Tuesday, May 12, 2015 1:12
By Etai Biran:
In this week’s post I will try to explain how the human decision making process is structured. Most people lack an understanding as to how our minds work and how we come to make a decision. The fact that our brain does not come with a “user’s manual” and that we do not hold a basic understanding of how it works has profound consequences. Without this understanding, we are unable to expect when the cognitive processes that serve us every day so well are likely to misguide us.
Over the years, psychological research has revealed many of the shortcuts on which our brains rely on to help us get through the day. These systematic shortcuts that our brains take are common to all human beings – even the brightest ones. They can sometimes lead to small harmless problems (such as choosing...
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Sins of the fathers: Compliance officers held personally liable for corporate ABC compliance failings
By Elena Elia Barrister, Pinsent Masons March 2015 saw the FCA impose significant fines on the Bank of Beirut, as well as its Compliance Officer and Internal Auditor for misleading the regulator in relation to the implementation of Remediation Plan action points following an inspection where the FCA concluded that the Bank's anti-bribery and anti-money laundering systems and controls were lacking. Whilst recently the regulator's focus has been on senior management, this case reminds us that nobody is safe. Compliance officers and Senior Managers alike will be held to account. Bank of Beirut Bank of Beirut is a UK subsidiary of Bank of Beirut S.A.L., which is incorporated in Lebanon. In short, the regulator conducted a risk assessment in 2010 which raised various concerns in relation to internal audit and compliance monitoring. The Regulator formulated a Remediation Plan to address these concerns however the Bank repeatedly provided inaccurate and misleading information to the ...
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News & what’s on
An old case with a final twist underscores that the SFO plays a long game. In early 2012 we reported 4 convictions in connection with commercial bribery. In a linked conviction, yesterday Graham Marchment pled guilty. Marchment it turned out has been holed up in the Phillipines the last several years refusing to return to the UK to face questions from the SFO. Unfortunately, this worked up until his passport expired and he was forced to return to the UK. Arrested on arrival the rest is now history. Its a nice case in a couple of other ways. First, it's a nice demonstration of cross law enforcement cooperation. The SFO worked with the City of London Police, the UK Passport Office, the Home Office, the National Crime Agency and the Foreign and Commonwealth Office to draw the matter successfully to a close. Joint Head of Bribery at the SFO, Matthew Wagstaff (pictured) said: "This result brings to a ...
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Bribery Act & Proceeds of Crime
Compliance programs, such as they are, often follow a formulaic approach of a policy, some training and some new forms to fill in. Assuming that you have these and the records to back them up, then hey presto, the theory goes you have (or so you assume) an Adequate Procedures defence or a compliant program under the US sentencing guidelines. We oversimplify, a bit. We consider that there is more and so we advocate that we include a 'secret ingredient' to the program. Some businesses are receptive, others less so. The approach is unconventional and challenges accepted wisdom. We think there is a difference between papering a program and actually having a program in place that is designed to prevent bribery. We do not throw out the basic elements of a program. But likewise, we think that there is more. And so, we work on a more holistic approach. We thought we ...
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Your Questions: Answered
Richard Bistrong: Q&A “…it is pretty clear that the current compliance models, while essential, are still not working.”
An interview with Richard Bistrong. You must read it. Find out about bribery from the front line from someone who has been there, seen it, done it and got the jumpsuit. Where did you go to school, university etc? First, Barry, I want to thank you for inviting me to thebriberyact.com, and for giving me the opportunity to exchange perspectives with you and your community. I really enjoyed our discourse at the Pinset Masons Regulatory Symposium and I appreciate the chance to continue the dialog. As to education, I went to undergraduate school at the University of Rochester where I received my bachelors in Political Science, cum laude with high honors, which included studies at the Institute for European Studies in Vienna. Immediately thereafter I commenced graduate studies at the University of Virginia, where I received a Masters of Arts in Foreign Affairs in 1987. At the Regulatory Conference, I think we ...
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