This website uses cookies

This website uses cookies to ensure you get the best experience. By using our website, you agree to our Privacy Policy

International In-house Counsel Journal logoInternational In-house Counsel Journal logo
Back to library search

Critique of the U.S. Department of Justice Evaluation of Corporate Compliance Programs

Abstract

On April 30, 2019, the U.S. Department of Justice, Criminal Division (the “DOJ”) published updated guidance (the “DOJ Guidance”) on the evaluation of a company’s corporate compliance program (a “CCP”). The evaluation is to be considered by DOJ white-collar criminal prosecutors in the event that a criminal offense is committed by an employee or third-party agent or contractor of the company. The evaluation of the CCP is offered as guidelines both to a company to determine the extent to which its own CCP compares with the requirements of the DOJ Guidance, and to prosecutors to determine whether to prosecute the company itself for the misconduct of its employee or third party agent or contractor. While the DOJ Guidance provides transparency on the required components of an effective CCP, it fails to provide transparency on whether an effective CCP will spare a company from criminal prosecution.

Author

Portrait image of Bruce Ortwine
Bruce Ortwine
General Counsel (retired), Americas; Adviser, Global Legal and Compliance (Retired), Sumitomo Mitsui Trust Bank, Limited and Sumitomo Mitsui Trust Holdings, Inc., USA

Bruce Ortwine General Counsel, Americas, Advisor, Global Legal and Compliance for Sumitomo Mitsui Trust Bank, Limited and Sumitomo Mitsui Trust Holdings, Inc. (Retired)

Company

Sumitomo Mitsui Trust Bank, Limited and Sumitomo Mitsui Trust Holdings, Inc. logo

Sumitomo Mitsui Trust Bank, Limited and Sumitomo Mitsui Trust Holdings, Inc.

SMTB is the largest trust bank in Asia and a major international bank with offices throughout Asia, Europe and the U.S. Its parent holding company, Sumitomo Mitsui Trust Holdings, Inc. is a financial conglomerate with a variety of financial institution subsidiaries, including in the banking, asset management, real estate brokerage and leasing sectors.

Related Papers

Independence of the Compliance Function & What Makes a Compliance Officer Successful
This article addresses the question of why the Compliance Function in financial services firms, including banks, needs to be independent, and the factors that can contribute to such independence. “‘Independent’...Read more
Portrait image of Elizabeth Fiorelli
Elizabeth Fiorelli
Assistant Adviser of Global Legal and Compliance , Sumitomo Mitsui Trust Bank, Limited, New York Branch, USA
Is a Single Bank Supervisor Inevitable throughout the European Union?
Nineteen Member States (out of 27) of the European Union have currently adopted the euro as their common currency and joined the banking union of the EU. By treaty provision...Read more
Portrait image of Duncan Alford
Duncan Alford
Associate Dean and Professor, University of South Carolina, USA
ESG Colourwashing: Combating Modern-day Corporate Hypocrisy
Driven partly by the COVID-19 crisis, Environmental, Social and Governance (ESG) criteria have gained significant relevance, creating a growing market demand for both ESG-based consumer and investor products. This is...Read more
Portrait image of Timo Matthias Spitzer
Timo Matthias Spitzer
Head of Legal Corporate and Investment Banking Germany, Austria, Switzerland & Scandinavia, Banco Santander, SA., Germany
Portrait image of Klemen Kreca
Klemen Kreca
Associate, Schönherr Attorneys at Law, Slovenia
Suitability Requirements for Members of Corporate Bodies Within the Framework of an International Banking Group
Suitability requirements for members of corporate bodies are a key point for a sound corporate governance in banks and banking groups. The Guidelines issued by EBA and ESMA in 2017...Read more
Portrait image of undefined