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Semelhante a FCPA Enforcement Enters the Banks - Key elements of a good anti-corruption compliance program for financial institutions and others
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FCPA Enforcement Enters the Banks - Key elements of a good anti-corruption compliance program for financial institutions and others
- 1. FCPA Enforcement Enters the Banks The key elements of a good anti-corruption program for financial institutions and others Thursday, February 6, 2014 | 11:30 AM - 12:30 PM Speakers: Dan Boylan, Kelvin Dickenson, Paul Pelletier, Hillary Rosenberg
- 2. Paul Pelletier Member Mintz, Levin, Cohn, Ferris, Glovsky & Popeo Washington, DC
- 3. Dan Boylan, CFCS Senior Vice President and Audit Director Bank of America Charlotte
- 4. Kelvin Dickenson Global Risk Management Solutions D&B New York
- 6. Paul Pelletier Member Mintz, Levin, Cohn, Ferris, Glovsky & Popeo Washington, DC
- 8. DOJ and SEC Announce Financial Institution Focus • 2008 - Fraud Section Chief Tyrrell noted "boom of sovereign wealth funds (SWFs) is area at top of Justice Department's hit list“ • 2011 - WSJ reported SEC sought documents from 10 financial institutions, PE funds related to dealings with sovereign wealth funds • 2011 - FINRA issued guidance to issuers regarding their FCPA obligations
- 9. United States v. Garth Peterson (EDNY 2012) • DOJ/EDNY criminal prosecution of Morgan Stanley Managing Director in Singapore • Transferred interest in Chinese RE deal secretly to himself and Chinese official thru shell company • Peterson convinced MS that Chinese government entity was acquiring interest in transaction • Petersen, Chinese official would receive bribes thru equity distributions via shell company • Petersen pled guilty to conspiring to evade MS' accounting controls
- 10. United States v. Maria Gonzalez, et al. (SDNY 2013) • DOJ/SDNY criminal prosecution of employees of Miami broker/dealer, VZ bank official • 3 Miami BD employees paid millions of dollars in "kickbacks" to VZ Banking official, who directed bond trades toward Miami BD • Bribe payments made to Swiss, Panamanian bank A/C via wire transfers, checks from Miami BOA A/C • Activity first discovered during SEC BD exam
- 11. Diebold, Inc. • November 3013 Diebold entered into DPA • Paid $48 million in fines, agreed to a compliance monitor for 18 months • Separate settlement with SEC for books and records violations regarding bribes paid to officials of privately owned Russian banks
- 12. Barclays PLC • August 2012 Barclays announced corruption investigation by SFO,DOJ,SEC • Investigation involves use of 3rd parties to obtain banking license in Saudi Arabia
- 13. Sovereign Wealth Fund Investigations • Jan. 2011 - WSJ reported SEC launched industrywide investigation of US financial service firms for improper payments to SWFs • 2012 - Goldman Sachs disclosed it was responding to FCPA compliance inquiry • WSJ reported SEC investigating Goldman's relationship with LIA, possible offer of payment of a $50 million fee
- 14. Whistleblower Risk • 2013 - SEC says they received 3328 tips • Nov. 2013 – In report to Congress, SEC says tips are increasing • Some firms alleged to be cold calling employees at financial institutions
- 15. NCR • Nov 2013 NCR disclosed it made a presentation to DOJ/SEC re: a whistleblower's allegations of FCPA violations in China • WSJ reported FCPA investigation involves NCR paying for travel, hotel expenses for "training event" for 60 employees of Chinese Bank • WSJ had access to internal emails provided by "tipster"
- 16. Your Questions
- 17. Please Join Us In the Soho Complex for a Networking Luncheon Courtesy of:
Notas do Editor
- Tyrrell further noted that SWF employees would be considered to be Foreign Officials within the meaning of the statute and that SWF's should conduct due diligence on key personnel at the SWF.