In one of the most interesting looks at what makes a compliance program tick and why, Todd Haugh, an assistant professor of business law and ethics at Indiana University’s Kelley School of Business, said that even best-practices compliance programs fail to take into account the importance of eliminating rationalizations.… Continue Reading
The former general manager of a Miami-based firm was sentenced this week to time served for his part in a plot to bribe officials at Haiti’s state-owned telecommunications company.
Amadeus Richers, 66, a German citizen living in Brazil, was also placed on supervised released for three years and ordered to pay $100.… Continue Reading
The U.S. Department of Agriculture (USDA) Ethics App provides answers to questions about government ethics issues and is the first App of its kind in the federal government. … Continue Reading
Massachusetts-based Alere Inc. will pay more than $13 million to settle charges that it bribed foreign officials and committed accounting fraud to meet revenue targets, the SEC said Thursday.
Alere subsidiaries in India and Colombia “obtained or retained business” by using distributors or consultants to make improper payments to officials of government agencies or entities under government control, the SEC said.… Continue Reading
For decades, U.S. prosecutors have touted their big victories over big pharma for violations of U.S. laws prohibiting bribery in the U.S. (the federal Anti-Kickback Statute) and abroad (the FCPA).
After paying tens of billions of dollars in fines and penalties, it appears that big pharma may have received the message and responded by taking compliance seriously and investing in the resources needed to identify and address risk areas.… Continue Reading
The Chickenshit Club: Why the Justice Department Fails to Prosecute Executives by Jesse Eisinger talks about what has brought us to present-day enforcement challenges and controversies.
I enjoyed the book cover to cover.… Continue Reading
The Financial Industry Regulatory Authority (FINRA) said Wednesday it penalized Morgan Stanley Smith Barney LLC about $13 million for failing to supervise its representatives’ short-term trades of unit investment trusts.
Morgan Stanley will pay a fine of $3.25 million and about $9.78 million in restitution to more than 3,000 affected customers.… Continue Reading
In December 2016, France enacted an anti-corruption law known as Sapin II. The law was named after Michel Sapin, the then Minister of Finance, who said when presenting the bill: “In the fight against corruption, France cannot just satisfy itself with the existing situation.”… Continue Reading
After so many years of hard work and good people entering and progressing in the field of compliance, including its standing in the organization, why is it that good companies continue to get into trouble? … Continue Reading
Brazil’s Central Bank issued a rule on compliance policies for financial institutions and credit unions. Resolution Nº 4,595 of August 28, 2017 requires these institutions to adopt compliance programs.
Under the new rule, boards of directors of financial institutions are required to send documentation to the Central Bank and an annual report with the results of activities related to the compliance function.… Continue Reading
The Treasury Department’s Office of Foreign Assets Control penalized Richemont North America, Inc., the owner of the Cartier luxury brand, for shipping jewelry to a Hong Kong company that OFAC had blocked.… Continue Reading