Corruption and money laundering are global problems facing the world. In this regard, the legislation in these areas is constantly being improved, and new regulatory requirements are emerging for Ukrainian and international business.
It should be understood that corruption risks for business can be not only external but also internal (for example, bribing employees to obtain confidential information). As a result, the voluntary introduction of anti-corruption business policy has become a common practice.
In addition, the law may establish for certain entities the mandatory development of an anti-corruption program and the appointment of responsible persons. For example, in Ukraine, this applies to companies participating in public procurement worth more than UAH 20 million.
Wellcity provides for anti-corruption audit, which includes: analysis of business structure, identification of key positions, key areas of corruption risk, and risky business transactions. Our lawyers check for the compliance with the requirements of anti-corruption legislation, in particular, the Law of Ukraine “On Prevention of Corruption”, as well as regulations of other countries that have an extraterritorial effect (Foreign Corrupt Practices Act (FCPA) in the US and Bribery Act in the UK).
After the audit, our specialists implement anti-corruption programs and codes of ethics, identify the company’s responsible persons, and develop procedures for periodic analysis of anti-corruption measures. At the request of clients, we provide training and education for personnel.
Besides we ensure compliance with the requirements in the field of anti-money laundering (AML), provided by Ukrainian and European legislation (Anti-Money Laundering Directives).
Wellcity lawyers help primary financial monitoring entities to develop internal rules and programs for primary financial monitoring, to introduce identification and verification of clients (KYC – know your client), as well as identification of transactions to be monitored.
In addition to these areas, Wellcity also ensures compliance with labor legislation and sectoral legislation on goods and services at the client’s request.