In this LIVE Webcast, a panel of thought leaders and professionals brought together by The Knowledge Group will provide and present an in-depth analysis of the fundamentals as well as recent developments in The Promises of Enterprise Resource Planning in Manufacturing: What You Need to Know. Speakers will also present all important issues surrounding this significant topic. Join us for this Knowledge Group Webinar!
What the DOJ’s New Cryptocurrency Task Force Means for Your Firm: Key Trends and Risk Mitigation StrategiesJoenel2022-06-23T21:57:16-04:00
As digital assets and distributed ledger technologies continue to develop, cybercrimes involving cryptocurrencies also worsen. From email phishing to ransomware, hackers have shifted their attacks into more pervasive and malicious forms breaking even the most sophisticated security systems. Thus, the DOJ, together with the National Cryptocurrency Enforcement Team (NCET) headed by Eun Young Choi, further expands its efforts to scrutinize and regulate the cryptocurrency market. Businesses involved in the cryptocurrency space should be well-versed with all the emerging developments and scrutiny efforts that apply within the industry to avoid legal pitfalls.
With the fast-growing problem and increasingly sophisticated threats of cyber security and data breaches, litigation and other related cases continue to hound the landscape. These lawsuits have brought large numbers of damages to individuals and industries, such as consumers and financial institutions over the years.
Intended to enhance consumer privacy rights and data use transparency, the California Consumer Privacy Act (CCPA) of 2018 is regarded as the most comprehensive privacy law in the U.S. The Act, which went into effect on January 1, 2020, imposes stringent privacy requirements with significant impacts on many entities that do business with California residents.
Today’s leaders in cybersecurity continue to look for ways to protect organizations from the increasingly sophisticated cybersecurity attacks. From the antiquated belief of "trust, but verify," the security world seems to be warming up to the new principle of zero trust IT. Under the latter approach, nothing inside or outside of an organization is being trusted. The zero trust model cuts the time spent in tracking false positives, thus, enabling organizations to increase their productivity.
Today's supply chain landscape is becoming inherently complex that traditional-based operations and transactions have slowly become disadvantageous for companies and may halt their growth. Fortunately, with the promising recent applications of blockchain technology and smart contracts, certain complexities in the supply chain can now be reduced and better managed. These technology-based methods of verifying and executing diverse business transactions can improve the transparency, traceability, and efficiency in the supply chain, making it more convenient for businesses while strengthening client relationships.
An internal investigation conducted properly is essential to any business. It nips issues in the bud, keeps companies running, and saves millions of dollars from potential litigation. Not only do internal investigations help in ensuring ongoing legal and regulatory enforcement, but they also provide businesses with an opportunity to correct mistakes and identify risk areas before they become actual liabilities.
The Qualified Opportunity Zones (QOZ) and Qualified Opportunity Funds (QOF) have been rapidly changing over the years. As a result, the Internal Revenue Service (IRS) has been stringently monitoring QOZ and QOF to ensure transparency among businesses and investors. More significantly, in October 2019, the IRS Treasury Department issued the proposed draft of the Opportunity Zone Accountability and Transparency Act which seeks to establish increased reporting framework, disclosure requirements, and penalty structure for QOFs.
For the past years, the tax incentives provided by qualified opportunity zone (QOZ) investments have greatly helped and benefited investors in qualified opportunity funds (QOFs). However, important regulatory changes have been continuously happening in this area of law. These changes, in addition to the several other developments brought by the COVID-19 pandemic, need to be carefully addressed and considered.
As the world grapples with the unprecedented economic disruptions brought by the Coronavirus Disease 2019 (COVID-19) pandemic, multinational enterprises (MNEs) in the U.S. and Canada are confronted by the added challenge of maintaining transfer pricing compliance. Most businesses are now forced to adjust their transfer prices, analysis, and documentation and revisit their force majeure clauses to look for alternative means of fulfilling their contract obligations. Thus, creating a profound strain on the operations of MNEs.
In response to violations committed by U.S. persons as well as foreign organizations, the enforcement efforts of the Department of Treasury's Office of Foreign Assets Control (OFAC) have become more extensive. Some of the most significant OFAC enforcement actions this year include Eagle Shipping and Société Internationale de Télécommunications Aéronautiques (SITA) that were both assessed over $1 million civil penalties for their violations.
In May 2019, the US Treasury Department’s Office of Foreign Assets Control (OFAC) published a framework for OFAC compliance. The core elements of the guidance are aimed at creating a tailored risk-based strategy to ensure sanctions compliance across an organization. It also outlines five components of a compliance program and it includes an appendix identifying the root causes of compliance breakdowns and deficiencies. To mitigate risks, it is imperative for companies to assess the adequacy of their OFAC compliance programs and to tailor them to target risks relevant to the business.