The Securities and Exchange Commission and the Department of Justice are ramping up their enforcement efforts with respect to the FCPA. With eight corporate FCPA enforcement actions and three individual resolutions in the first quarter of 2016, including the second highest penalty imposed on a company under the FCPA since 2013, corporations and individual officers, directors and employees operating on a global landscape must pay attention.
As more emphasis is placed on US PATRIOT Act compliance by US financial insitutions, non-US financial institutions and corporates can expect increased scrutiny from their US banking partners to satisfy the due diligence requirements of the USA PATRIOT Act and US anti-money laundering (AML) and counter-terrorist financing (CTF) requirements generally.
The last few years have seen a number of significant regulatory developments and enforcement trends with respect to economic sanctions. While the Obama Administration has recently scaled back a number of U.S. sanctions programs, the recent slowdown could be nothing more than a temporary pause in sanctions enforcement. The government continues to look at adding new sanctions programs where warranted.