Insights

September 13, 2021 | Compliance Risk + Compliance

The pandemic hit, mayhem and lockdowns ensued, and trillions of dollars were appropriated for COVID relief by Congress. It’s a lot, and as response and recovery continues to unfold, fraudsters saw an opportunity and are taking it. In response, Senator Chuck Grassley (R-IA) – historically a champion of the False Claims Act (“FCA”) – is leading a bipartisan group of senators who have proposed legislation, the False Claims Act Amendments Act of 2021 (“FCA Amendments Act of 2021”), that, if … Read More

January 13, 2021 | Financial Crime Consulting

2020 saw a substantial amount of enforcement activity in the BSA/AML/OFAC area.   Even prior to last month’s enactment of the Anti-Money Laundering Act of 2020 (the “2020 AMLA”), conventional wisdom favored an increase in enforcement activity by regulators and prosecutors for violations of laws in these areas under the incoming Biden Administration. [See Division F]

The 2020 AMLA just gave this area of enforcement a significant shot in the arm.  In an era where federal legislation has become … Read More

October 14, 2019 | Compliance

Whistleblowing is in the news.   Current events are a timely reminder of the importance of having in place sound and up-to-date policies, procedures and programs for whistleblowing.  A number of prudential regulators, such as federal and state bank regulators, and the Securities and Exchange Commission, all include review of a company’s whistleblowing program as standard in periodic examinations or inspections.

A robust whistleblowing program is an essential component of a comprehensive compliance program for financial institutions and other large corporations.  … Read More

April 29, 2019 | Compliance

As published in Forbes, April 22, 2019.

Last May, the U.K. Financial Conduct Authority and the Prudential Regulation Authority fined Barclays CEO Jes Staley over £600,000 for non-compliance with U.K. laws aimed at protecting whistleblowers. Then, in December, New York’s banking regulator fined Barclays another $15 million for its CEO’s wrongdoing. Mr. Staley had attempted to improperly identify a whistleblower employee who had written anonymous letters to the bank’s board and senior management raising concerns about a fellow employee. … Read More