June 1, 2023 - ICYMI: “Crucially, the Act covers non-US employees, including compliance officers, rewarding them if the information they report leads to successful enforcement of US laws such as AML and Office of Foreign Assets Control (OFAC) sanctions laws.” Eric T. Young weighs in on this new Act and its effect on compliance.
“This greatly empowers compliance officers to report weaknesses in controls, or criminal and other misconduct. And it protects the whistleblower against retaliation. This Act effectively compels international organisations – and their supply chains – to comply fully across their global network of offices, employees, and compliance officers.”
Eric stressed that firms must consider upgrading their global network of compliance programs, including how violations are reported, and their own protections for whistleblowers.