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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Kyle Brasseur2023-07-27T13:27:00
Companies seeking credit for voluntarily self-disclosing potential violations of sanctions or export control laws must be mindful of the multiple regimes at play and their differing expectations.
A compliance note released by the Department of Justice (DOJ), Department of Commerce’s Bureau of Industry and Security (BIS), and Treasury Department’s Office of Foreign Assets Control (OFAC) on Wednesday explains how each agency assesses voluntary self-disclosure when determining whether reporting companies qualify for potential reductions in penalties. The guidance follows policy updates by the DOJ and BIS in recent months designed to incentivize self-reporting before the government initiates an investigation.
At the DOJ, companies can reduce—or avoid altogether—the potential for criminal liability through prompt voluntary self-disclosure of apparent violations of sanctions and export control laws.
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News and analysis for the well-informed compliance or audit exec.
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Our lowest price ($1 per day) for one year.
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2023-07-31T16:00:00Z By Aaron Nicodemus
Penalties against companies including British American Tobacco, Wells Fargo, and Microsoft demonstrate the multiple ways in which businesses can run afoul of U.S. sanctions—an area receiving increased scrutiny by regulators.
2023-07-14T19:15:00Z By Kyle Brasseur
The Department of Justice scrutinizing sanctions on par with how it views bribery under the Foreign Corrupt Practices Act alters the calculus of whether a company should voluntarily self-disclose potential violations, experts discussed at CW’s TPRM Summit.
2023-06-20T19:00:00Z By Jeff Dale
Swedbank Latvia agreed to pay more than $3.4 million to resolve apparent U.S. sanctions violations in the Crimea region of Ukraine, the Office of Foreign Assets Control announced.
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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