Risk Assessment, Establishment and Implementation of Business Practices, Corporate Policies, Codes of Conduct, Internal Control Systems, and Monitoring Systems to Ensure Compliance with Korean Laws and Regulations

Anti-corruption and compliance have become increasingly important in Korea in recent years following the implementation of the Anti-Graft Act and the expanded protection of whistleblowers.  The consequences of failing to comply with Korean laws are serious, and can include the imposition of heavy fines and sanctions, civil damage claims, tarnished reputation and even criminal liability for responsible individuals.  The lawyers and other professionals in our Anti-Corruption & Corporate Compliance Practice assist foreign and Korean companies in analyzing, reviewing and assessing the risk of non-compliance and establishing and implementing appropriate and effective business practices, corporate policies and rules, codes of conduct and ethics, internal control systems, and monitoring systems to ensure compliance with applicable laws and regulations.  We have in-depth knowledge and experience of not only Korean laws but also foreign anti-corruption legislation, such as the US Foreign Corrupt Practices Act (“FCPA”) and the UK Bribery Act.  Company practices, policies and rules which we have helped structure and refine to manage risk and ensure compliance include those relating to travel and expenses, gift-giving and entertainment, public and commercial bribery, disciplinary procedures, whistleblower protection, and third party diligence when entering into contracts. 

Anti-Corruption and Corporate Compliance Training

Our lawyers regularly provide anti-corruption and corporate compliance training to employees of multinational companies based in Korea and assist companies with implementing internal compliance training programs based on relevant anti-corruption legislation and codes of conduct (such as the Criminal Code, the FCPA, the US Office of Foreign Assets Control (OFAC) Regulations and the UK Bribery Act) as well as current trends. 

Assistance in Conducting Corporate Investigations and Monitoring

The lawyers and other professionals in our Anti-Corruption & Corporate Compliance Practice, which include CPAs and forensic experts, help conduct independent and efficient internal investigations and monitoring for companies that have discovered or received reports of potential or alleged violations of corporate compliance policies or various Korean laws.  Our assistance includes forensic accounting, digital forensic collection, data processing and review of collected data both electronic and otherwise, and conducting extensive fact-finding interviews.  We also provide advice on follow-up remedial measures based on the results of the internal investigation including refining business practices, structuring effective corporate compliance systems and monitoring systems, and taking disciplinary measures.  Alleged violations or breaches we have helped investigate and address include financial misconduct such as embezzlement and bribery, improper labor and employment practices, breach of privacy or data security, and occupational safety issues. 

The lawyers and other professionals in our Anti-Corruption & Corporate Compliance Practice represent many of the largest and most well-known multinational corporations and financial institutions worldwide which operate in Korea as well as Korean conglomerates and other major companies and businesses, including those that conduct business and projects overseas or undertake direct or indirect business with the Korean government.

Recently, our Practice has been engaged in the following projects:

• Advised on a review of FCPA compliance for the Korea operations of several major US businesses.
• Represented a US medical device company in conducting a corporate investigation relating to alleged fraudulent practices which have potential FCPA implications.
• Advised a major energy company cooperating with the US DOJ on issues concerning criminal prosecution under Korean law.
• Advised major overseas financial institutions, multinational corporations and key Korean companies in various industries in analyzing and assessing risk of non-compliance and refining internal business practices, company policies and rules, code of conduct, code of ethics, internal control systems, and monitoring systems.  
• Provided compliance training to local employees of major multinational companies in various industries which operate in Korea.
• Assisted major overseas financial institutions and multinational companies in various industries in undertaking internal investigations and taking appropriate follow-up measures including imposing disciplinary measures and monitoring on-going compliance.