If we fail to improve our collective AML efforts, specialized law firms will offer an inviting incentive to those who blow the whistle on our continued failings, writes Martin Woods.
Whistleblowers
Posted inAccounting & Auditing
Audit whistleblower receives $300K in rare SEC award
The Securities and Exchange Commission announced the award of $300,000 to a whistleblower with audit-related responsibilities, a rarity for the program.
Posted inAML
Congress passes defense bill with big ramifications for AML, whistleblowers
Congress’ defense spending bill approved Friday includes amendments that could dramatically alter the fight against money laundering, in addition to a new BSA whistleblower program with some kinks to be worked out.
Posted inAML
Compliance pros, cons included in Congress defense spending bill
Beneficial ownership provisions contained in Congress’ defense spending bill should go a long way in the fight against money laundering, but holes in the bill’s proposed whistleblower program are open for criticism, says Aaron Nicodemus. For more Nailed It or Failed It, click here.
Posted inRegulatory Policy
Congress approves enhanced protections for antitrust whistleblowers
After four tries, Congress has finally passed a bill prohibiting employers from retaliating against whistleblowers who report violations of antitrust laws to the Department of Justice.
Posted inData Privacy, ESG/Social Responsibility, Ethics & Culture, Regulatory Policy, Whistleblowers
Ten things I’d like to see happen in 2021
Many of the things I’d like to see in 2021 are directly related to regulatory changes we anticipate are coming under a Biden administration, but they’re mixed with a few lessons from the pandemic we hope carry into a post-COVID world.
Posted inEurope
Making the case for companies to create ‘Ombuds’ function to meet EU whistleblower rules
The creation of an independent, competent “Ombuds” function could be used by companies to respond to certain key requirements in the EU’s Whistleblower Protection Directive.
Posted inEthics & Culture
Five compliance triumphs from 2020
CW reveals its list of five compliance wins from the year, including Samsung for its honesty, Volkswagen for successfully wrapping up its monitorship, 3M for stellar ethics, and more.
Posted inRegulatory Enforcement
SEC enforcement priorities under Biden: Reading the tea leaves
Careful consideration as to what new tone, direction, and priorities the SEC’s Division of Enforcement will take under Joe Biden can help you reduce compliance risk.
Posted inWhistleblowers
FY record already in sight as SEC issues $28M whistleblower award
A $28 million whistleblower award announced Tuesday is the latest in an unprecedented stretch that has the SEC within reach of surpassing the record award total set in fiscal year 2020 just five weeks into FY2021.
