Compliance Bits and Pieces for June 15

Setting the Career Path for Compliance Officers by Matt Kelly in Compliance Week‘s Big Picture blog

I asked these half-dozen conference attendees to sit down with me over breakfast and explain why workforce development is such a challenge for this field. The problem has its roots in two fundamental tensions, they told me. First is the lack of any sweeping, cross-industry standards for compliance professionals. Lawyers need an advanced degree from a law school and a license from the local bar association—but once they have them, the legal tasks most companies face (lawsuits, investigations, document preparation) are largely the same from one company to another. Accountants need a degree in accounting and a license from the state accounting board—but once they have those, the financial reporting tasks they face are largely the same as well.

Court Says 1st Amendment Protects Lawyer’s Blogging by Robert Ambrogi in LawSites

A three-judge panel in Virginia has issued a decision that is important for lawyer-bloggers everywhere. The panel ruled that a lawyer has a First Amendment right to blog about his own cases, at least with regard to information that is already available on the public record. (Needless to say, you should never blog about privileged client information.)

Will The Pilot Know When A Corporation Has “Crost the Bar”? by Keith Paul Bishop in California Corporate & Securities Law Blog

While it is tempting to think that the test is now 2,000 record holders, a more realistic assessment would be to consider the test unchanged unless the issuer is able to keep track of the accredited investor status of its shareholders. This could be a real problem because the status of investors may change or the securities may be transferred to different investors.

ING Bank Forfeits $619 Million In Largest-Ever OFAC Settlement by Samuel Rubenfeld in’s Corruption Currents

The ING Bank NV unit moved billions of dollars from the early 1990s until 2007 through the U.S. financial system on behalf of Cuban, Burmese, Sudanese, Libyan and Iranian clients by stripping out data embedded in payment messages that would have identified the illegal nature of the transactions, according to the settlement agreement signed by the bank and the U.S. Treasury Department.

Flatiron Building (New York City) seen from Empire State Building in September 2004 photographed by Bernd Schubart