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Banking Industry Has New Guidebook for BSA/AML and OFAC Compliance

The Federal Financial Institutions Examination Council (FFIEC) recently released the 2014 Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual. Last updated in 2010, the manual provides guidance on the most effective ways banking organizations can comply with the Bank Secrecy Act (BSA) and anti-money laundering regulations. The manual also addresses compliance with regulations and sanctions programs administered and enforced by the Office of Foreign Assets Control (OFAC).

FCPA Conference Offers Insights for More Effective Compliance

Agency officials, attorneys and compliance professionals recently gathered to discuss the latest trends and developments in anti-corruption compliance at the American Conference Institute’s annual U.S. Foreign Corrupt Practices Act (FCPA) conference. The Securities and Exchange Commission (SEC) and Department of Justice (DOJ) provided insight into ways organizations can enhance their compliance efforts.

OFCCP Seeks Comments on Final Rule Prohibiting LGBT Discrimination

On December 3, 2014, the Office of Federal Contract Compliance Programs (OFCCP) announced its Final Rule implementing Executive Order (EO) 13672 prohibiting federal government contractors and subcontractors from discriminating on the basis of sexual orientation or gender identity. Although originally intended to be issued without notice and comment, on December 8, 2014, the agency published a notice in the Federal Register seeking comments on the new regulations for a 60-day period. It is unclear what impact such comments will have on the Final Rule, however, since the agency only opened up the rule to comments in response to congressional criticism of the agency’s rulemaking process.

DOJ Recovers Nearly $6 Billion under False Claims Act in 2014

The Department of Justice (DOJ) obtained a record $5.69 billion from civil cases involving fraud and false claims against the government in the fiscal year ending September 30. This marks the first year the DOJ recovered more than $5 billion under the False Claims Act (FCA) and brings the total amount recovered since 2009 to $22.75 billion, representing more than half of all recoveries under the FCA in the past 28 years.

FBI Issues Alert Following Unprecedented Malware Attack against U.S. Company

Last week, the Federal Bureau of Investigation (FBI) warned U.S. businesses to be alert for a malicious software bug capable of erasing hard drives and crashing networks. Although not specifically mentioned, cybersecurity experts say the alert appears to describe the malware used to shut down the worldwide computer systems of a major U.S. entertainment company earlier this month.

New Compensation Data Requirements Increase Burdens in Upcoming OFCCP Audits

Despite concerns regarding data security issues and potential compliance burdens, the Department of Labor’s Office of Federal Contract Compliance Programs (OFCCP) recently notified more than 2,500 entities of upcoming audits that will be subject to new data reporting requirements.

SEC Reports FY 2014 as a Historic Year for Whistleblower Program

According to the annual report issued by the Securities and Exchange Commission (SEC), fiscal year 2014 was a "historic" one for the whistleblower program initiated pursuant to the 2010 Dodd-Frank Wall Street reform law. In addition to the largest number of tips ever received — more than 3,600 — both the number and amounts of whistleblower awards also broke records.

New OECD Report Provides Insight into Foreign Bribery

According to a recent report issued by the Organisation for Economic Co-operation and Development (OECD), international efforts to tackle bribery have increased dramatically since the implementation of the Convention on Combating Bribery of Foreign Public Officials in International Business Transactions (OECD Anti-Bribery Convention) in 1997. The OECD's report on its analysis of more than 400 cases in 41 countries highlights these efforts with insights into how, where and to whom bribes are being paid and how such crimes are being sanctioned.

Survey Says Sharing Information is Crucial in a Volatile Data Security Environment

Information sharing allows for better insight into existing threats and vulnerabilities and alerts organizations to the existence of important data that can help prevent cyberattacks and mitigate the effects of ongoing attacks. Yet, concerns about civil liability or the use of such information by government regulators often prevents organizations from sharing data when an attack occurs. As data breaches grow more common and cybercriminals become more sophisticated, however, many organizations are putting aside such concerns and collaborating with others to develop methods that allow them to safely share information and use it against cybercriminals.

Sleeping Employee Wins $1 Million under the ADA

In a clear example of what not to do under the Americans with Disabilities Act (ADA), a simple and avoidable mistake turned into almost $1 million in liability for an employer accused of firing an employee for sleeping on the job. A federal jury recently awarded $921,657 to a former police officer, who previously was diagnosed with sleep apnea, after his city employer fired him for insubordination, unprofessional behavior and other non-discriminatory reasons. Unfortunately, the city also cited the officer's disability as one of the reasons for his termination.

ACC Alliance Partner
Thomson Reuters