Compliance Resources to Help you Stay Current

The Boon and Bane Behind Your Digital Presence

A lot can happen under the shroud of invisibility. The Internet creates this shrouded nook – a place from where one can observe or participate, but not without leaving behind a digital footprint that can be followed. Identity theft and data breaches are now commonplace enough to warrant constant concern especially for organizations and business owners. Are your online transactions secure? Who can access your databases or your customer information?

The answers to these questions keep varying as much as new ways to breach digital platforms keep emerging. But there is still much that can be done to combat these threats, sometimes simply by understanding what they are.

The Storm Within Form I-9 Immigration Compliance

The purpose behind maintaining Forms I-9 for your employees goes beyond immigration issues. The Employment Eligibility Verification Form I-9, as it is more elaborately called, helps verify the identity and employment authorization for a new employee in any organization. If you are wondering how much you need to understand about documenting I-9s, or more interestingly the penalties for non-compliance, here’s a little of everything.

LGBT – Does the Term Scare You?

From the armed forces to the private sector, the sexual discrimination claims filed by LGBTQIA employees have been reviewed with avid interest by federal courts, showing their support for EEOC’s stance on the matter. Employers, however, are wary on the subject.

Am I likely to be hit by a lawsuit? Do I have any LGBTQIA employees to worry about? These are perhaps not the right questions, at least if they are the only questions in your arsenal. Is my workplace in compliance with EEOC’s mandates? Are my employees trained on the subject as they should be? These questions would probably set you in the right direction.

Clean Power Plans – The Road to Reclamation with Smart Grid!

With the scorecard for carbon dioxide emissions from power plants showing signs of alarming environmental impact, the Clean Power Plan is a welcome initiative from US shores to create both national and global impact. The EPA-devised mandate for states has already created quite a buzz within the industry and met with more approvals than uproar. But where is this journey headed?

Maggi Noodles: First Food Recall in India

Nestle India's Maggi enjoyed leadership in the instant noodles category for decades till last week when it completely vanished from the market. The Food Safety and Standards Authority of India (FSSAI) ordered a total recall of all nine variants of the best-selling noodles brand. FSSAI has been in the process of streamlining its food recall regulations for nearly five years now. Nestle's food scandal couldn’t have come at a worse time as the agency hastened to finalize its regulations and directives to show Maggi the door within weeks after the scandal broke out. Now the brand holds the ignoble honor of being the first ever food product to be recalled in India.

FIFA is in the news yet again. Unfortunately, this time around it’s for all the wrong reasons. The scope for corruption in a platform as vast as FIFA’s is huge. The officials caught in the latest scandal seem to have understood this all too clearly. Backed by an I-won’t-get-caught-mentality, the proportion of bribes and kickbacks offered to them has grown exponentially over the years. The regulatory authorities have stepped in hard this time around in an effort to arrest corruption but it seems to be a tough battle considering the number of nations and international sports authorities involved.

HSBC and Money Laundering: A Constant Battle

HSBC Holdings plc, the world's third largest bank by assets, has been in the news recently for money laundering in Geneva. HSBC has agreed to pay 40 million Swiss francs, the biggest financial penalty ever imposed by the Geneva authorities. The Swiss unit of the bank came into limelight when HSBC’s former IT worker Herve Falciani leaked details about clients involved in alleged tax avoidance to the French government. The French authorities later handed the information to tax authorities around the world. Geneva authorities raided HSBC offices in February 2015 after several media organizations published details of how HSBC’s Swiss unit allegedly helped wealthy clients avoid taxes. The U.S., French and Belgian authorities are still investigating tax evasion at the bank.

Corporate scandals, whether focused on corruption, bribery or accounting fraud, tend to have a significant impact on the economy. Some of the foremost accounting scandals of all time have astounded the financial world with their consequences. Most corporate scandals target investors, leading them to falsely believe that the company’s financial situation is better than it actually is.

In January the European Parliament's committee responsible for public health voted in favour of a revised version of the EU Clinical Trial Regulation initially proposed by the European Commission in July 2012.

These guidelines set out the principles which the APRA uses to decide whether to authorize general insurers applying to conduct insurance business in Australia. It covers the - authorization process; minimum criteria to be addressed by applicants; and necessary information and documents to be submitted with an application. The overall licensing process takes 3 to 12 months.

This Prudential Standard specifies certain assets that are excluded from being treated as ‘assets in Australia’ by a general insurer. There are specific provisions applying to locally incorporated insurers and to Category C insurers.

The Financial Transaction Reports Act in South Korea was enforced to prevent criminal and money laundering activities through financial transactions by stipulating provisions for establishment of a sound and transparent financial system.

Japan conceptualized and implemented this framework to motivate and monitor the management for disciplining corporate activities. It helps to provide an environment for enhancing the corporate value.

Taiwan formulated these principles to establish a sound corporate governance system, and to promote the integrity of the securities market. They are applicable to companies listed on the Taiwan Stock Exchange Corporation ("TSEC") and the GreTai Securities Market ("GTSM"), collectively referred to as "TSEC/GTSM listed companies").

The Philippines formulated these guidelines for establishing banks in the country using the following core principles:

• Suitable shareholders
• Adequate financial strength
• Legal structure in line with its operational structure
• Management with sufficient expertise and integrity

The Philippines’ government enacted this anti-money laundering law in 2001 and it defines the crime of money laundering, details penalties for violating these rules and also provides guidelines for financial institutions on how to ensure compliance with the law. The Bangko Sentral ng Pilipinas (BSP) oversees the enforcement of this Act.

The guidelines, issued in the Philippines, cover the following:

A. Strengthening Corporate Governance
B. Risk Management Practices in Trust, other fiduciary business and investment management activities
 

This Prudential Standard specifies certain assets that are excluded from being treated as ‘assets in Australia’ by a general insurer. There are specific provisions applying to locally incorporated insurers and to Category C insurers.

These guidelines set out the principles which the APRA uses to decide whether to authorize general insurers applying to conduct insurance business in Australia. It covers the - authorization process; minimum criteria to be addressed by applicants; and necessary information and documents to be submitted with an application. The overall licensing process takes 3 to 12 months.

These Guidelines set out the fit and proper criteria applicable to all relevant persons associated with carrying out of any activity regulated by the Monetary Authority of Singapore (MAS).

• The objective of this Guideline is to ensure that the relevant person performs the regulated activities efficiently, honestly, fairly and acts in the best interests of its or his stakeholders and customers.