FCPA Compliance Report

Welcome to the award-winning FCPA Compliance Report, the longest-running podcast in compliance. In this edition, Tom Fox welcomes Frank Tumminello for an in-depth discussion on the Corporate Transparency Act (CTA) and its business implications.

They delve into the reasons behind the CTA, a law established under the Anti-Money Laundering Act of 2020, and its importance in enhancing transparency and preventing criminal activities like tax evasion and money laundering. Despite being in effect for nearly a year, there needs to be more awareness, with only 15% of the 40 million affected companies having complied. Frank explains the Beneficial Ownership Information (BOI) report, its requirements, and the challenges businesses might face in staying compliant. They also touch upon the misconceptions and legal difficulties surrounding the CTA, as well as the efforts of FinCEN to facilitate compliance, including the potential for extended deadlines in hurricane-affected FEMA zones. Lastly, Frank introduces ‘File Forms,’ a platform designed to streamline BOI reporting, highlighting its features, success stories, and support to businesses navigating these new requirements.

Highlights in this episode:

Resources:

Frank Tumminello on LinkedIn

FileForms

Tom Fox

Instagram

Facebook

YouTube

Twitter

LinkedIn

For more information on the Ethico Toolkit for Middle Managers, available at no charge, click here.

Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to the award-winning FCPA Compliance Report, the longest-running podcast in compliance. In this edition, Tom Fox welcomes back Alexander Cotoia to discuss the intricate and profoundly impactful topic of anti-boycott compliance related to U.S. companies involved in international trade.

They delve into the specifics of the EAR’s anti-boycott provisions, a framework designed to prohibit U.S. companies from participating in or supporting foreign-imposed boycotts not endorsed by the U.S. government. The conversation highlights the strict reporting requirements enforced by BIS and IRS to ensure transparency and adherence to U.S. trade compliance interests. Alexander explains the details of Quantum Corporation’s recent settlement over violations, emphasizing the importance of active reporting to maintain U.S. trade relationships. The discussion also touches on potential compliance challenges, particularly regarding China and Taiwan. Tune in for best practices in anti-boycott compliance and learn how to navigate this complex regulatory landscape.

Highlights in this episode:

Resources:

Alexander Cotoia on LinkedIn

Volkov Law Group

Alexander Cotoia's article on BIS – Quantum Corp Enforcement Action

Tom Fox

Instagram

Facebook

YouTube

Twitter

LinkedIn

For more information on the Ethico Toolkit for Middle Managers, available at no charge, click here.

Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to the award-winning FCPA Compliance Report, the longest-running podcast in compliance. In this edition, Tom Fox visits with Sam Silverstein on how compliance professionals should view the new DOJ mandate on using data to assess, manage, and improve corporate culture through data-driven compliance. The Culture Audit sponsors this podcast.

In this comprehensive discussion, Tom Fox and Sam Silverstein delve into the 2024 Update to the Evaluation of Corporate Compliance Programs (ECCP) by the DOJ. Released in September, this latest update emphasizes the importance of data analytics, culture, engagement, and trust in compliance programs. With a detailed breakdown of over 250 questions posed by the ECCP, Tom and Sam provide valuable insights on how companies can benchmark their compliance programs and prepare for potential investigations. They highlight the role of a culture audit in addressing the DOJ’s requirements, offering a detailed look into how organizations can measure and improve their compliance culture. This webinar educates compliance professionals on the latest DOJ expectations and provides practical tools and methodologies to enhance corporate compliance efforts.

Highlights in this episode:

Resources:



Culture Audit

Set up a call to discuss the Culture Audit. Click here

Sam Silverstein and the Accountability Institute

Sam Silverstein on LinkedIn

Tom Fox

Instagram

Facebook

YouTube

Twitter

LinkedIn

For more information on the Ethico Toolkit for Middle Managers, available at no charge, click here.

Registration and information for the Compliance Podcast Network First Annual Agora Awards are here. This event is free.

Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to the award-winning FCPA Compliance Report, the longest running podcast in compliance. In this edition of the FCPA Compliance Report, Tom Fox visits with Dr. Ian Oxnevad and Chris Mason from Infortal Worldwide about the Israeli attack on Hezbollah through its pagers and explores what all of this means for the compliance professional.

The podcast explores the compliance and supply chain ramifications stemming from pagers licensed by a Taiwanese company to a Hungarian firm which were subsequently used to disrupt Hezbollah’s operations. This incident serves as a springboard for discussing the broader implications for global businesses, emphasizing the essential role of due diligence in complex supply chains. The episode offers insightful commentary on how Hezbollah’s lack of scrutiny over their suppliers led to vulnerabilities that were exploited by Israel, acting as a cautionary tale for organizations everywhere. Key topics include the unexpected ways legitimate companies can be compromised, the pervasive nature of risk management, and the importance of vetting and verifying partners across all industries to maintain business integrity and reputation.

Highlights in this Episode:

Resources

Infortal Worldwide

Dr. Ian Oxnevad on LinkedIn

Chris Mason on LinkedIn

Tom Fox

Instagram

Facebook

YouTube

Twitter

Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to the award-winning FCPA Compliance Report, the longest running podcast in compliance. In this edition of the FCPA Compliance Report, Tom Fox cross post the first episode of a new podcast series from Nicolas Tollet, partner at Hughes, Hubbard and Reed

In this episode, Tollet delves into the substantial financial benefits stemming from robust compliance measures. Tollet recounts a company’s journey through two deferred prosecution agreements (DPAs) related to bribery and corruption allegations in Africa and Brazil, detailing how proactive compliance actions saved the company approximately $100 million. He emphasizes the crucial role of an independent monitor and in-depth compliance reviews in identifying and mitigating misconduct. Tollet explores the implementation of compliance policies and training programs, drawing comparisons with high-profile cases like Walmart’s FCPA settlement, to illustrate the long-term financial stability and operational integrity gained through early compliance investment.

Highlights in this Episode:

Resources:

Nicolas Tollet at Hughes Hubbard & Reed

Tom Fox

Instagram

Facebook

YouTube

Twitter

LinkedIn

For more information on the Ethico Toolkit for Middle Managers, available at no charge, click here.

Check out the full 3-book series, The Compliance Kids on Amazon.com.

For an audio/video version of the Compliance Kids book, Speaking Up is AWESOME, contact Tom Fox.

Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to the Daily Compliance News. Each day, Tom Fox, the Voice of Compliance brings to you compliance related stories to start your day. Sit back, enjoy a cup of morning coffee and listen in to the Daily Compliance News. All, from the Compliance Podcast Network. Each day we consider four stories from the business world, compliance, ethics, risk management, leadership or general interest for the compliance professional.

·      TD Bank fined $3bn (WSJ)

·      Moog settles FCPA claim. (WSJ)

·      Deloitte fooled by fraudster in Texas (Houston Chronicle)

·      Is routine legal advice risky? It is if you advise paying a bribe. (Law360)

For more information on the Ethico Toolkit for Middle Managers, available at no charge by clicking here.

Check out the full 3-book series, The Compliance Kids on Amazon.com.

Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to the award-winning FCPA Compliance Report, the longest running podcast in compliance. In this edition of the FCPA Compliance Report, in this episode, host Tom Fox is joined by Roxanne Petraeus and Susan Divers from Ethena to discuss innovative perspectives on compliance training, specifically focusing on the 2024 update to the Evaluation of Corporate Compliance Programs. 

Roxanne, drawing from her military background, emphasizes the importance of practical and effective compliance training that resonates with employees rather than traditional 'check-the-box' methods. Susan highlights the shift towards emphasizing outputs over inputs, urging for compliance programs that are not just on paper but practiced and understood by all employees.

The discussion delves into the new expectations from the DOJ regarding the use of AI and data analytics in compliance, positioning compliance officers as pivotal to maintaining organizational justice and fairness. They also explore strategies for persuading senior management to prioritize compliance through emphasizing organizational culture and reputation. The conversation concludes with the role of leadership in fostering a compliant culture and practical steps for reaching out to Ethena for further insights.

Highlights in this Episode

·       Deep Dive into the 2024 Compliance Program Update

·       Roxanne's Journey and Ethena's Mission

·       Susan's Transition to Athena

·       Outputs Over Inputs: A New Compliance Focus

·       The Role of AI in Compliance

·       Leadership and Compliance Strategy

Resources

Roxanne Petraeus on LinkedIn

Susan Divers on LinkedIn

Ethena

Tom Fox

Instagram

Facebook

YouTube

Twitter

LinkedIn

For more information on the Ethico Toolkit for Middle Managers, available at no charge by clicking here.

Check out the full 3-book series, The Compliance Kids on Amazon.com.

For an audio/video version of the Compliance Kids book, Speaking Up is AWESOME, contact Tom Fox.

Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to the award-winning FCPA Compliance Report, the longest running podcast in compliance. In this edition of the FCPA Compliance Report, I welcome back Jag Lamba from Certa AI, the sponsor of this podcast to consider the integration of AI into your overall compliance framework. 

Our discussion emphasizes the importance of using great software to effectively integrate AI into existing processes, systems, and teams. For successful implementation, the software should be both flexible and scalable to suit different organizational needs and volumes. Moreover, the incorporation of guardrails is crucial in areas like third-party compliance due to AI being a relatively new technology. These guardrails function as a framework to prevent excessive autonomy similar to the limitations set on a new coworker. It is fascinating look at the cutting edge use of AI in compliance.

Highlights in this Episode

·       Integrating AI with Existing Systems

·       The Human in the Loop

·       Flexibility and Scalability in Software

·       Key Elements: Guardrails in AI

Resources

Jag Lamba on LinkedIn

Certa AI

Tom Fox

Instagram

Facebook

YouTube

Twitter

LinkedIn

For more information on the Ethico Toolkit for Middle Managers, available at no charge by clicking here.

Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to the award-winning FCPA Compliance Report, the longest running podcast in compliance.

In this edition of the FCPA Compliance Report, Tom Fox welcomes back Vince Walden, founder of KonaAI. Vince reports on the 2024 Update to the Evaluation of Corporate Compliance Programs. (Today’s episode is a cross-posting from Data Driven Compliance.)

Walden, a distinguished expert in compliance data analytics, actively participates in industry forums such as the Society of Corporate Compliance and Ethics annual summit in Grapevine, Texas. He advocates for compliance professionals to have ample access to relevant data sources, enabling them to monitor and test policies, controls, and transactions effectively. Walden stresses the importance of AI developers being vigilant about potential biases and public harm, aligning with the Department of Justice’s stance on accountability. He advises compliance practitioners to collaborate with internal audit and finance teams to ensure they have the necessary transactional data for comprehensive risk assessments, highlighting successful, cost-effective implementations like those at Albemarle as models for gradual, data-driven compliance program adoption.

Highlights in this Episode

Resources:

Vince Walden on LinkedIn

KonaAI

Tom Fox

Instagram

Facebook

YouTube

Twitter

LinkedIn

For more information on the Ethico Toolkit for Middle Managers, available at no charge by clicking here.

Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to the award-winning FCPA Compliance Report, the longest running podcast in compliance. In this edition of the FCPA Compliance Report, I welcome back the well known white collar defense practitioner and contrarian, Jon May as we take a deep dive into May’s concerns with the new DOJ Whistleblower Financial Incentive Program.  

Jon May is a renowned legal expert known for assisting fellow attorneys in developing innovative solutions for complex cases. With extensive experience, May has authored papers critiquing the Department of Justice's Corporate Whistleblower Program, arguing that it is fatally flawed due to the DOJ's inherent hostility towards whistleblowers and lack of enforceable rights for them. He highlights significant practical issues within the program, such as the stringent requirement for complete cooperation and the misconception that whistleblowers are solely motivated by monetary rewards. By drawing attention to these critical flaws, May advocates for necessary reforms to make the program more effective and fairer.

Highlights in this Episode

·       Flaws in DOJ's Whistleblower Reward System

·       Unfair Reward System for Whistleblowers

·       Financial Hurdles in SEC Whistleblower Program

·       Risk and challenges of DOJ whistleblower cooperation

·       Whistleblower rewards in corporate enforcement policies

Resources

Jon May

Tom Fox

Instagram

Facebook

YouTube

Twitter

LinkedIn

For more information on the Ethico Toolkit for Middle Managers, available at no charge by clicking here.

Learn more about your ad choices. Visit megaphone.fm/adchoices