What is FCPA compliance?
What is FCPA compliance?
The US Foreign Corrupt Practices Act (FCPA) is the most important corporate anti-bribery statute in the world. It bans companies from bribing foreign government officials to win business, and it requires publicly traded companies to keep books and records that adequately reflect financial transactions.
What is the definition of a compliance program?
What Is a Compliance Program? A compliance program is a company’s set of internal policies and procedures put into place in order to comply with laws, rules, and regulations or to uphold the business’s reputation.
What is the purpose of a compliance program?
The purpose of the Compliance Program is to ensure operational accountability for compliance with the obligations that govern our business. Tracking and oversight.
What is effective compliance program?
Effective compliance programs include proactive monitoring and auditing functions that are designed to test and confirm compliance with legal requirements and with the organization’s written compliance standards.
What are the penalties for violating the FCPA?
The penalty for violating the FCPA can include civil or criminal fines of up to $2 million (or two times the gross gain to the organization), forfeiture of assets, and imprisonment and fines for individuals. Collateral penalties may include disbarment from government contracting or loss of export privileges.
How to comply with FCPA regulation?
Steps You Can Take to Meet FCPA Compliance Requirements Step 1 Make sure your policies and procedures create effective internal controls that guide employee behavior as well as create sufficient documentation of transactions. Step 2
How to recognize a FCPA violation?
Third-Party Involvement. It’s important to be leery of third parties who can provide support to a new business.
Who is covered by FCPA?
The FDCPA covers personal, family and household debts such as automobile purchases, medical care and credit card accounts. Under this law the debt collector, any person, other than the creditor, who regularly collects debts owed to others may not harass, oppress, or abuse anyone.