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Tax Evasion Gets Harder as FATCA Goes into Effect July 1

The Internal Revenue Service (IRS) will have more leverage over those seeking to minimize their tax bills by moving assets outside the U.S. when the Foreign Account Tax Compliance Act (FATCA) takes effect on July 1, 2014. Enacted in 2010, FATCA is aimed at combating international tax-dodging schemes by U.S. taxpayers and businesses that cost the U.S. Department of the Treasury an estimated $100 billion each year. Approximately 77,000 banks and financial institutions have already registered under FATCA, and 70 countries have agreed to assist the U.S. in enforcing the statute.

Survey: Anti-Corruption Laws Have Major Impact on Corporate Compliance Policies

With over $1.5 billion in fines assessed by the U.S. Securities and Exchange Commission for violations of the Foreign Corrupt Practices Act (FCPA) since 2010, corruption concerns are playing a larger role in corporate decisions, according to this year’s State of Anti-Corruption Compliance Survey from Dow Jones Risk & Compliance.

Heads of SEC and FBI Address White-Collar Crime Enforcement Trends

Mary Jo White, chairwoman of the U.S. Securities and Exchange Commission (SEC), and James Comey, director of the Federal Bureau of Investigation (FBI), recently discussed enforcement trends and offered advice on how companies can avoid violating federal laws, at the New York City Bar Association’s third annual White Collar Crime Institute.

Regulators Increasingly Pursue Individual Liability for Money-Laundering Violations

The Financial Crimes Enforcement Network (FinCEN), an arm of the U.S. Department of Treasury, recently fined a Miami-based money services business (MSB) and its owner $10,000 for failing to implement proper anti-money laundering (AML) controls in violation of the Bank Secrecy Act (BSA). Charges include failing to register as a MSB and willfully violating the BSA's program, reporting and recordkeeping requirements.

Final Volcker Rule Places More Emphasis on Compliance Programs

Following over two years of comment and debate, the final Volcker Rule officially went into effect on April 1, 2014. While most banks have until July 21, 2015 to reach Volcker Rule compliance, those with over $50 billion in consolidated trading assets and liabilities are required to report to regulators beginning June 30, 2014.

Protecting Trade Secrets in the Digital Age Requires Extra Vigilance

Technology allows businesses around the world to easily communicate and access data, increasing both business opportunities and worker productivity. However, this same technology also makes corporate data more vulnerable to theft and harder to protect. Lost or stolen data has significant financial repercussions; misplaced devices or server crashes are estimated to cost the average business $586,000 a year.  Data theft was recently estimated to cost companies $250 billion a year, according to the National Crime Prevention Council.

New OSHA Guide on Hazardous Chemicals for Small Businesses

The Occupational Safety and Health Administration (OSHA) recently released a guide to help small businesses develop an effective hazard communication program and comply with OSHA’s revised Hazard Communication Standard (HCS). The HCS is aimed at improving employees’ understanding of the health and physical hazards associated with chemical substances.

Human Error Biggest Threat to Patient Data Security and Privacy

Human error remains the biggest threat to healthcare data privacy, according to the latest study on patient privacy and data security by the Ponemon Institute. Healthcare organizations also continue to struggle with increasingly complex federal and state privacy and security regulations. And healthcare employees are contributing to higher breach risks with their unsecured personal devices.

10 Tips to Avoid Discrimination in the I-9 Process

Although it may seem straightforward to request a new employee fill out the required Form I-9 to verify work eligibility, it actually requires a light touch. Employers must request enough information to comply with the Immigration Reform and Control Act of 1986 (IRCA), but not too much — or the wrong kind — which could imply discrimination.

Canada Continues Strong Enforcement of Anti-Corruption Laws with First Individual Conviction

Canada's first conviction of an individual under the Corruption of Foreign Public Officials Act (CFPOA) is expected to set a precedent for future corruption cases as regulators continue their crackdown on global corruption. Following the conviction last fall of an Indian-Canadian businessman, prosecutors are now seeking a four-year prison term for his efforts to bribe government officials in India in an attempt to win the business of a state-owned airline.

ACC Alliance Partner
Thomson Reuters