In today’s dynamic corporate landscape, Compliance management is not only about legal obligations, but is a strategic tool to support the integrity and sustainable success of organizations. In the context of this complexity, two fundamental elements stand out: committed leadership in the Compliance function and the construction of an ethical corporate culture. Next, we will analyze the interrelation of these elements, as well as their relevance in the interpretation of Compliance regulations.
The effectiveness of Compliance programs does not lie simply in the implementation of written policies, but in their daily roots in the organization. This firm commitment is achieved through internal leadership, genuinely attending to the good practices of those who direct and manage corporations at all levels.
Leadership and corporate culture: two indivisible pillars. Leadership and corporate culture are interdependent concepts that subsist in the Compliance ecosystem. Composed of values and actions, culture represents the organization’s ethical system. Leaders, for their part, instill these values in employees, thus guiding the purpose for which daily tasks are carried out.
Ethical and cultural leadership. Effective leadership in Compliance not only focuses on the regulatory system applicable – both internally and externally – to organizations, but especially has a positive influence on the overall operation of the company. Indeed, the leader in the field of Compliance must promote ethical values, communicate the importance of Compliance and establish accessible and effective policies in accordance with the corporate culture of the organization. Therefore, corporate culture, as an informal system in the organization, becomes essential to interpret Compliance regulations.
Normative interpretation and the influence of culture. Culture forms the approach through which Compliance regulations are understood and applied. An ethical culture facilitates a deep understanding and ultimate purpose of the standards, ensuring that the mere compliance with formal requirements is not sought, but rather the following of principles rooted at all levels of the organization. That is to say, it is no longer just the actions that matter, but rather that they are carried out in accordance with the organizational culture and pre-established ethical values.
Leadership and culture: key elements to achieve a comprehensive interpretation of Compliance. Ultimately, an effective Compliance program depends on leaders who consider it vital to organizational success. The link between ethical leadership and a solid corporate culture not only drives the design and effective implementation of regulations, but also guarantees a thorough interpretation of the regulatory framework, contextualizing it according to the organization’s design of ethical values. On this path towards excellence, training and professionalization of the Compliance discipline, leadership and culture become lighthouses that guide sustainable organizations appropriate to current corporate evolution.
The Argentine government, through the recently presented Omnibus Law, provides for the creation of a voluntary Asset Regularization Regime, for the laundering of assets not declared for tax purposes, held as of December 31, 2023.
As a novelty, we highlight the express introduction of cryptoassets or cryptocurrencies as goods subject to externalization. In this sense, they are introduced into the category of “Goods abroad”, regardless of who was their issuer, who is their owner or where they were deposited, guarded or stored.
For more information contact:
Gustavo Papeschi | Partner of Beccar Varela | gpapeschi@beccarvarela.com
The fines that are reducible are those imposed by:
Non-compliance with employer registration in the Employer Workers’ Registry.
Failure to submit labor forms.
Lack of communication of entry and exit of workers.
Lack of communication of permits and vacations granted.
Lack of communication of reprimands, warnings and suspensions of workers,
Lack of communication of work accidents, risks and occupational diseases.
Balances due to late payments of installment fines, as long as the request for installment of the fine is prior to the date of the decree.
For the first 6 fines mentioned, employers will have the fine divided into up to ten (10) installments of equal value, but a minimum initial delivery of twenty percent (20%) of the entire reduced fine must be made.
Fines that were divided prior to this decree may only benefit from the reduction by paying the entire reduced fine. If this is not a possibility for the employer, they will have to continue complying with the payment of the installments.
A few days after its entry into force, it is important to remember one of the most important advances that we have had in recent months in labor matters in Mexico: the publication of the Official Mexican Standard NOM-037-STPS-2023. Teleworking – Health and safety conditions in teleworking (NOM-037), on June 8, 2023.
As part of the most important obligations for the employer, there are the following:
Have an updated list of working people under the teleworking modality.
Ensure that the workplaces in which services are developed under the teleworking modality comply with specific health and safety conditions.
Have the validation of the “checklist of health and safety conditions in teleworking”.
Establish in writing the procedure to migrate from in-person to teleworking and vice versa.
Provide ergonomic chairs and other supplies and accessories necessary for the performance of teleworkers’ tasks.
Create and document programs regarding how to provide maintenance to electronic equipment delivered to employees under teleworking modality.
Provide training to teleworkers on health and safety conditions that they must maintain in their workplace, at least once a year.
Perform medical examinations that correspond to workers in accordance with NOM-030-STPS-2009 (Preventive health and safety services at work-Functions and activities), and follow up on work accident notices.
Have care mechanisms for cases of family violence.
Have a Teleworking Policy.
In this sense, a large part of the provisions of NOM-037 refer to the predominant role of the Safety and Hygiene Commission in verifying the safety and health conditions in the workplaces of teleworkers. At the same time, it highlights the obligation to have a Teleworking Policy, which must be developed by the employer, based on a gender perspective, as well as contemplate the necessary mechanisms for the protection of workers.
NOM-037 will come into force on December 8, 2023, so there are only a few days left for it to be verified by labor authorities regarding compliance.
For more information contact:
Juan José López de Silanes | Partner Basham, Ringe and Correa | lopez_de_silanes@basham.com.mx
Recently, a friend accustomed to the environment of large companies asked me the following question: what is it like to work in a Fintech from the Compliance perspective? Her curiosity, coming from a consolidated corporate world, sparked my reflection on my experience in this challenging universe.
Working in a Fintech is a journey full of exciting challenges and opportunities. The constant dynamics, the incessant search for disruptive solutions and, in my case, the immersion in the crypto world, make this path an exciting journey, even similar to the experience on a roller coaster.
In Latin America, a large part of the Fintech companies have been founded by young people, perhaps not entirely familiar with Compliance in formal terms, but who experience it intrinsically.
They begin with the desire to innovate and contribute to financial inclusion, aware of the immediate need to generate trust among users, investors and regulators. In this context, the culture of Compliance and good corporate practices becomes a fundamental pillar that shapes the identity and future of Fintech companies. More than complying with a series of regulations, it is adopting values rooted in ethics, transparency and responsibility.
In my case, I am fortunate to work in a Fintech where the Compliance team is not an isolated area, but rather a strategic ally at every stage of the process. We collaborate closely with development, finance, operations, legal, marketing, and other teams to ensure that each innovation is aligned with regulations, clear messages, and safe customer interactions. This culture not only permeates each line of code, but also in the decision making
and strategies outlined.
I have learned that speed in these companies is essential: adapting quickly to market demands and implementing innovations in an agile manner is a priority. However, this agility must not compromise integrity or compliance with regulations. This is where the culture of Compliance becomes the best ally, accompanying the business step by step to guarantee compliance with financial regulations, data protection, cybersecurity and
prevention of money laundering.
I have been able to experience how this mentality has allowed us to strengthen the credibility of the company in the market. In an environment where trust is key, Compliance must be the pillar on which reputation and sustainable growth are built.
As you can imagine, maintaining this culture of Compliance is not an easy task. It requires dedication, continuous education and an open mind towards adaptation. Regulations change, technology evolves and challenges multiply. Therefore, in these companies, Compliance must be a constant and collective commitment, where each person becomes a guardian of integrity.
Unlike what happens in large companies, those of us who work in Compliance in the growing Fintech industry have the opportunity to accompany these organizations from the beginning. And for its part, each role and function performed is essential to ensure that the culture of integrity is part of the company’s identity.
It is a nice challenge, to which I feel happy to be able to contribute with enthusiasm and dedication. I firmly believe that if Fintech companies follow this ethical, safe and reliable path, they will achieve sustainable success in the time they long for.
María Jesús Bustamante E.
Chief Compliance Officer Buda.com | Master of Laws ESADE Business & Law School ⎜UC Law
