MyComplianceOffice Blog

Compliance is expensive. But non-compliance can cost you even more. Businesses paid nearly $26 billion in compliance-related fines globally in 2017, aside from the severe reputational damages that accompanied those monetary losses. That’s according to a recent article in Forbes by Julie Myers Woods, CEO of Guidepost Solutions.

UK Finance, Britain’s trade association for banks in the country, has published the financial industry’s first major appraisal of the Senior Managers and Certifications Regime(SMCR). The requirements under SMCR were introduced by the Financial Conduct Authority (FCA) in 2016 as part of regulatory reforms following the 2007-09 financial crisis.  

The number of U.S. cases investigating Foreign Corrupt Practices Act (FCPA violations dropped in 2018. But there was considerable growth in FCPA enforcement actions, increasing by more than half the number of those issued just the year before. That’s according to a recent report from Trace International, Inc.  

The U.K and the European Union (EU) are bracing for the likelihood of a “no-deal” Brexit.  

The roll-out of China’s social credit system (SCS) is expected to be nearly complete by 2020. While many news stories have focused on the SCS’ scoring of individuals in China, SCS also applies to companies operating in the country and may impact how they approach anti-corruption compliance.