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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2023-03-02T22:08:00
The Department of Justice (DOJ) might soon begin requiring companies seeking a settlement of criminal charges to claw back compensation from employees involved in the misconduct.
In remarks delivered Thursday, Deputy Attorney General Lisa Monaco said, “[E]very corporate resolution involving the Criminal Division will now include a requirement that the resolving company develop compliance-promoting criteria within its compensation and bonus system.”
Compliance-promoting criteria consists of two parts: demanding the return of compensation earned by employees engaged in misconduct (clawbacks) and implementing a corporate compensation and bonus program that would measure compensation tied to an employee’s compliance score. The DOJ is also establishing a pilot program to reduce a corporation’s fine by the amount of clawbacks demanded, Monaco said.
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2023-03-16T13:58:00Z By Adrianne Appel
Businesses and compliance professionals should expect the Department of Justice’s new compensation clawback policies to be applied on a case-by-case basis, with broad discretion, according to legal experts.
2023-03-03T19:43:00Z By Aaron Nicodemus
The Department of Justice announced changes to its evaluation procedures for corporate compliance programs in criminal investigations, including monitoring off-channel messaging by employees, executive compensation programs, and how the agency selects compliance monitors.
2023-02-23T17:46:00Z By Aaron Nicodemus
The Department of Justice codified a new policy regarding the voluntary self-disclosure of corporate misconduct, following recent announcements on the updates by agency officials.
2024-07-24T15:50:00Z By Aaron Nicodemus
Financial institutions holding Russian sovereign assets that have not reported them to the Treasury Department’s Office of Foreign Assets Control are now required to do so by Aug. 2.
2024-07-23T12:29:00Z By Ruth Prickett
Compliance officers should take note of proposed laws in the U.K. with the newly elected Labor government setting the legislative agenda in the King’s Speech last week, promising consultations on enhanced employee rights and a higher minimum wage.
2024-07-22T15:50:00Z By Aaron Nicodemus
Four federal banking regulators have joined the Treasury Department’s Financial Crimes Enforcement Network in issuing a notice of proposed rulemaking that would require financial institutions to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs.
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