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Fines, Suspensions, and Disqualifications: The Consequences of Risk and Compliance Management Deficiencies

In Argentina, undertakings that fail to comply with risk and compliance management regulations can face severe consequences. The National Superintendence of Insurance has the power to impose administrative sanctions, including fines, warnings, and suspensions to operate, on insurance and reinsurance entities that breach regulations.

Criminal Liability

Undertakings do not face criminal liability for risk and compliance management deficiencies under the Anti-Corruption Law. However, in certain cases, actions or omissions related to deficient risk management may trigger breaches of applicable regulations and criminal liability.

Liability of Governing Bodies and Senior Management

Members of governing bodies and senior management may face civil liability for breaching compliance management obligations if they fail to establish proper risk and compliance management procedures. They may also face administrative sanctions, including fines, suspensions, and disqualifications.

Corporate Compliance Defense

The Anti-Corruption Law provides a corporate compliance defense, which considers the existence of an integrity program before the facts under investigation. Legal entities that establish such programs may be exempted from penalties and administrative responsibility if they self-report crimes, return undue benefits, and implement effective collaboration agreements.

Recent Cases

There are no leading cases specifically addressing corporate risk and compliance management failures in Argentina. However, recent cases have highlighted the importance of proper risk and compliance management in preventing corruption and bribery.

Government Obligations

The Argentine government has enacted initiatives to fight corruption and bribery, including a Federal Anti-Corruption Plan and guidelines on good governance for state-owned companies. Some government agencies have also implemented compliance management processes and obligations.

Digital Transformation

While there are no specific regulations addressing digital transformation, undertakings involved in this field would be subject to existing risk and compliance management regulations, including the Anti-Corruption Law.

Conclusion

In conclusion, undertakings that fail to comply with risk and compliance management regulations in Argentina face severe consequences, including fines, suspensions, and disqualifications. It is essential for governing bodies and senior management to establish proper risk and compliance management procedures to avoid liability. The government has also taken steps to promote transparency and ethics in state-owned companies and government agencies.