{"title":"Anti-money laundering","authors":"Emily Holbrook","doi":"10.5040/9781526509536.chapter-008","DOIUrl":"https://doi.org/10.5040/9781526509536.chapter-008","url":null,"abstract":"Twenty twelve proved to be an eventful year in AML enforcement. Several major financial institutions in the United States and the United Kingdom were found in violation of AML regulations, leading to record fines in some instances. In nearly all of the enforcement actions brought, institutions were found wanting with respect to the internal controls that they put in place to detect and prevent money laundering. Coupled with violations of the Office of Foreign Assets Control (OFAC) sanctions regime, some of the largest penalties yet were levied this year. In testimony to the U.S. Senate in 2012, the Comptroller of the Currency observed that \"primary responsibility for compliance with the [Bank Secrecy Act (BSA)] rests with the nation's financial institutions themselves\" and that \"this is not a static area of compliance as new money laundering and terrorist financing risks emerge and as existing risks change.\" The regulators introduced a new approach in 2012 in how they evaluate institutions' BSA/AML deficiencies, examining them within a safety and soundness context and considering them as part of the \"Management\" component of a bank's CAMELS (Capital adequacy, Asset quality, Management, Earnings, Liquidity, and Sensitivity to market risk) rating. While the Office of the Comptroller of the Currency (OCC) brought only two Bank Secrecy Act related Cease and Desist Orders and imposed only two civil monetary penal-","PeriodicalId":176954,"journal":{"name":"The UK and EMEA Corporate Counsel Handbook","volume":"32 4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125709220","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Product compliance and related issues","authors":"","doi":"10.5040/9781526509536.chapter-013","DOIUrl":"https://doi.org/10.5040/9781526509536.chapter-013","url":null,"abstract":"","PeriodicalId":176954,"journal":{"name":"The UK and EMEA Corporate Counsel Handbook","volume":"231 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128620053","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Communications compliance","authors":"","doi":"10.5040/9781526509536.chapter-010","DOIUrl":"https://doi.org/10.5040/9781526509536.chapter-010","url":null,"abstract":"","PeriodicalId":176954,"journal":{"name":"The UK and EMEA Corporate Counsel Handbook","volume":"87 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124801792","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Transparency and fairness in supply chains","authors":"","doi":"10.5040/9781526509536.chapter-014","DOIUrl":"https://doi.org/10.5040/9781526509536.chapter-014","url":null,"abstract":"","PeriodicalId":176954,"journal":{"name":"The UK and EMEA Corporate Counsel Handbook","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115955467","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Antitrust and anticompetitive practices","authors":"","doi":"10.5040/9781526509536.chapter-009","DOIUrl":"https://doi.org/10.5040/9781526509536.chapter-009","url":null,"abstract":"","PeriodicalId":176954,"journal":{"name":"The UK and EMEA Corporate Counsel Handbook","volume":"54 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127109711","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Selling in EMEA","authors":"","doi":"10.5040/9781526509536.chapter-002","DOIUrl":"https://doi.org/10.5040/9781526509536.chapter-002","url":null,"abstract":"","PeriodicalId":176954,"journal":{"name":"The UK and EMEA Corporate Counsel Handbook","volume":"48 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121656482","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Geo-political considerations for corporate counsel – Brexit","authors":"","doi":"10.5040/9781526509536.chapter-015","DOIUrl":"https://doi.org/10.5040/9781526509536.chapter-015","url":null,"abstract":"","PeriodicalId":176954,"journal":{"name":"The UK and EMEA Corporate Counsel Handbook","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123060109","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Environmental, social and governance","authors":"","doi":"10.5040/9781526509536.chapter-012","DOIUrl":"https://doi.org/10.5040/9781526509536.chapter-012","url":null,"abstract":"The Black Lives Matter movement has pushed the long-standing issue of systemic racism to the fore. Stakeholders' increased awareness and activism are pushing corporate transparency and accountability to unprecedented levels. As customers, employees, and shareholders are opening their eyes to the reality of what the Black community faces, they are calling on corporates to address discrimination within their organizations. The wave of advocacy for change has prompted many companies to publicly condemn racism and pledge to foster a more diverse and inclusive workforce (see \"Why Corporations' Responses To George Floyd Protests Matter,\" published July 23, 2020, on RatingsDirect).","PeriodicalId":176954,"journal":{"name":"The UK and EMEA Corporate Counsel Handbook","volume":"59 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129765476","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Future challenges and opportunities","authors":"How to make your building Smart","doi":"10.5040/9781526509536.chapter-016","DOIUrl":"https://doi.org/10.5040/9781526509536.chapter-016","url":null,"abstract":"","PeriodicalId":176954,"journal":{"name":"The UK and EMEA Corporate Counsel Handbook","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120974787","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Data protection in the EMEA","authors":"","doi":"10.5040/9781526509536.chapter-011","DOIUrl":"https://doi.org/10.5040/9781526509536.chapter-011","url":null,"abstract":"","PeriodicalId":176954,"journal":{"name":"The UK and EMEA Corporate Counsel Handbook","volume":"147 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123255864","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}