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Kinross and internal controls

Tom Fox | March 27, 2018

The Securities and Exchange Commission has resolved an Foreign Corrupt Practices Act enforcement action involving Canadian-based gold and silver mining company Kinross Gold Corp. The action was a civil matter, and there was no evidence of bribery presented in the SEC Order; it was rather a violation of the FCPA’s internal controls provisions, for which Kinross has agreed to pay a civil fine of $950,000.

The Kinross FCPA enforcement action presents some excellent lessons for every CCO, compliance practitioner, and compliance program on what constitutes effective internal controls, the role of internal audit in a best practices compliance program, the requirements of both pre-acquisition due diligence and post-integration in mergers and acquisitions (M&A), and what happens when senior management is not committed to doing business in compliance with the FCPA, such as:

M&A lessons: After closing, you must move to timely address...

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