Transparency International-USA sent a letter to the U.S. Treasury Department Tuesday, endorsed by 17 civil society groups, asking for due diligence requirements for professionals in the real estate sector.
Entries in Due Diligence (66)
Fashion Week 2015 begins on February 12 in New York. Compliance will certainly not be on the agenda and the fashion industry has never attracted the kind of regulatory attention “enjoyed” by industries that rely heavily on public sector sales. But that doesn't mean that the industry is free of corruption risks and immune from potential FCPA enforcement actions.
Enforcement actions against sanctions violations by the Office of Foreign Assets Control (OFAC) have risen dramatically. Sanction offenses can carry civil and criminal liabilities, with a single transaction potentially resulting in multiple violations.
The Treasury Department's Financial Crimes Enforcement Network (FinCEN) imposed a $1 million civil penalty against the former chief compliance officer for MoneyGram International Inc.
Law-related employment for grads from American law schools isn't exactly robust. In 2013, the ABA Journal said, only 57 percent of the that year's JDs had full-time bar-passage-required jobs. At the same time, the world seems to have an insatiable appetite for compliance officers. That sounds like an opportunity.
The New York Department of Financial Services said Tuesday that Standard Chartered Bank will pay $300 million for "failures to remediate anti-money laundering compliance problems" required by the bank's 2012 settlement with the same regulator.
FCPA Blog sponsor Kroll released a survey showing that 75% of compliance officers aren't involved in managing cyber security risk.
Dow Jones Risk & Compliance conducted an online survey in February, asking 383 compliance professionals around the world to evaluate their anti-corruption compliance programs and name their top risk concerns.