CORPORATE COMPLIANCE MONITORS IN THE UK

An article from Wilmer Hale on 13th December looked at the suggestion of the increased use of some form of monitor in the UK, and asks if the suggestion is correct, how have we got to this position and what lessons can be learnt from the US?  It explains that, a compliance monitor is an independent third party appointed to oversee and report on a company’s internal controls and compliance functions during or after a criminal or regulatory investigation.  They may be appointed by a court, agreed between the company and the investigating agency, or hired voluntarily by the company in order to demonstrate co-operation during an investigation.  Compliance monitors are often drawn from law firms, accountants, or specialist risk consultancies.  Critically, it says, a monitor is expected to act independently and, when a lawyer, does not owe a traditional lawyer-client duty to the company or its shareholders.  The article goes on to look the use in the past of such monitors in the US and UK, what US guidance says and lessons from the US.  It says that it remains to be seen whether there will be a significant increase in their use under the new Director of the SFO.

http://www.mondaq.com/uk/x/764328/White+Collar+Crime+Fraud/TransAtlantic+Winds+of+Change+for+Corporate+Monitorships

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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