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

Bruce Ortwine, General Counsel, Americas; Adviser, Global Legal and Compliance; Senior Executive Vice President, Sumitomo Mitsui Trust Bank, Limited, USA

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.

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USA Compliance Banking & Finance January 2020 Vol.13, No. 50, Winter 2020

Bruce Ortwine

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General Counsel, Americas, Advisor, Global Legal and Compliance and Senior Executive Vice President for Sumitomo Mitsui Trust Bank, Limited

Sumitomo Mitsui Trust Bank, Limited

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

USA Compliance Banking & Finance January 2020 Vol.13, No. 50, Winter 2020

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