How can a company prove its compliance bona fides to a regulator, should one ever come knocking on its door? The Home Depot has prepared for such a scenario with detailed guidance pegged to the DOJ’s “Evaluation of Corporate Compliance Programs.”
Third Party Risk
Posted inRegulatory Enforcement
Albemarle in settlement talks with SEC, DOJ over FCPA violations
Chemical company Albemarle Corp. has entered settlement talks with the Securities and Exchange Commission and Department of Justice regarding potential violations of the Foreign Corrupt Practices Act.
Posted inEthics & Culture
How compliance can help prevent human trafficking
There are many organizations that seek to prevent human trafficking, but their work can sometimes seem distant and detached from our roles as compliance professionals. We must consider how to bridge that gap, with a particular focus on supply chains.
Posted inEurope
SFO accepts ‘sobering’ results of Unaoil, Serco case reviews
The U.K.’s Serious Fraud Office was criticized for its leadership, culture, and conduct in a report examining why the agency botched a key corruption case against Unaoil that has now seen three convictions overturned.
Posted inRegulatory Enforcement
MidFirst Bank avoids penalty in OFAC resolution
MidFirst Bank will not pay a civil penalty after self-reporting to the Office of Foreign Assets Control apparent violations of weapons of mass destruction proliferator sanctions at the bank.
Posted inRegulatory Enforcement
Health Insurance Innovations, ex-CEO to pay $12M to settle fraud charges
Health Insurance Innovations and its former CEO Gavin Stockwell will pay a total of more than $12 million to settle SEC charges of misrepresenting the robustness of the company’s compliance program and misleading investors about customer complaints.
Posted inAccounting & Auditing
Materiality, Scope 3 emissions elicit debate in SEC climate rule comments
Comment letters in response to the SEC’s climate-related disclosure rule have laid out opponents’ issues with the proposal, while supporters have used the process to buttress the agency’s case for implementing it.
Posted inRegulatory Enforcement
FINRA fines Barclays $2.8M over supervision, disclosure lapses
Barclays Capital agreed to pay $2.8 million as part of a settlement with the Financial Industry Regulatory Authority for “failure to comply with customer confirmation and related supervision rules” that led to disclosure lapses.
Posted inEthics & Culture
Uyghur Forced Labor Prevention Act should prompt due diligence reassessment
All companies with a global footprint should be reevaluating their supply chain due diligence and documentation practices to show the absence of forced labor in the wake of the Uyghur Forced Labor Prevention Act taking effect.
Posted inAnti-Bribery
FCA fines JLT Specialty $9.7M for financial crime control lapses
The U.K. Financial Conduct Authority fined a unit of insurance broker Jardine Lloyd Thompson Group 7.9 million pounds (U.S. $9.7 million) for failing to control financial crime within its South and Central American subsidiaries.
