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Part One of this article examines key actions brought by U.S. regulators against compliance officers in 2017 based on their failures to ensure that their firms maintain effective compliance and AML programs.
In May 2014, Andrew Ceresney, then-Director of Enforcement of the U.S. Securities and Exchange Commission (SEC), in his keynote address at Compliance Week 2014, stated, “ …. legal and compliance officers who perform their responsibilities diligently, in good faith, and in compliance with the law are our partners and need not fear enforcement action.” Andrew Ceresney, Director of Division of Enforcement, SEC, Keynote Address at Compliance Week 2014 (May 20, 2014). In the same speech, however, Ceresney articulated the circumstances under which the SEC would bring actions against compliance officers, personally: “[W]hen the [SEC] believes … compliance personnel have affirmatively participated in the misconduct, when they have helped mislead regulators, or when they have clear responsibility to implement compliance programs or policies and wholly failed to carry out that responsibility.” Id.
By Ryan McConnell and Stephanie Bustamante
There is no one-size-fits-all approach to due diligence, but some methods are significantly cheaper and more aligned to the business than others.
By Chris Ott
Cryptocurrency theft remains a major concern for traders and investors given that billions of dollars of cryptocurrency are stolen every year. These cutting-edge problems intersect in interesting ways with companies' existing fraud and anti-money laundering concerns, but it all starts with the cryptocurrency "wallet."
By Harry Sandick and Jacqueline Bonneau
Part Two of a Two-Part Article
The U.S. Supreme Court last year continued to express concern about government overreach, and otherwise handed down decisions favorable to defendants. Although the Court rendered only one major criminal law decision in that term, many other cases it decided hold important lessons for defense counsel.
By Janice Inman
‘Clerical Error’ Must Be Altered to Reflect the Plea, Not the Indictment