White Collar Crime (CLE)

New and emerging technologies continue to bring opportunities to the insurance services sector. Besides enhancing actuarial and underwriting processes, insurtech is also a cost-effective way for insurance companies to launch new product developments and improve customer experience.

The Securities and Exchange Commission’s (SEC) recent investigation on the alleged accounting fraud committed by Synchronoss Technologies, Inc.

The Biden administration has been clear in its efforts to strengthen anti-bribery and corruption (ABAC) enforcement and redouble its efforts in curbing corrupt practices. Over the years, several regulatory and legislative developments have been pushed to increase transparency and hold corrupt individuals accountable. As enforcement actions further expand, the need for robust compliance practices and risk management is paramount. Thus, organizations need to establish an effective and robust ABAC program to ensure compliance.

The Biden administration considers corruption a top threat to national security that impacts the economy, the global anti-poverty development initiatives, and the overall democratic ideologies. To address this issue, the administration further elevates its enforcement efforts to counter corruption

When a certain company is served with a subpoena from the Securities and Exchange Commission (SEC), it indicates that the Commission has obtained sufficient information to get a formal investigation order. It can be harrowing for any business entity to be served with such order as it may have a significant impact on the company’s resources and overall reputation.

Well-developed policies and procedures often provide an advantage in handling complex government investigations. However, with the new legal developments shaping the landscape along with the implementation of remote procedures due to the pandemic, unique challenges and complexities have started to emerge.

The implementation of anti-corruption programs has become more proactive over the past years. Multinational corporations have continued to prioritize investments with strong anti-corruption initiatives. Additionally, jurisdictions have taken significant measures to improve their legislative framework against bribery by requiring businesses to follow internal policies and regulations.

As threats of bribery and corrupt practices rise globally, emerging developments continue to have a major effect on the current legislation landscape. On July 3, 2020, the Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) released the second edition of its resource guide for the Foreign Corrupt Practices Act (FCPA).

Over the past years, anti-money laundering due diligence and compliance has continuously intensified and remained to be among the ever-evolving challenges for businesses. Furthermore, the rapid developments brought by financial technologies have opened cyber and insider threat vulnerabilities, adding up to the risks that regulators and financial institutions need to address.