Compliance into the Weeds

The award-winning, Compliance into the Weeds is the only weekly podcast that takes a deep dive into a compliance-related topic, literally going into the weeds to more fully explore a subject. Looking for some hard-hitting insights on sanctions compliance? Look no further than Compliance into the Weeds! In this episode, Tom and Matt take a deep dive into data analytics and highlight the Bank Of America CFPB enforcement action for failures in a data analytics program.Data analytics is a powerful tool in the realm of compliance and risk management, providing invaluable insights that can help organizations identify potential risks and assess the effectiveness of their compliance programs. Tom emphasizes the importance of continuous monitoring using data analytics, citing a case where Bank of America was fined $12 million due to poor use of data analytics. He advocates for the use of analytics algorithms as ongoing monitoring tools and encourages business units to take an active role in managing their risks. Matt underscores the significance of data analytics in identifying and managing compliance risks. He echoes Fox's sentiments on the need for continuous monitoring and the involvement of business units in risk management.They also note that both the DOJ and SEC are ramping up their focus on data analytics for corporate compliance, setting higher expectations, especially for larger corporations. This shift is not only transforming the landscape of corporate compliance but also reshaping the way companies approach self-disclosure of misconduct. Join Fox and Kelly on this episode of the Compliance into the Weeds podcast as they delve deeper into the implications of the DOJ and SEC's increasing focus on data analytics for corporate compliance.Key Highlights The Importance of Continuous Data Analytics Bank of America's Compliance Risk Management Effective Monitoring and Surveillance in Financial Services DOJ's Expectations for Corporate Data Analytics Uncovering Fraud Through Data Analytics Resources:Matt’s blog posts in Radical ComplianceA $12M Lesson on Data AnalyticsSome Vague Hints on Analytics, FCPA  Tom InstagramFacebookYouTubeTwitterLinkedIn Learn more about your ad choices. Visit megaphone.fm/adchoices

The award-winning, Compliance into the Weeds is the only weekly podcast that takes a deep dive into a compliance-related topic, literally going into the weeds to more fully explore a subject. Looking for some hard-hitting insights on sanctions compliance? Look no further than Compliance into the Weeds! In this episode, Tom and Matt take a deep dive into the Binance enforcement action brought by the DOJ, OFAC, FinCEN, and the CFTC.In a landmark case that has sent shockwaves through the cryptocurrency industry, Binance, the world's largest cryptocurrency trading platform, has been slapped with a staggering $4.3 billion fine for intentionally violating anti-money laundering laws and other financial regulations. Tom views this as a significant turning point, marking the end of the libertarian experiment around cryptocurrency and alternative financial systems. He believes that the hefty penalties imposed on Binance, along with other smaller enforcement actions in the crypto world, are a clear message from regulators that the crypto sector must comply with US laws and regulations.Matt echoes Fox's sentiments, emphasizing that the enforcement actions against Binance and other cryptocurrency ventures signify the end of the libertarian experiment around cryptocurrency. He underscores the deliberate and intentional nature of Binance's violations, stating that they knowingly deceived and evaded compliance regulations. Join Tom Fox and Matt Kelly on this episode of the Compliance into the Weeds podcast as they delve deeper into this case and its implications for the cryptocurrency industry. Key Highlights Binance's $4.3 Billion AML Violation Deceptive Evasion of Regulations in Cryptocurrency Extensive Monitorship to Address Compliance Deficiencies Binance's Non-Compliance Leads to Legal Consequences Personal Liability of the CCO End of Crypto?  Resources:Matt’s blog post in Radical ComplianceTom  InstagramFacebookYouTubeTwitterLinkedIn Learn more about your ad choices. Visit megaphone.fm/adchoices

The award-winning, Compliance into the Weeds is the only weekly podcast that takes a deep dive into a compliance-related topic, literally going into the weeds to explore a subject more fully. Looking for some hard-hitting insights on sanctions compliance? Look no further than Compliance into the Weeds! In this episode, Tom and Matt take a deep dive into the recent OIG guidance for healthcare compliance professionals and healthcare compliance programs which notes that CCOs should be independent from the General Counsel’s Office.The Office of Inspector General (OIG) has recently released guidelines that underscore the importance of independence for compliance officers in the healthcare sector. These guidelines, seen as a significant development in the field, stipulate that compliance should be separate from legal and finance departments, and outline the responsibilities of healthcare compliance officers.Tom views this as a clear call for compliance officers to be independent and report directly to the CEO and the board. He suggests that this trend towards independence may extend beyond healthcare. Matt echoes this sentiment, highlighting the OIG's strong endorsement of the independence of compliance officers. He believes this aligns with the emphasis on independence and autonomy that leading voices in the regulatory world have been advocating for. Join Tom Fox and Matt Kelly as they delve deeper into this topic in this episode of the Compliance into the Weeds podcast. Key Highlights: The Importance of CCO Independence in Compliance Programs The role of a healthcare CCO Do you need a Law Degree to be a CCO in Healthcare Compliance The Growing Significance of CCO Independence Resources:Matt’s blog post in Radical ComplianceTom InstagramFacebookYouTubeTwitterLinkedIn Learn more about your ad choices. Visit megaphone.fm/adchoices

The award-winning, Compliance into the Weeds is the only weekly podcast that takes a deep dive into a compliance-related topic, literally going into the weeds to more fully explore a subject. Looking for some hard-hitting insights on compliance? Look no further than Compliance into the Weeds! In this episode, Tom and Matt take a deep dive into the issue of how and whether you should remediate during an enforcement action.The importance of early and continuous remediation of compliance issues cannot be overstated. It is a critical aspect of maintaining a healthy relationship with regulators and ensuring effective strategies are in place to address any uncovered issues. Tom firmly believes in the necessity of initiating the remediation process as early as possible, even during the investigation phase. He emphasizes the importance of regular communication with regulators and the potential risks of delaying remediation.Matt echoes Fox's sentiments. He highlights the confidence that early remediation brings to compliance officers and the increased likelihood of successful resolution. Join Tom Fox and Matt Kelly as they delve deeper into this topic in this episode of the Compliance into the Weeds podcast. Key Highlights: Proactive Remediation for Effective Compliance Management Navigating Personnel Matters During Remediation Logical and Consistent Employee Discipline Compliance Remediation Strategies for Confident Compliance Officers  ResourcesMatt on Radical ComplianceTom  InstagramFacebookYouTubeTwitterLinkedIn Learn more about your ad choices. Visit megaphone.fm/adchoices

The award-winning Compliance into the Weeds is the only weekly podcast that takes a deep dive into a compliance-related topic, literally going into the weeds to explore a subject more thoroughly, looking for some hard-hitting insights on sanctions compliance. Look no further than Compliance into the Weeds! In this episode, Tom and Matt take a deep dive into the recent SEC Civil Complaint against Solar Winds and its CISO, Timothy Brown, for undisclosed failures in the company’s cybersecurity compliance program disclosures prior to, during, and after the infamous Solar Winds data hack.The recent SEC lawsuit against SolarWinds Corp and its CISO, Tim Brown, following the 2020 data breach has sparked a critical conversation about executive liability in cybersecurity disclosures. Matt views this lawsuit as a significant development that raises essential questions about the personal liability of senior executives for inaccurate or misleading disclosures about cybersecurity risks. He emphasizes the potential implications this case could have for other executives in charge of trouble, such as compliance officers.Tom underscores the concerns regarding the accuracy and transparency of SolarWinds' cybersecurity disclosures. He highlights the evidence of a culture of deception within the company and the need to hold executives accountable for inaccurate disclosures. Join Tom Fox and Matt Kelly as they delve deeper into this topic in the latest episode of the Compliance into the Weeds podcast. Key Highlights: Liability of Senior Executives in Cybersecurity SolarWinds' Orion Software: Russian Government Cyberattack Personal Liability for Misleading Cybersecurity Disclosures Implementing Relevant Controls for Cybersecurity  Resources:Tom  InstagramFacebookYouTubeTwitterLinkedIn Learn more about your ad choices. Visit megaphone.fm/adchoices

The award-winning Compliance into the Weeds is the only weekly podcast that takes a deep dive into a compliance-related topic, literally going into the weeds to explore a subject more thoroughly, looking for some hard-hitting insights on sanctions compliance. Look no further than Compliance into the Weeds! In this episode, Tom and Matt deeply dive into the termination of Citibank employee Szabolcs Fekete over cheating on his expense account, then lying about it and drawing out broad lessons for the compliance professional.The importance of trust, accountability, and ethics in the workplace cannot be overstated. These elements are the bedrock of a healthy corporate culture and are crucial for maintaining a positive and productive work environment. Tom believes that a broader conversation about these topics is necessary within corporations. He emphasizes the need for employees to understand the importance of trust, accountability, and adherence to policies and procedures.Matt echoes these sentiments. He shares a poignant story about a CEO who had to fire a cleaner for embezzlement and dishonesty, underlining the critical role of trust in upholding ethical standards. Both Fox and Kelly acknowledge the cynicism among the public and the workforce regarding ethical enforcement, and they advocate for a commitment to doing the right thing, even when it is difficult. Join Tom Fox and Matt Kelly on this episode of the Compliance into the Weeds podcast as they delve deeper into this crucial topic.Key Highlights: Expense Report Dishonesty and Wrongful Termination Citibank’s Expense Report Policy and Trust The Consequences of Ethical Breaches The importance of trust and ethical enforcement  ResourcesMatt in Radical ComplianceJane Croft in the FTPilita Clark in the FTTom ThreadsInstagramFacebookYouTubeTwitter Learn more about your ad choices. Visit megaphone.fm/adchoices

The award-winning Compliance into the Weeds is the only weekly podcast that takes a deep dive into a compliance-related topic, literally going into the weeds to explore a subject more fully. Are you looking for some hard-hitting insights on sanctions compliance? Look no further than Compliance into the Weeds! In this episode, Tom and Matt deeply dive into the recent enforcement action against Deutsche Bank for AML violations and greenwashing to consider best practices for policies and procedures.In the complex business world, the importance of tailored policies for compliance and risk management cannot be overstated. Tom Fox and Matt Kelly bring their unique perspectives to this topic, emphasizing the need for well-designed, specific policies and procedures to mitigate compliance risks and potential harm.Drawing from his experience, Fox believes that generic policies are insufficient and stresses the need for policies specific to a company’s needs, risks, and operations. On the other hand, Kelly criticizes copying and pasting policies from regulations without considering the organization’s unique characteristics and needs. He underscores the importance of conducting risk assessments and gap analyses to design effective policies. Join Tom Fox and Matt Kelly as they delve deeper into this topic on this episode of the Compliance into the Weeds podcast. Key Highlights: The Importance of Tailored Policies and Procedures Risks and Consequences of Generic Policies Tailoring Policies and Procedures for Compliance Ongoing Monitoring of Policies and Procedures Resources:Matt in Radical ComplianceTom ThreadsInstagramFacebookYouTubeTwitterLinkedIn Learn more about your ad choices. Visit megaphone.fm/adchoices

The award-winning Compliance into the Weeds is the only weekly podcast that takes a deep dive into a compliance-related topic, literally going into the weeds to explore a subject more fully. Are you looking for some hard-hitting insights on sanctions compliance? Look no further than Compliance into the Weeds! In this episode, Tom and Matt consider the recent speech by DAG Lisa Monaco, creating a Safe Harbor for M&A under the FCPA and beyond.The Justice Department has recently unveiled a new policy aimed at fostering cooperation and compliance within the corporate sector, especially during acquisitions. This policy, which offers companies the chance to avoid charges for compliance violations discovered during the acquisition process, has sparked a lively discussion among compliance experts. Matt views this policy with a mix of curiosity and uncertainty. He acknowledges its potential benefits but also raises concerns about its practical execution, particularly in relation to antitrust enforcement and the treatment of companies new to acquisitions.The application of the policy across various DOJ divisions and its interactions with other enforcement organizations intrigue Tom. He also questions whether acquiring companies will still receive a “free pass” if the acquired company engages in antitrust behavior. To delve deeper into these perspectives and explore the potential implications of this new policy, join Tom Fox and Matt Kelly in the latest episode of the Compliance into the Weeds podcast.Key Highlights: Cooperation and Compliance Incentives for M&A Exemption of Acquisition Target’s Aggravating Factors DOJ’s Emphasis on Pre-Acquisition Compliance Involvement Enforcement Policy’s Impact and Curiosity  Resources:Matt in Radical ComplianceTom ThreadsInstagramFacebookYouTubeTwitterLinkedIn Learn more about your ad choices. Visit megaphone.fm/adchoices

The award-winning Compliance into the Weeds is the only weekly podcast that takes a deep dive into a compliance-related topic, literally going into the weeds to explore a subject more fully. Are you looking for some hard-hitting insights on sanctions compliance? Look no further than Compliance into the Weeds! In this episode, Tom and Matt consider the recent SEC pre-taliation enforcement action involving DE Shaw.The recent $10 million settlement by financial services firm De Shaw over a retaliation case has sparked a significant conversation about whistleblower policies. This case, the largest of its kind, centered around employment agreements that prohibited employees from speaking to governmental agencies without company authorization, a practice that has been illegal since 2011 under the Dodd Frank Act. Matt views this as a significant issue, emphasizing the need for clear processes and alignment between policies and employment templates. He also expresses surprise at the rarity of instances where pretaliation clauses actually deter whistleblowers, suggesting that the problem lies in the language used in employment agreements.Tom sees this as a problem of process. He believes that companies need to have a clear process in place to ensure that changes in employment policies are reflected throughout all relevant documents and agreements. He criticizes companies like De Shaw for updating their policies but failing to update their employment templates, which led to the inclusion of language that prevented whistleblowers from coming forward. Join Tom Fox and Matt Kelly as they delve deeper into this topic on the Compliance into the Weeds podcast.  Key Highlights: Largest pre-taliation settlement in financial services Persistent Non-Compliance Issues with Dodd Frank The Rise of Multimillion-Dollar Penalties Resources:Matt in LinkedInTom ThreadsInstagramFacebookYouTubeTwitterLinkedIn Learn more about your ad choices. Visit megaphone.fm/adchoices

The award winning, Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. Looking for some hard-hitting insights on sanctions compliance? Look no further than Compliance into the Weeds! In this episode, Tom and Matt consider the recent OFAC enforcement action involving 3M.3 3M, found itself in hot water after violating Iran sanctions, leading to a hefty fine of $9,618,477 from the Treasury Department and OFAC. This violation, involving a subsidiary selling goods to a German reseller who then sold them directly to Iran, including to a sanctioned entity. Tom points out the significant failures in controls and monitoring within the company that led to the violation. He emphasizes the importance of end user statements and monitoring in compliance functions to prevent such violations. On the other hand, Matt acknowledges that while 3M made an effort to comply with the Iran nuclear deal, changes in the arrangement that were not properly communicated or approved led to a violation of the sanctions agreement. He also underscores the importance of monitoring and obtaining end user statements to ensure compliance with export control laws. Join Tom Fox and Matt Kelly as they delve deeper into this topic in the latest episode of the Compliance into the Weeds podcast. Key Highlights·      Sanctions Compliance and Ongoing Monitoring·      Challenges and Consequences of Sanctions Compliance·      Sanctions Settlement for Selling Goods to Iran·      Anticipated Impact of Recent Events on 3M ResourcesMatt in LinkedInMatt on Radical ComplianceTom  InstagramFacebookYouTubeTwitterLinkedIn Learn more about your ad choices. Visit megaphone.fm/adchoices