Article originally published in Law360.com.
Private equity and hedge fund firms are under greater compliance scrutiny and, as a result, increased regulatory and legal exposure. The responsibilities of board members are not limited to investment performance monitoring. Regulators are now moving up the corporate ladder to identify wrongdoing. That means bringing actions against people who did not think they could be held accountable.
Understanding the risks of noncompliance extends far beyond the period when due diligence for an investment … Read More
Say goodbye to the under-regulated era of cryptocurrency. While crypto trading on the more mainstream exchanges is fueling the market, it’s also bringing greater scrutiny from regulators, as shown by the recent report by the New York State Attorney General’s office (OAG) on crypto exchange abuse, The Financial Action Task Force (FATF) announcements about upcoming crypto standards, and warnings to investors. And as guidance emerges and enforcement actions increase, crypto exchanges will, … Read More
On July 31, 2018, the Office of the Comptroller of Currency (OCC) at the U.S. Department of the Treasury (DoT) announced it would begin accepting applications from FinTechs for special bank charters, which would allow them to operate nationally. But individual states and inter-state organizations are strongly opposed. The Conference of State Bank Supervisors … Read More
February 14, 2018 | Compliance
In October 2016, the International Organization for Standardization (ISO) published ISO 37001, the first anti-bribery management system standard designed to help organizations prevent, detect and address bribery. ISO 37001 includes a series of measures and controls that represent global anti-bribery best practices. These measures and controls include the following and are designed to help an organization implement an anti-bribery management system from scratch or to enhance controls already in place:
If there was any doubt about whether the current Administration was going to add worksite enforcement back into ICE’s enforcement agenda, the answer is “YES”. On January 10, 2018, ICE Acting Director Tom Homan released ICE’s revised worksite enforcement strategy. The new strategy focuses on three identified prongs: compliance; enforcement; and outreach.
Specifically mentioned under the enforcement prong is “the arrest of unauthorized workers for violation of laws associated with working without authorization.” This is a significant change from … Read More
As we detailed in our last post, sanctions compliance is becoming increasingly difficult because the amount of data companies ingest is increasing, and because both OFAC and prominent regulators such as the New York State Department of Financial Services and the Monetary Authority of Singapore (MAS) have clearly articulated that simply screening transactions is not sufficient.
As we approach the one-year anniversary of the Trump Administration, it is important to take stock of what has changed within OFAC regulations. This past year has seen several major changes to sanctions regulations, including the removal of most sanctions against Sudan (except for some list based programs), rollback of certain travel authorizations under the Cuban sanctions program, and a much-increased focus on North Korea and Venezuela.
In many respects, OFAC has not significantly changed their pace of designations, … Read More
September 14, 2017 | Compliance
With roughly 64,000 people dying from drug overdoses last year and with nearly one-third of those deaths involving prescription painkillers, the current administration has declared the opioid epidemic a “National Emergency.” Every day more than 1,000 people are treated in emergency departments across the country for misusing prescription opioids. It is estimated that almost 80% of heroin users first struggled with prescription opioid addiction. In this sense, prescription painkillers are walking users to heroin’s door, across that threshold … Read More
In response to the Trump Administration’s Executive Order temporarily banning refugees and certain immigrants with origins from seven specific countries, several U.S. companies publicly declared their commitment to the hiring of refugees. Specifically, Starbucks pledged to hire 10,000 refugees over the next five years and LinkedIn signaled their intent to speed up the expansion of LinkedIn’s “Welcome Talent” refugee support program. Other companies are considering following the lead of Starbucks and pledging to hire existing and newly arriving refugees.
For … Read More