In Westlaw Journal White Collar Crime 30:5, Douglas Small and Drew Hauge write about compliance, enforcement, and regulation related to growing risks to domestic investor confidence.
By: David A. Holley
In December, I wrote here about the New York State Department of Financial Services’ (DFS) proposed regulation, Part 504 of the DFS Superintendent’s Regulations, to bolster regulated financial institutions’ abilities to combat terror financing and money laundering. The proposed rule provides, among other things, minimum guidelines for institutions’ transaction monitoring and sanctions interdiction programs. In addition, the regulation has a Sarbanes-Oxley–like component requiring the chief compliance officer (CCO) or functional equivalent to submit a yearly certification attesting that the firm is compliant with the new regulation.
Companies in the mining and energy sectors often operate in remote locations and find themselves working with indigenous communities who have no official say in the company’s operations, and yet are often dependent on these businesses to provide critical public services. In some jurisdictions these services are part of the concession or a statutory requirement of being allowed to operate in the locality, while others have no formal structure. Continue reading CSR Programs and Charitable Donations: FCPA Compliance Challenges
By David Holley
In the last few years, the New York State Department of Financial Services (“NYSDFS”) has fined financial institutions billions of dollars for lapses in their terrorist financing, sanctions, and anti-money laundering compliance programs. In recent enforcement actions, the NYSDFS has not only levied fines, but also sought to hold individuals involved in intentional circumvention of these laws accountable by seeking their termination or banning them from working in New York State–licensed entities.