Failure to comply with the complex web of US sanctions laws and regulations carries significant risks both in terms of exposure to civil fines and penalties and reputational harm. To help maritime sector stakeholders navigate these regulations, the US Department of Treasury’s Office of Foreign Assets Control (OFAC) has published scenario-based sanctions compliance guidance on
Our colleagues Marion Seranne and Saeid Abedi recently covered the French Anti-Corruption Agency’s (“AFA”) newly published guidance addressing Corporate Reporting Sustainability Directive (“CSRD”) reporting for companies that do not meet the French Sapin II law thresholds. In short, the agency stated that CSRD reporting standards trigger an obligation to implement an antibribery and corruption compliance
On September 27, 2024, the Financial Conduct Authority (“FCA”), which is a financial regulatory body in the UK that regulates firms providing financial services to consumers, fined a UK Challenger Bank (the “Bank”) £29 million due to significant failings in its financial sanctions compliance and anti-money laundering systems and controls.
The FCA’s Summary of Reasons
In a post published earlier this year, we highlighted the importance of proactively managing artificial intelligence (“AI”) risks as part of an effective compliance program. Specifically, we explored the key considerations for organizations to effectively navigate AI-related risks and enhance their compliance efforts. We also referenced Deputy Attorney General Lisa O. Monaco’s announcement incorporating an
On August 28, 2024, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued two final rules to counter financial crime and safeguard national security: one broadening the definition of “financial institution” to include certain registered investment advisers (“RIAs”) and exempt reporting advisers (“ERAs”) under the Bank Secrecy Act (“BSA”), and one mandating
Non-financial misconduct (“NFM”) within the financial sector has posed significant challenges for the U.K. Financial Conduct Authority (“FCA”) for several years. The FCA handbook prescribes that regulated firms must assess and certify to the FCA, at least annually, that senior individuals and those performing regulated activities meet the relevant standards of fitness and propriety to
Tom Firestone recently blogged on how the recent prosecutions of Senator Robert Menendez and Representative Henry Cuellar under a previously never used statute, 18 USC 219, raise serious Constitutional issues. 18 USC 219 makes it a crime for members of Congress (and other government officials) to engage in activity that requires registration under the Foreign
Summer may be coming to an end, but whistleblower awards are far from over. On August 23, 2024, the Securities Exchange Commission (“SEC”) announced payment of over $98 million total to two whistleblowers who provided the SEC with information that led to successful enforcement actions – the fifth largest since the program’s inception in 2011,
There has been a major shift in the European Union (“EU”) in recent years around Environment, Social and Governance (“ESG”), from voluntary corporate social responsibility initiatives to a much more regulated and legislation-driven ESG regime. A key component driving this shift is the Corporate Sustainability Due Diligence Directive of June 13, 2024 (“CS3D”),[1] which
The UK and US enforcement agencies have been actively pursuing insider dealing (“insider trading”, in US parlance) since the COVID-19 pandemic ended. The UK and US have different securities enforcement regimes, but both have seen recent developments expanding the scope of conduct that can be prosecuted. For individuals and organizations trading across multiple jurisdictions, it
