The Oracle Foreign Corrupt Practices Act (FCPA) enforcement action in 2012 resulted in an FCPA violation with no alleged bribery. That’s because the FCPA’s accounting provisions—including books, records and internal controls—are viewed as the equivalent to strict liability within U.S. Securities and Exchange Commission (SEC) enforcement theories. A bribery payment isn’t needed for the SEC to bring enforcement action.
This article details the Mondelēz enforcement action and lessons for compliance officers. First and foremost is that having a compliance program is far from doing compliance. You can’t just talk the talk. You have to walk the walk.