ATM Maker To Settle FCPA and Sanctions Violations

more+
less-

Automated teller machine maker NCR Corp. has agreed to settle charges of Foreign Corrupt Practices Act (FCPA) and U.S. sanctions violations. In 2012, a whistleblower accused the company's board members and executives of violating U.S. sanctions in Syria and bribing government officials in China and the Middle East. As part of the settlement, NCR Corp. will be required to strengthen its risk and compliance program, including increased compliance training for company employees and those who work with the company. It must also develop a China-specific supplement to chart the company’s gifts and entertainment expenditures within the country, and implement a process to monitor company-wide gift and entertainment expenditures.

Although the company admits no fault through the settlement, it faced significant penalties for these alleged violations. Global aluminum producer Alcoa, Inc. recently agreed to a $384 million settlement in response to FCPA charges. Meanwhile, the Treasury Department's Office of Foreign Assets Control (OFAC) has been increasingly aggressive in its scrutiny of transactions involving countries subject to U.S. economic sanctions and imposing stiffer penalties for violations.

Employee training is an important component of compliance, as recognized by the required training in NCR Corp.'s settlement. Businesses can avoid similar oversight and significant penalties by ensuring that all employees understand applicable laws, their role in compliance and how to avoid violations.

Written by:

Published In:

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© WeComply, a Thomson Reuters business | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »

All the intelligence you need, in one easy email:

Great! Your first step to building an email digest of JD Supra authors and topics. Log in with LinkedIn so we can start sending your digest...

Sign up for your custom alerts now, using LinkedIn ›

* With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name.
×
Loading...
×
×