The U.S. government is now requiring banks to obtain the identifies of those they do business with—a rule, notes Tom Fox, that is long overdue. But criticism of the rule could point to a greater need for legislation to streamline the current system around the creation of corporations. Will Congress step up to the plate?
Tom Fox
Thomas Fox has practiced law for over 40 years. Tom writes the daily award-winning blog, the FCPA Compliance and Ethics blog and founded the Compliance Podcast Network. Tom leads the discussion on AI in compliance through his best-selling book Upping Your Game. He has 38 other books on the use of AI in compliance and business ethics, leadership including the seminal work, The Compliance Handbook, with its 7th edition coming out in 2025. He is the founder of the award-winning Compliance Podcast Network.
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Posted inFrom the Archive
Deutsche Bank and the continuing costs of money laundering risks
Deutsche Bank demonstrates that the costs of continuing to fail to meet regulatory requirements regarding anti-money laundering can be astronomical. Tom Fox looks at the Financial Conduct Authority’s Deutsche Bank investigation and what it means for the financial firm’s future.
Posted inAnti-Bribery
Don’t put illegal conduct in power point slide presentations
“Death by PowerPoint” is a typical description of really poor presentation technique, but it might just be a way to describe how some companies accidentally self-report their own corruption. Tom Fox has more.
Posted inFrom the Archive
The SEC asks Novartis, ‘Haven’t we met before?’
After settling an FCPA enforcement brought by the SEC in March, Novartis is now under criminal investigation in South Korea for alleged illegal payments to physcians. Should the SEC reopen its investigation?
Posted inData Privacy
EU Privacy Shield hits snag
Somehow, U.S. and EU officials find themselves with a Privacy Shield proposal that both goes too far, and yet, not far enough. The Man From FCPA Tom Fox has more.
Posted inAnti-Bribery
Unaoil-Can things get any bigger?
The Justice Department and SEC have their work cut out for them, says FCPA blogger Tom Fox, as the Monaco-based Unaoil scandal—in which the company used commissions to bribe clients—may be the biggest corruption enforcement action yet.
Posted inFrom the Archive
Theranos and compliance
One of the most compelling business stories over the past 18 months or so has been that of the Theranos, the developer of a perhaps revolutionary blood testing system, which allegedly allow testing of blood with such a small amount a person would only need their finger pricked. No longer would there be the need […]
Posted inAnti-Bribery
The other cleat drops in the FIFA corruption probe
Image: The FIFA corruption probe has shifted to U.S. corporations that did business with FIFA, regional soccer federations, and national soccer organizations, prompting some companies, including Nike, DirectTV, and Standard Chartered, to start their own internal investigations. The message is quite clear for those U.S. companies with affiliations to soccer regulators: You need to get out ahead of the government probe now by investigating any business dealings you might have had in this arena, says CW’s FCPA blogger Tom Fox.
Posted inEthics & Culture
What does the controversial pay raise for BP’s CEO mean for compliance?
Image: What are the implications of CEO pay during an economic downturn for your compliance program? In this piece, the Man From FCPA Tom Fox explores that question in the context of BP’s recent pay raise given to Bob Dudley, who, as CEO, laid off thousands of employees and saw a significant drop in share price.
Posted inAnti-Bribery
New Justice Department guidance and FCPA Pilot Program
When the DoJ speaks, chief compliance officers should listen—especially when the talks center on enforcement. The agency has launched a pilot program for Foreign Corrupt Practices Act enforcement that details three areas of self-disclosure to be required by companies going forward. If a company meets all three areas, it could look forward to a 50 percent discount toward penalties. Tom Fox has full disclosure inside.
