INSIDE COMPLIANCE – Page 82 – Loyola University Chicago School of Law

IRS Offshore Voluntary Disclosure Program to Shutdown: The End of Amnesty for International Tax Evaders?

April 23, 2018Finance & Banking

The IRS has decided to shutdown its Offshore Voluntary Disclosure Program (OVDP) on September 28, 2018. The program offers amnesty from criminal prosecution and a set penalty structure for those who have previously failed to disclose foreign bank accounts and other foreign assets, including those held through undisclosed foreign entities. Failure to disclose could include failure to file the annual FinCEN Form 114,most commonly referred to as the foreign bank account report or “FBAR”, as well as the failure to report income from such accounts and assets on tax returns and the failure to provide various other foreign information forms and returns.

Bank SecrecyFBARForeign ReportinginternationalInternational AffairsInternational Financeinternational taxIRSOVDPprivacytax

Easing troubled minds: Compliance and sexual abuse in sports

April 18, 2018Athletic Regulation

The Dr. Larry Nassar abuse scandal recently rocked the world of sports. Dr. Nassar, in his role as athletic trainer for the USA Gymnastics team, is alleged to have abused over 250 girls and young women, though he has only admitted to ten of the accusations. The resulting fallout has brought to light many issues in the world of amateur sports, unfortunately an issue that affects young adults and children. In particular, the US Olympic Committee is now facing multiple lawsuits from athletes who were abused by Dr. Nassar. Aly Raisman, the two time-Olympian who has become the face of Nassar’s victims, alleges that the Committee knew or should have known that Dr. Nasser was abusing her and other young girls.

Dr. Larry NasserolympicsU.S. Center for Safe Sport

Dodging Pitfalls on the Path to Success: Data Management Risks and How to Mitigate them

April 18, 2018Uncategorized

Every day, thousands of gigabytes of data flow around the world. Transfers between consumers and producers make up a large portion of that data. There has been talk recently of the commercialization of said data, such as Facebook and Google selling their users’ data to third parties. These third parties are more than willing to pay large sums for this information, as it provides actionable data on consumer trends, such as their likes and dislikes. This data can be used by companies to shift their marketing strategies to capture a greater market share. For the e-commerce retailer, whether large or small, this data can be valuable as a resource and a commodity. As such, knowing what you can and can not do with the data is important. Here, we will be discussing Data Management risks when it comes to the collection of consumer data.

data breachdata securityE-CommerceRegulation

Enforcing Foreign Compliance with U.S. Regulations

April 18, 2018Uncategorized

Compliance standards in the United States come from the laws and policies enacted by the government and its related agencies. Administering U.S. standards on foreign institutions, public or private, poses a unique challenge. Our public and private companies are held accountable by federal, state, local, or agency rules, as well as the guidelines providedby the United States Sentencing Commission. But foreign organizations, in theory, have no real obligation to follow our lead. There have been several notable attempts in recent years to enact legislation on foreign organizations and impose sanctions for noncompliance, and it is likely a continuing trend as the compliance industry grows.

FATCAforeign relationsGDPRInternational AffairsOFACoffshore accountsprivacySanctions

Court’s Denial of Motion to Dismiss Advances Blocks of Offshore Drilling

April 17, 2018Uncategorized

Congress has granted the President the authority to withdraw the Secretary of the Interior’s grants of mineral rights on public lands. However, President Trump has used that same grant of power to remove withdraws of some of the protections President Obama placed. On May 3, 2017, a group of environmental non-profits filed a lawsuit against the Trump Administration in the Federal District Court of Alaska, alleging that his actions were an unauthorized use his Presidential power. On March 20, 2018, the Court denied the Defendant’s motion to dismiss.

environmentalenvironmental regulationOCSLAPresident trump

Popularity Contest: The Importance of Reputation in Modern Compliance

April 12, 2018The Art of Compliance

Modern business thinking has come to accept that reputation is as important as financials. As investors look for companies that demonstrate this understanding, compliance professionals are in a unique position to make their companies more appealing.

enforcementEthicsJournal of Regulatory ComplianceModern Compliance ProgramsRegulationReputationSocially Conscious

Artificial Intelligence and Compliance

April 12, 2018The Art of Compliance

With the rise of the machine at our doorsteps, companies (those with foresight, anyhow) will be finding more innovative ways to gain the edge while using those machines. One of the ways companies will seek this edge is through the use of Artificial Intelligence (“AI”). AI is one of the hottest, and arguably controversial, topics confronting mainstream business today. Many are skeptical of it, but also hopeful, despite the controversy surrounding the field. While both sides of the controversy have their reasons, some on each side are generally clueless as to how AI is manifesting itself today, and how it will in the future. How will it be applied? What is it useful for? What follows is a primer on current applications of AI and how they may be applied to the compliance world.

AIartificial intelligencemachine learningthe art of compliance

Quis Custodiet Ipsos Custodes: “Who Watches the Watchmen” Oversight of Compliance Departments and Professionals

April 11, 2018The Art of Compliance

In the graphic novel and film “The Watchmen,” there is a reoccurring phrase: “Who watches the watchmen?” In context, it’s an indictment of the comic book world’s broken justice system. However, in a compliance context, the concept can be just as important. In a recent discussion with a hospital system’s compliance officer, he raised the point that a company’s compliance department is seen as the ultimate authority and expertise in laws and regulations, monitoring compliance and noncompliance, and implementing corrective and disciplinary actions. Yet while many compliance professionals may assume that their actions are always compliant, who oversees those who are overseeing systems and organizations? Who ensures that compliance is compliant?

board of directors oversightcompliance effectivenesscompliance oversightEthicsFederal Sentencing GuidelinesNAVEXOIGoversight

Dodging Pitfalls on the Path to Success: Sales Tax and E-Commerce Entrepreneur

April 5, 2018The Marketplace

Imagine you are an e-commerce entrepreneur and you log in to your reporting system to see how sales have been over the past week. You notice that you’ve made a good sale to a customer in the state of Illinois. As you are based out of Florida, you pause for a moment to marvel at the progress of technology and how your products can be delivered to someone’s home thousands of miles away from you. Little do you realize, but you may be on the hook for collecting and reporting sales tax to the California Board of Equalization.

Amazon lawsE-CommerceTax reporting

Coal Ash Regulation: Revisited

April 5, 2018Uncategorized

Power plants generate a residue after burning coal called coal ash. In October 2015, the Environmental Protection Agency (EPA) established standards to address the environmental dangers and health risks of coal ash. In May 2017, industry officials petitioned the EPA to reconsider the rule, claiming adverse effects due to high compliance costs. The EPA agreed to review the coal ash regulations and announced one of two proposals to amend regulations in March 2018. The new proposal provides facilities more flexibility in coal ash disposal based on their needs.

CCRCoal AshCoal Combustion ResidualsEnvironmental Protection Agencyenvironmental regulationEPA