Failure to implement and maintain a culture of compliance can lead to a range of corruption risks to a business not limited to bribery.
Businesses should be aware that where market misconduct has occurred (as a result of dishonesty or other types of deceptive conduct), there are incentives available for certain individuals that reveal suspected offending that may otherwise have remained undetected.
In February 2021, ASIC launched its Immunity Policy which offers individuals immunity from criminal and/or civil penalty proceedings for alleged contraventions of market misconduct offences (such as market manipulation, insider trading or dishonest conduct in the course of carrying on a financial services business) outlined in Part 7.10 of the Corporations Act 2001.
Applications for immunity under the Policy are only available to individuals, not corporations.
Immunity will only be available to the first individual who satisfies the immunity criteria and reports the misconduct to ASIC prior to commencement of an investigation into the conduct. Importantly, an individual will be expected to cooperate fully and expeditiously throughout ASIC’s investigation and any proceedings.
Further information about the Policy and how an application for immunity can be made is available here.
The Bribery Prevention Network provides practical guidance and tools to assist businesses to ‘set the tone from the top’ and build a culture of compliance. See here for more information.