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Financial Regulatory Forum
By Julie DiMauro
NEW YORK, Aug. 13 (Thomson Reuters Accelus) – The sanctions evasion case against Standard Chartered PLC highlights a governance disconnect at many financial services firms between the legal and compliance departments and their perceived obligations, with the former being focused on the letter of the law and the latter on its spirit.
By Kim R. Manchester, Thomson Reuters Accelus contributing author
NEW YORK, July 16 (Thomson Reuters Accelus) – A Settlement Agreement was released in June 2012 by the United States Department of the Treasury regarding the voluntary self-disclosure to the Office of Foreign Assets Control (OFAC) by ING Bank, N.V. (ING Bank), a financial institution registered and organized in the Netherlands. The violations of numerous sanctions programs imposed by the United States against Cuba, Burma, the Sudan, Libya and Iran were determined by the Americans as “egregious.” (more…)
By John Mackie
TORONTO, July 22 (Business Law Currents) – Though Canada has had foreign bribery legislation in effect for over a decade, prosecutions have proven very few and very far between. So it remains to be seen whether the recent guilty plea by Calgary’s Niko Resources under Canada’s Corruption of Foreign Public Officials Act marks a scaling-up of Canadian efforts on this front, or just another blip on the radar screen.
Feb. 25 (Westlaw Business) Big Brother has his eye on more than just filings: He is also surfing the Web to corroborate corporate disclosures. Staff correspondence filed by Scottsdale-based Hypercom Corp. shows that when it comes to rooting out potential sanctions-evaders in Iran and Syria, the Securities and Exchange Commission keeps close tabs. (more…)
By Susannah Hammond
LONDON, Feb. 24 (Complinet) -The British Treasury’s latest proposal for reshaping financial regulation, published last week, has given more detail to the plans set out in an outline last summer. The fundamental shape of the new bodies now looks to have been finalized, but many fine points on how the new approach will actually function in practical, operational and cultural terms are still under consideration.
By Judith Gross
The following is a guest column for Complinet by Judith Gross, the principal and founder of JG Advisory Services. She develops compliance training for hedge funds, specializing in compliance and related topics, such as insider trading. The views expressed are her own.
By Emmanuel Olaoye
NEW YORK, Feb. 2 (Complinet) Proposed increases in federal rewards for whistleblowers who report securities violations to the Securities and Exchange Commission raise the risk that employees will go outside their firms to report trouble, according to industry officials. Firms can avoid being the victims of potential whistleblowers by better publicizing their internal channels for reporting wrongdoing and getting creative with incentives for using them, they said. (more…)
By Brett Wolf, Complinet
Some financial institutions are scrambling to put distance between themselves and the whistleblower web site WikiLeaks, but is this necessary? Financial services firms face no clear legal obligation to cut off WikiLeaks and its founder Julian Assange, but intense publicity and the pressure brought by the US government and lawmakers to cripple the organization are forcing companies to weigh other risks they might face if they continue to do business with WikiLeaks.