Understanding The Fcpa

By Author: reiko pena
Total Articles: 630
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The FCPA stands for the Foreign Corrupt practices act and this is an act that relates to business dealings within the US. The FCPA has an impact on the way that US businesses undertake business within the US and in other countries. This works in line with the bribery act and helps to highlight any risks that a business may face in line with key points from the US Department of Justice. The report will focus on business history and reputation, connection to public officials, banned or sanctioned individuals or organisations and compliance with anti-corruption legislation. Financial businesses are the ones who are impacted most upon by the Foreign Corrupt practices act and in order to operate they must meet very strict requirements which relate to the use of global financial systems by criminals. Lots of corruption exists or has existed in the past in many corporate and Government organisations when it comes to money and bribery and this is why the FCPA is so important.
There are professional organisations that offer due diligence services to all kinds of businesses and they will be able to undertake comprehensive FCPA ...
... reports and bribery act risk reports for companies to ensure they have the correct and legal procedures in place for business which related so these acts. The Bribery act report is created in line with the guidance that has been issued by the UK ministry of justice and it provides background information on associated persons and their related economic environment risk so companies have this information before they enter into any business contracts. The FCPA requires due diligence of both the customer and their transactions and essentially this act ensures that financial institutions have robust controls in place to understand their customers.
The bribery act goes hand in hand with FCPA and both these acts helps financial companies to ensure they are comfortable with the clients they are dealing with and that they have undertaken the required legal steps to carry out business transactions on behalf of their customers.