Compliance into the Weeds

 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. In this, our 200th episode Matt and Tom go into the weeds to look at the new anti-money launder whistleblower law (AMLA) which is part for the updated Bank Secrecy Act legislation, included in the National Defense Authorization Act authorization of 2012 (get all that). It significantly expands whistleblower protections for those who come forward with AML or other similar allegations. Some of the issues we consider are:·      Why has this been created for the Department of the Treasury?·      Who will administer the whistleblower program?·      What lessons has Congress learned about protecting whistleblowers?·      Can a CCO be a whistleblower under this new law? How about a GC? ResourcesFor more information see Mengqi Sun’s article in the WSJ Risk & Compliance:Defense Bill Proposes Anti-Money-Laundering Whistleblower Program For an excellent breakdown of the legislation, see the Zuckerman Law Firm’s Whistleblower Protection Law and SEC Whistleblower Awards Blog: Anti-Money Laundering Act Establishes Whistleblower Reward Program and Protects Whistleblowers from Retaliation Learn more about your ad choices. Visit megaphone.fm/adchoices

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. In this episode Matt and Tom go into the weeds to look at the actions of Denver Mayor, Michael Hancock. Just before Thanksgiving he told folks to stay at home to avoid Covid-19 transmission and then promptly traveled to Mississippi for the Thanksgiving holidays. Some of the issues we consider are:  Is there always an inherent conflict in a human leader? How do leaders rationalize misconduct? What are the dangers when they do so? Do as I say, not as I do. Are we all simply our parents? What is the role of compliance? How do Hancock’s actions fit into the Fraud Pentagon? ResourcesFor more information see Matt’s blog post:More Misadventures in Leadership For more information on the Fraud Triangle see Jonathan Marks’ blog post:Fraud Pentagon Learn more about your ad choices. Visit megaphone.fm/adchoices

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. In this episode Matt and Tom go into the weeds to look at recent remarks by SEC Chairman Jay Clayton and Bill Hinman, director of the Division of Corporation Finance, on issues around insider trading compliance programs. Some of the issues we consider are:  Why would two high ranking SEC officials publicly address insider trading and compliance in the same week? What are the rules around 10(b)5-1? What about Albert Bourla, the CEO of Pfizer, who sold $5.6 million worth of Pfizer shares on Nov. 9, the day the company announced stellar results of its Covid vaccine trials. Who owns insider trading compliance in a corporation? Values based ethics v. rules based ethics. Tom Moyer, former CCO and now head of Global Security at Apple indicted for alleged offering bribes to obtain concealed carry permits in Santa Clara County CA. ResourcesFor more information see Matt’s blog posts:SEC Warning on Insider Trading SalesApple Exec Indicted on Bribery Charge Learn more about your ad choices. Visit megaphone.fm/adchoices

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. In this episode Matt and Tom go into the weeds to look at the SEC Chairmanship of Jay Clayton who announced he was stepping down at the end of the year. Some of the issues we consider are:·      Tom call it a mixed bag and Matt had mixed views?·      His first 12 to 18 had a series of crisis including a cyber breach at the SEC itself, the PCAOB scandal with KPMG and Crypto-currency issues.·      Matt felt Clayton did a good job of listening.·      He worked to open non-capital markets for investment.·      In the SEC enforcement action, he basically said Elon Musk was too important to Tesla to punish.·      His abortive move to head the SDNY was reputational disaster. Learn more about your ad choices. Visit megaphone.fm/adchoices

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. In this episode Matt and Tom go into the weeds to look at compliance issues relevant to the next administration. Some of the issues we consider are:  What are some of the key appointments to follow? Where will FCPA enforcement go? Will use of monitors increase? How might the tone of SEC initiative and enforcement change under the Biden Administration? There has been increased scrutiny by the OCC and Fed on financial institutions compliance program. Will it continue? The Trump Administration attacks on Diversity and Inclusion training will end.  ResourcesSee Matt’s blog posts on Radical Compliance- The Biden Administration and Compliance Learn more about your ad choices. Visit megaphone.fm/adchoices

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. In this episode Matt and Tom go into the weeds to look at the turbulence brought to the compliance profession and compliance job market. Some of the issues we consider are:  How Working From Home has brought a material change to the practice of compliance. How to follow the money in the age of Coronavirus? Has the pandemic made compliance more relevant? Why is there such turbulence in the compliance job market? How has the pandemic transformed one traditional risk into something that manifests quite differently.? How is the compliance profession evolving?  ResourcesSee Matt’s blog posts on Radical Compliance- Compliance and Career Turbulence Learn more about your ad choices. Visit megaphone.fm/adchoices

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. In this episode Matt and Tom go into the weeds to look at the recent FCPA enforcement action involving the US banking and finance entity Goldman Sachs. Some of the issues we consider are:  One of the most bold, audacious bribery schemes ever. Complete total and utter failure of compliance? Or something worse? Blatant assistance in money-laundering. How watches the watchers? Has Goldman really done anything different? Largest FCPA fine ever.  ResourcesSee Matt’s blog posts on Radical Compliance- Goldman Sachs, FCPA and Internal ControlsSee Tom’s exploration on the FCPA Compliance and Ethics BlogPart 1-IntroductionPart 2-Control FailuresPart 3-Fines and Penalties Learn more about your ad choices. Visit megaphone.fm/adchoices

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. In this episode Matt and Tom go into the weeds to look at the recent FCPA enforcement action involving the Brazilian megalith, J&F Investments. Some of the issues we consider are:  It was one of the most bold, audacious bribery schemes ever. Follow on from Brazil’s largest anti-corruption enforcement action, JBS. What happens when an acquirer of a US listed company is the corrupt entity? Is a target required to perform due diligence on the source of the money used in a M&A deal? Did Pilgrim’s Pride have any responsibility? Are there any US individuals involved? Is Pilgrim’s Pride a victim, entitled to compensation?  ResourcesSee Matt’s blog posts on Radical Compliance-JBS, Internal Controls and the FPCASee Tom’s exploration the FCPA Compliance and Ethics BlogPart 1-IntroductionPart 2-The Bribery SchemesPart 3-The SEC OrderPart 4-The Plea Agreement Learn more about your ad choices. Visit megaphone.fm/adchoices

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. In this episode Matt and Tom go into the weeds to look at the recent fine of $400 million against Citibank for its poor risk management processes. Some of the issues we consider are:·      Four areas of concern(1) Poor ERM; (2) Poor compliance; (3) Poor internal controls; and (4) Data governance.·      How the OCC Order is an audit road map.·      What does that mean for compliance on the Board?·      Did the OCC push out Michael Corbat?·      Focus on the ERM Blueprint.  ResourcesSee Matt’s blog posts on Radical Compliance-Citigroup’s Governance Issues, Part 1 and Citigroup, Part 2-Better ERM Program Learn more about your ad choices. Visit megaphone.fm/adchoices

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. In this episode Matt and Tom go into the weeds to look at the recent fine of $920 million against JPMorgan for spoofing. Some of the issues we consider are: What is spoofing? How did the CFTC use data analytics to build their case? What does that mean for compliance professionals? How did the JPMorgan remediation of its compliance function reduce ? Once again, the DOJ demonstrates that robust remediation will pay great dividends in the form of a significant penalty reduction.  ResourcesSee Matt’s blog posts on Radical Compliance-JPMorgan’s Compliance BenefitSee also, David Michaels piece in the Wall Street Journal, JPMorgan’s Probe Revived by Regulators Data Mining Learn more about your ad choices. Visit megaphone.fm/adchoices