As the holiday season approaches, companies around the globe – and across every industry – need to implement appropriate gift and entertainment policies to ensure employees are aware of external regulations and internal corporate policies in order to remain compliant.
There is an increasingly blurry line between gift giving and bribery – at what point does a gift cross the line and become a bribe?
In today’s day and age, the regulatory landscape is only going to become more rigorous as regulators work to enforce stricter policies. This heightened enforcement applies to internal gifting policies as well, especially in the face of emerging and established anti-bribery and corruption regulations. Here are several ways compliance professionals can help ensure they are properly educating employees about gift giving:
- Companies need to reduce the amount of gray areas when it comes to what gifts are acceptable – and under which circumstances – so employees clearly understand what is allowed and what is not.
- It is up to compliance teams to ensure all employees have the tools to remain on top of changing regulations around anti-bribery requirements and gifting procedures.
- Employees need to be aware of the rules not just within their organization, but also the laws and policies that cross regional boundaries as the global way of doing business becomes the norm.
Generally acceptable gifts
- Gifts of nominal value bearing the company logo
- Meals where representatives of the offering firm and target business are both present
- Perishable gifts
- Gifts that fall under applicable legal and company gift limits
- Gifts approved by a supervisor
Generally Unacceptable Gifts
- Gifts to government officials
- Multiple gifts
- Requests for charitable donations
- Gifts of more than nominal value
- Lavish gifts
- Gifts of high value (grossly exceeding company threshold)
- Gifts intended to influence business decisions
- Gifts to government officials for expedited service
- Gifts that may be considered bribes
- Solicited gifts
Read this whitepaper to learn how your organization can remain gift compliant during the upcoming holiday season.
Download this infographic to review best practices for gift giving and what is considered a generally acceptable gift.