Multiple emerging environmental, social, and governance and disclosure standards pose legal and operational risks to many companies, but also opportunities to improve reporting and get ahead of requirements, a new report found.
Supply Chain
Posted inEthics & Culture
Risk visibility striking fear in companies onboarding new customers
A lack of risk visibility is causing companies to reject customers–and potentially lose money–over fears they might be in danger of violating rules around anti-money laundering and sanctions regulations.
Posted inRegulatory Enforcement
French bus part supplier CBM to pay $2.4M to settle DOJ fraud allegations
A French bus parts supplier will pay more than $2.4 million in penalties, disgorgement, and restitution to settle charges that it fraudulently misled its U.S. customers about the source of some of its parts.
Posted inAnti-Bribery
Q&A: Seaco general counsel, compliance head on environmental regulations
Dominic Buckwell, general counsel and compliance head at global marine container leasing company Seaco, discussed key themes including anti-money laundering, sanctions, and why the industry needs common environmental reporting standards.
Posted inRegulatory Enforcement
Additions to UFLPA Entity List signal seafood supply chain risks
The U.S. Department of Homeland Security added three China-based entities across the seafood, aluminum, and footwear industries to the Uyghur Forced Labor Prevention Act Entity List.
Posted inRisk Management
Panelists break down robust sanctions landscape at TPRM Summit
Sanctions compliance officers face myriad challenges as complex geopolitical situations heighten risks worldwide, experts discussed during Compliance Week’s Third-Party Risk Management & Oversight Summit.
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Techniques for more effective forced labor risk identification in supply chains
By requiring U.S. importers to prove that their supply chains are free of forced labor, the Uyghur Forced Labor Prevention Act (UFLPA) has created heightened nationwide demand for sophisticated supply chain mapping and risk identification capabilities.
Posted inRegulatory Enforcement
Hyundai Motor caught in DOL complaint over child labor
The Department of Labor sued three Alabama businesses, including a Hyundai Motor manufacturing plant, for employing a 13-year-old worker on an auto parts assembly line.
Posted inEthics & Culture
Senate report cites VW, BMW, JLR for potential forced labor violations
A U.S. Senate report found three European automakers—Volkswagen, BMW, and Jaguar Land Rover—sold cars in the United States with parts sourced from a supplier suspected of using forced labor from China’s Xinjiang region.
Posted inRegulatory Enforcement
Flex says no action by OFAC into possible sanctions violations
Flex disclosed in a public filing the Office of Foreign Assets Control is taking no action into potential sanctions violations the global manufacturer voluntarily self-disclosed in 2019.