MyComplianceOffice Blog

It’s only six months until the Financial Conduct Authority (FCA)’s new Senior Managers and Certification Regime (SMCR) requirements take effect. It’s important to remember as of December 9, 2019, a senior manager may be held personally liable for breaches in SMCR requirements. The FCA has made it clear it does not matter if the senior manager was involved in the breach. They will still be held accountable if the breach occurred as a result in their failure to execute on their SMCR responsibilities.  

Telefônica Brasil recently agreed to pay the U.S. Securities & Exchange Commission (SEC) more than $4 million to settle charges brought against the organization for allegedly violating the Foreign Corrupt Practices Act (FCPA). 

Many organizations look to auditors as their primary source of fraud detection. That’s a mistake according to the Association of Certified Fraud Examiners (ACFE). In 2018, an ACFE study found 53 percent of occupational fraud is identified by employees other than auditors. That’s compared  to just 15 percent detected by internal auditors and just 4 percent by external auditors.   

The UK Bribery Act was implemented nearly eight years ago, but no case law exists to offer organizations an interpretation of corporate hospitality rules. The sole source of guidance to date has been from the Ministry of Justice in 2011.  

There’s not much available from UK regulators on what they expect from an overarching corporate compliance program. Most guidance issued to date has focused on prescriptive compliance with specific regulations. But UK corporations can look to the U.S. Department of Justice (DOJ) for a solid program template.