCianni.

For more information on how an independent monitor can help improve your company’s ethics and compliance program, visit our sponsor Affiliated Monitors at www.affiliatedmonitors.com.

Nov 12, 2018

In this podcast series, I visit with Vin DiCianni, founder and President of Affiliated Monitors, Inc. (AMI) and Eric Feldman, Senior Vice President of AMI. We consider the global view of ethics, compliance and corporate culture of non-US companies, outside the US; in both their home countries and in other countries where. AMI does independent integrity monitoring in multiple countries outside the US and for many non-US organizations. This work has given them a unique vantage point to observe developments. In this Part IV, I discuss the changing face of monitors in the international arena with DiCianni.

I conclude in the final episode with thoughts on proactive and reactive monitorships in the international context. 

For more information on how an independent monitor can help improve your company’s ethics and compliance program, visit our sponsor Affiliated Monitors at www.affiliatedmonitors.com.

Nov 12, 2018

In this podcast series, I visit with Vin DiCianni, founder and President of Affiliated Monitors, Inc. (AMI) and Eric Feldman, Senior Vice President of AMI. We consider the global view of ethics, compliance and corporate culture of non-US companies, outside the US; in both their home countries and in other countries. AMI does independent integrity monitoring in multiple countries outside the US and for many non-US organizations.

AMI's work has given them a unique vantage point to observe developments. AMI has a long history of working with internationally based companies. It is therefore well positioned to observe some of the challenges for monitors working internationally. In this concluding Part V, I discuss some of the challenges for monitors in the international arena with Feldman.

For more information on how an independent monitor can help improve your company’s ethics and compliance program, visit our sponsor Affiliated Monitors at www.affiliatedmonitors.com.

Nov 12, 2018

The FCPA Compliance Report is the longest running podcast in compliance. This summer, the Compliance Podcast Network posted its 1000thpodcast in its catalogue. The FCPA Compliance Report is the most senior podcast in this network. To commemorate this event, I am featuring a five-year retrospective for the topic of each podcast. In each podcast, I consider where we were, where we are now and where we will be going in the next five years.

In the Episode, I visit with podcast favorite Mike Volkov and we consider FCPA enforcement and compliance programs over the past five years and where it may be going in the future. In this podcast we discuss:

  1. How the 2012 FCPA Guidance was one of the seminal releases of information by prosecutors and regulators.
  2. The Ten Hallmarks of an Effective Compliance provide all compliance practitioners with information needed to design, create and implement a best practices compliance program.
  3. The DOJ and SEC have continually listened to the concerns of businesses and compliance practitioners over the past 5 years in formulating enforcement policies.
  4. The DOJ telegraphed its enforcement priorities through its enforcement actions.
  5. The 2017 FCPA Corporate Enforcement Policy was the culmination of this journey.
  6. Compliance professionals should use data to demonstrate effectiveness and continuous improvement of their compliance programs.
Nov 12, 2018

NOVEMBER 12, 2018 BY TOM FOX

In today’s edition of Daily Compliance News:

  • What happens when an industry has too much hubris? (Bloomberg)
  • Will the new Chairman help anything at Tesla?(Wall Street Journal)
  • Still smoky for college basketball after 1stcorruption trial. (StarTribune)
  • More (very) bad news for Goldman Sachs. (Wall Street Journal)
Nov 9, 2018

Goldman Sachs has a very bad week, most particularly around its role in the 1MDB scandal. Tom and Jay consider that story and look at some of the week’s top compliance and ethics stories. 

  1. Malaysian officials call for Goldman Sachs to return the $600MM profits it made on the 1MDB bond sales. Stephania Palma reports in the Financial Times. (sub req’d) Goldman Sachs reserves up to $1.8bn to pay for the scandal. Sam Rubenfeld reports in the WSJ Risk and Compliance Journal. Tom has a 3-part series on the matter. Part I-background facts in the guilty plea and indictments, Part 2-the bribery and money-laundering schemes and Part 3-what does it all mean for compliance professionals.
  2. New academic reports shows better whistleblower programs save companies money. For the full report, click here. Matt Kelly has two posts on Radical Compliance (here and here). Tom blogs about it on the FCPA Compliance and Ethics Blog.
  3. What happens when a compliance professional is not up for the job. David Crow looks at a FCA investigation in the Financial Times. (Sub req’d)
  4. Who is Responsible for Ethics? Marsha Ershagahi Hames explains in LRN’s Blog.
  5. Did the Hoskinsdecision change any requirements around due diligence on intermediaries or other third-parties? Eric Lochner opines in the FCPA Blog.
  6. Does the recent Stryker FCPA enforcement action change the requirements for per diem expense reimbursements? Kyden Creekpaum writes in the FCPA Blog.
  7. Does a Golden Passport portend corruption? Dick Cassin explores in the FCPA Blog.
  8. Magistrate recommends PdVSA suit alleging recoupment of bribery proceeds by tossed. Carol Balado reports in com. (sub req’d)
  9. Is the (SEC) glass half-full or half-empty? In half-full article, FCPA Unit head says more industries about to be sweep. Ryan Barber in com (sub req’d) In the half-empty department, Co-Director of Enforcment, Stephanie Akavian says its impact, not numbers that matter (meaning the numbers are way down). Francine McKenna reports in MarketWatch.
  10. Ever wonder how a SEC investigation begins? Dan Portnov explains it all on Grand Jury Target.
  11. Looking for the top training on how to operationalize your compliance program? Tom announces a new Compliance Master Class to be held in NYC November 12 & 13, hosted by Jonathan Marks and Baker Tilly. For agenda, more information and registration details click here.
  12. Tom premiers new podcast offering, the Daily Compliance News on the Compliance Podcast Network. Have cup of coffee and catch up on the day’s top compliance stories with the Compliance Evangelist. 

For more information on how an independent monitor can help improve your company’s ethics and compliance program, visit our sponsor Affiliated Monitors at www.affiliatedmonitors.com.

Nov 9, 2018

NOVEMBER 9, 2018 BY TOM FOX

In today’s edition of Daily Compliance News:

  • What happens when the regulators question your tech solutions? (Wall Street Journal)
  • Are Chinese companies being targeted for FCPA prosecutions?(FCPA Blog)
  • KPMG (finally) begins to address conflicts of interest. (Financial Times)
  • In the wake of a massive employee walkout, Google modifies its company policies around harassment. (New York Times)
Nov 8, 2018

In this episode of Across the Board, I visit with Doreen Lilienfeld. She is a partner at Shearman & Sterling in New York. Today we visit on the firm’s Shearman & Sterling Annual Corporate Governance & Executive Compensation Survey.  Some of the topics we discuss are:

  • What is the Shearman & Sterling Annual Corporate Governance & Executive Compensation Survey?
  • Why should Boards of Directors be concerned with corporate culture?
  • What is corporate culture?
  • What are some corporate culture red flags?
  • Why is corporate culture a company asset?
  • What are some indicia of a health corporate culture?
  • How does a Board work to institutional corporate culture oversight?
  • How should a Board work through or think through its role in oversight?

To review the Shearman & Sterling Annual Corporate Governance & Executive Compensation Survey, click here.

Nov 8, 2018

NOVEMBER 8, 2018 BY TOM FOX

In today’s edition of Daily Compliance News:

  • Malaysian officials call for Goldman Sachs to return the $600MM profits it made on the 1MDB bond sales. (Financial Times)
  • Did the Hoskins decision change due diligence requirements?(FCPA Blog)
  • How will the rest of the world deal with new US sanctions on Iran? (Wall Street Journal)
  • Compliance executive under investigation from FCA for lack of expertise. (Financial Times)
Nov 7, 2018

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt Kelly and I take a deep dive into the recently announced reorganization of the Michigan State University compliance function, rolling it into the newly created Office of Audit, Risk, and Compliance.  

Some of the highlights from this podcast are:

  1. Does MSU interim President John Engler get compliance?
  2. What is the role of a CCO at a major state university?
  3. Does rolling compliance under internal audit demonstrate a adherence to or lack of commitment to compliance?

 

For more see Matt’s blog post, Michigan State Reorgs Compliance Again

Nov 7, 2018

NOVEMBER 7, 2018 BY TOM FOX

In today’s edition of Daily Compliance News:

  • Changes at the top of Danske bank as the Chairman of the Board resigns. (Financial Times)
  • Strip clubs off the approved employee expense reimbursement at Under Armor.(Wall Street Journal)
  • What are per deim expenses and why do you need to be concerned about them? (FCPA Blog)
  • Flight risk or spend-thrift? First person to receive UWO arrested in London. (BBC online)
Nov 6, 2018

NOVEMBER 6, 2018 BY TOM FOX

In today’s edition of Daily Compliance News:

Nov 6, 2018

In this episode I visit with Jonathan Armstrong and we update the current status of Privacy Shield in EU, US and UK. On both sides of the Atlantic, Privacy Shield is still a topic of hot conversation. Some of the highlights are: 

  1. What is the current status of Privacy Shield?
  2. How has the Trump Administration responded to Privacy Shield?
  3. Will the EU move forward without American support?
  4. How does Max Schrems view Privacy Shield?
  5. What is the current state of litigation involving Privacy Shield?
  6. What does all of this mean for US companies, trying to get data out of the UK and EU?

For more information on Cordery Compliance, go their website here. Also check out the GDPR Navigator, one of the top resources for GDPR Compliance by clicking here.

Nov 6, 2018

In this episode I visit with Jonathan Armstrong and we update the current status of Privacy Shield in EU, US and UK. On both sides of the Atlantic, Privacy Shield is still a topic of hot conversation. Some of the highlights are: 

  1. What is the current status of Privacy Shield?
  2. How has the Trump Administration responded to Privacy Shield?
  3. Will the EU move forward without American support?
  4. How does Max Schrems view Privacy Shield?
  5. What is the current state of litigation involving Privacy Shield?
  6. What does all of this mean for US companies, trying to get data out of the UK and EU?

For more information on Cordery Compliance, go their website here. Also check out the GDPR Navigator, one of the top resources for GDPR Compliance by clicking here.

Nov 5, 2018

In this episode, I visit with James Koukios, a partner at Morrison and Foerster in Washington DC. Koukios is a former prosecutor from the Department of Justice who worked in the FCPA Unit. He is back to discuss the firm’s monthly newsletter the Top 10 International Anti-Corruption Developments for August 2018. In this podcast we discuss:

 

  1. How each month’s newsletter is produced, what goes into it and how topics and issues are generated.
  2. The declination with disgorgement received by the Insurance Corporation of Barbados Limited given
  3. There were three declinations discussed in the newsletter: (a) Guralp Systems Limited; (b) Hertz; (c) Electrobras; and (d) Sinotec Biovac. We briefly discuss each case and then the overall themes or lessons to be learned from them collectively;
  4. The case that keeps on giving and going-PdVSA. We discuss the month’s indicments and prosecutions.
  5. The 1MDB prosecutions and why every US company involved with 1MDB or the prior Malaysian government needs to scrub their operations and interactions with them now to determine if there were any suspicious payments.
  6. The Hoskinsdecision. What are the implications of this case for the compliance practitioner, white collar defense lawyer and in-house compliance professional.
  7. The incentives the Justice Department has given to companies to come in self-disclose FCPA violations under the Sessions administration.

To see the firm’s Top 10 International Anti-Corruption Developments for August 2018, click here.

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