Category: General

18 Mar, 2021

UniControl Agrees to Pay $216,464 to Settle Case for Violations of OFAC’s Iran Sanctions Program

UniControl, Inc., a Cleveland, Ohio manufacturer of process controls, airflow pressure switches, boiler controls and other instruments, agreed to pay OFAC $216,464 to settle its liabilities for violation of the Iran Sanctions Program. UniControl exported 19 shipments of its goods to two European countries with reason to know that the goods were intended for delivery to Iran end users. In addition, UniControl exported two shipments...

General

17 Mar, 2021

CCOs and Expertise in Risk Management

Chief compliance officers (CCOs) are talented professionals. As Donna Boehme always emphasizes, CCOs are subject matter experts (SMEs) in compliance risks, controls and mitigation. CCOs focus on legal and compliance risks as reflected in an organization’s Code of Conduct, ethical culture and legal requirements. In recognition of their unique role in every organization, CCOs have line of sight across the organization, independence and authority to...

General

16 Mar, 2021

CFTC Opens Inquiry into Binance, One of the World’s Largest Cryptocurrency Exchanges

Matt Stankiewicz, Managing Counsel at The Volkov Law Group, joins us for a post looking into the CFTC’s recent inquiry into Binance. Matt can be contacted at [email protected]. On Friday March 12, Bloomberg News reported that the Commodity Futures Trading Commission (“CFTC”) has opened an inquiry into Binance Holdings Ltd. (“Binance”) to investigate allegations that the exchange allowed US citizens to trade in cryptocurrency derivatives,...

General

15 Mar, 2021

The New York Attorney General’s Office Reaches Settlement with Bitfinex and Tether

Matt Stankiewicz, Managing Counsel at The Volkov Law Group, joins us for updates on the NYAG’s case against Bitfinex and Tether. Matt can be contacted at [email protected]. In late February, the New York Attorney General’s office (“NYAG”) settled with Bitfinex and Tether stemming from charges relating to financial mismanagement. The NYAG alleged that Bitfinex and Tether attempted to cover up the loss of approximately $850...

General

14 Mar, 2021

Webcast: The Future of Compliance and Policy Management

I had the pleasure of participating in a recent webcast sponsored by ClauseMatch, an innovative automated policy management and compliance platform. The panel included: Evgeny Likhoded, CEO and Founder of ClauseMatch Doreen Ghusar, Senior Director of regulatory Compliance at Roostify Rachel Woolley, Global Director of Financial Crime at Fenergo Our discussion focused on compliance trends, technology and evolution of the compliance profession. You can watch...

General

10 Mar, 2021

Biden Administration Executive Order Mandates 100-Day Review of U.S. Supply Chains

President Biden signed an Executive Order on America’s Supply Chains, E.O. 14017, which initiates a 10-day period to review the strength of United States supply chains for four specific sectors. The purpose of the Executive Order is to address weaknesses in, and shortages of, critical supplies in order to prevent future crises from dependency on adverse foreign suppliers. As part of the review, the Biden...

General

9 Mar, 2021

The Coming AML Enforcement Storm

Blog after blog, commentator after commentator, and everyone else who has an opinion has been repeating the same message – the Biden Administration is going to increase enforcement risks. While these general opinions are correct, a more specific and focused analysis is needed. It is one thing to cite a strong enforcement bent but it is another to watch the key issue – resources. I...

General

9 Mar, 2021

The SolarWinds Cyber-Attack – The Devastation and Wreckage

The SolarWinds cyber-attack was devastating in scope and impact. If any lesson can be learned from this event, the SolarWinds case presents all the pitfalls, enforcement and reputational damage, rolled into one tragic series of events. In a recent 10-K disclosure, SolarWinds announced that it is the subject of ongoing investigations conducted by the Department of Justice, the Securities and Exchange Commission, and various state...

General

8 Mar, 2021

The Recurring Business Question — Increase Profits Versus Compliance with the Law?

There is much to be learned from reviewing the wreckage of a major Justice Department enforcement action. It is helpful to identify these themes, analyze the conduct and reasons for the violation, and identify helpful insights that can be applied to your company or project. Two significant enforcement actions in 2020 highlighted an important issue that lies at the heart of every company’s culture, especially...

General

7 Mar, 2021

Episode 184 — The State of the Chief Compliance Officer

Each year, Michael Volkov reviews current trends concerning the state of the chief Compliance Officer. As we witness the continuing growth in stature of the CCO, it is important to exercise caution and realistically evaluate future trends and concerns.