Jeffrey Stitt

🎙️ Exciting Announcement! 📘 Dive into corporate compliance with Tom's new podcast series and book, "FCPA Survival Guide," sponsored by Ethico. Join Thomas Fox and Nick Gallo, Co-CEO at Ethico, as they explore key strategies for navigating FCPA enforcement actions. Learn from real cases involving ABB, Albemarle, SAP, and Gunvor, and discover the top ten actions every compliance professional should prioritize. From self-disclosure to investigation protocols, we've got you covered. Link to article: https://bit.ly/3yP0d2Z. Check out the podcast and grab your copy on Amazon today! #FCPA #Compliance #Ethico #CorporateEthics #Podcast #BookLaunch

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Why should you move from a cop to a coach approach in your compliance program? Susan Divers and I discuss this and more in this week’s episode of Corruption, Crime and Compliance. -- https://okt.to/pTYsev

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Are you looking for a sustainable and scalable EWA Solution. One that is consistent with the guidance and intent of what EWA was meant to be! "... FlexWage, views the South Carolina law, and others like it, as being at odds with federal guidance on such services,..." “The (South Carolina) law is completely inconsistent with the definition provided by the CFPB on EWA,” FlexWage’s vice president of compliance, Carl Morris, said by email. “This legislation has only passed in states that offer payday loans. When we look at the guidance of other states and the CFPB this legislation does not provide a sustainable and scalable product across the U.S.”  #EWADoneRight #financialwellness #flexwage

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In our latest #AMCCultivate release, our Corporate Partner MLT Aikins LLP brought an invaluable episode about modern slavery legislation. Tune in to this detailed presentation, from Scott Exner of MLT Aikins LLP. Listen to this informative piece here: https://lnkd.in/gpV983iW    Modern slavery legislation is now in force in Canada and requires certain businesses to report on their efforts to prevent and reduce the risk of forced labour and child labour in their supply chains. This episode includes detailed information that will help you understand the implications of this new legislation and begin the process of assessing your reporting obligations, evaluating your current governance structure, and preparing for your first report.

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(SEC REMARKS) If the last decade has shown us anything in this regard, it’s that many of the major financial scandals of the time have had a number of things in common. And that is, when you combine charismatic leaders with strong investor interest, noncompliance, weak controls, or under-empowered gatekeepers, it creates a perfect storm of risk and the potential for great investor harm. Most recently, we’ve seen these storms ravage investors in the crypto markets with the spectacular collapses of FTX and Terraform, among others. But it’s not just in the crypto markets. We experienced perfect storms of risk during the SPAC boom with frauds like the one that the SEC alleges was perpetrated by Trevor Milton and the EV company, Nikola. And we’ve seen them in any number of recent alleged frauds by founders, including the collapse of Theranos and the prosecutions of its founders Elizabeth Holmes and Sunny Balwani. I am certain that those who have studied these and other recent financial frauds at greater length than me, or than my remarks allow discussing, will undoubtedly point to other contributing or distinguishing factors. But at minimum, one throughline is that elevated investor interest in rapidly developing technology or offerings often leads to elevated investor risk. Put another way: any time you have individuals or corporations trying to capitalize and profit on FOMO, or the “fear of missing out,” around a new technology or offering, it should raise red flags for regulators and compliance professionals alike. After all, effective enforcement and governance require anticipating risk areas. So looking ahead, where do we see potential risk? Every day, we see revolutionary technological advancements in artificial intelligence, or AI, that promise to transform nearly every aspect of our lives, including our financial decision making. according to a recent survey, 61% of investors believe that faster adoption of AI is very, or extremely, important to a company’s value. That jumps to 85% when including investors who believe it is moderately important. As a result, it may be an understatement to say that there is not only immense investor interest, but also immense market interest, in AI. While perhaps not quite yet a perfect storm, there’s certainly one brewing around AI. And it is incumbent on each of us to make sure it does not come to pass and that investors are not harmed by noncompliance with the securities laws when it comes to this new technology. Source: Remarks at Program on Corporate Compliance and Enforcement Spring Conference 2024 #sec #secremarks #compliance #regulatorycompliance #cybersecuritycompliance #financialservices #regulations #cybercompliance #cybersecurityprogram #cyberprogram #cyberprogrammanagement #cco #cro #ciso #cisos #vciso #buckler https://lnkd.in/e-XSNt-Q

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https://lnkd.in/eGSDPwbp FlexWage has always been about providing regulatory clarity and consumer protections. This guidance from the CT Department of Labor clearly distinguishes Employer based and Direct to Consumer. By stating the D2C providers are not within their jurisdiction they are saying these are loans that must be regulated by the CT Department of Banking (that has previously provided EWA Guidance). FlexWage is currently the only EWA provider in the state that can legally operate without a lending license. #EWADoneRight #compliance #flexwage

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AI has been a hot topic lately and our President Jonathan Wilkenfeld shared his thoughts about using the technology in his latest “Current.” In this issue – Jon discusses good (and not so good) uses and his thinking on how we should (or should not) implement the technology into our lives and work.   Navigate to his post to read more and to the comment section to find the full story on our website.   #Potomac #Compliance #Lifesicences 

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"Today, the Consumer Financial Protection Bureau (CFPB) finalized a rule outlining the qualifications to become a recognized industry standard setting body, which can issue standards that companies can use to help them comply with the CFPB’s upcoming Personal Financial Data Rights Rule. Today’s rule identifies the attributes that standard setting bodies must demonstrate in order to be recognized by the CFPB. The rule also includes a step-by-step guide for how standard setters can apply for recognition and how the CFPB will evaluate applications."

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Corporate Transparency Act . . . FinCEN has provided some updated FAQs on beneficial ownership information reporting. FinCEN has clarified that HOAs that are not 501(c) organizations are required to file and must identify at least one person as a beneficial owner. In addition, some new information about trusts and beneficial owners has been added. https://lnkd.in/egKSEERT #CTA #beneficialownershipinformation #FinCEN #taxcompliance

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Great episode today on the show from Justin Fischer, CEO of RiskScout, on BSA and AML issues we're facing today in the industry. Justin is the kind of person that's engaging and easy to listen to even on topics that might not seem engaging. I learned a great deal and RiskScout is becoming a thought leader in this area so listening to them will open your eyes to some stuff you hadn't thought of, I'm betting. Link in the comments Many thanks to the Barret School of Banking and ICBA Securities for their support! #communitybanking #banking #bsa #aml #superherocommunitybanker

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To Self-Disclose or Not Self-Disclose? Thoughts From SEC’s Enforcement Director   Each company confronted with potential employee misconduct eventually faces the question: Should we report suspected misconduct to government authorities? That analysis can be particularly challenging for entities regulated by the Securities Exchange Commission (SEC). At a recent securities regulation conference in Palo Alto, California, Gurbir Grewal, director of the SEC’s Division of Enforcement, took the opportunity to give the Commission’s answer two key questions: What are the benefits of cooperating with the SEC? How does the SEC assess offered cooperation?   https://lnkd.in/es2ecar5   #doinsurance #ipo Assurtrak Insurance Brokers, LLC

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New federal regulations went into effect earlier this year, of which many owners and drivers are still unaware. Starting January 1st, 2024, new rules under the Corporate Transparency Act (CTA) require many LLCs and corporations to report their "beneficial ownership" information to the Financial Crimes Enforcement Network (FinCEN). https://lnkd.in/dmhGzzsD #trucking #truckingindustry #transportationindustry

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Corporate Transparency Act of 2021– Are You a Beneficial Owner? by Sean Erdman Congress passed the bipartisan Corporate Transparency Act in 2021 with the goal to combat illicit activity including tax fraud, money laundering, and financing for terrorism by capturing more ownership information for specific U.S. businesses operating in the country’s marketplace. The law went into effect on January 1, 2024. Many companies must now report information regarding those individuals classified as beneficial owners to the Financial Crimes Enforcement Network (FinCEN). Learn more on our blog (see comments) #CorporateTransparencyAct #BeneficialOwner #FinancialReporting

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Another great ICPA, Inc - International Compliance Professionals Association event is in the books! Shoutout to Hallie Whitley, CCS from Brooks Running for winning this year's raffle!     If you didn't have a chance to connect with Trevor Wilkie or Mark Frick while in Toronto, but you want to learn more about our #dutydrawback solutions, connect with us by emailing inquiries@charterbrokerage.net or visiting charterbrokerage.net. We'll see you next year! #drawback #customscompliance #compliance #import #export

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The Corporate Transparency Act (CTA), passed in 2021, requires most corporations, LLCs, and potentially condominium and community associations to register with the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of the Treasury. Effective January 1, 2024, the CTA's applicability to condo and HOAs is debated, but FirstService Residential is helping their board members navigate the act. If the CTA applies to condo and HOAs, here are six key considerations for boards: https://bit.ly/44KcBxe

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#TeamSPB report that the Ohio Supreme Court has published a new and improved writing manual, intended to be "a comprehensive guide, designed to improve the readability of opinions and abandons the cumbersome triple-parallel-citation format of old in favor of citing. Find out what notable changes are included in the new writing manual ➡️ https://ow.ly/vtK450Rm0QF #OhioSupremeCourt | #LegalWriting | #WritingManual

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On April 17, 2024, Governor Jim Pillen signed into law the Nebraska Data Privacy Act (NEDPA) which will take effect on January 1, 2025. Read more about the law and how it impacts people that do business in the state of Nebraska. https://vist.ly/xrey #Privacy #DataPrivacy #GDPR #CCPA #CPRA #PrivacyFirst #PrivacyMatters

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