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Webinar — Export Controls Compliance: Nuts and Bolts

Webinar: Export Controls Compliance — Nuts and Bolts March 19, 2024, 12 Noon EST SIGN UP HERE The Justice Department, the Department of Commerce’s Bureau of Industry and Security (“BIS”) and the State Department’s Directorate of Defense Trade Controls (“DDTC”) have begun an aggressive civil and criminal enforcement program. DOJ’s National Security Division has announced its intention to prosecute criminal export controls cases. From the...

Episode 311: Tom Fox on FCPA Enforcement — DOJ’s Approach to Recidivism and Self-Disclosure

In this special episode of Corruption, Crime, and Compliance, Michael Volkov joins colleague and long-time friend Tom Fox as they delve into the intricacies of recent FCPA enforcement actions, shedding light on the evolving landscape of corporate compliance. From the ABB case to the SAP settlement, Michael and Tom dissect the nuances of voluntary disclosure, extensive remediation, and the shifting priorities of the Department of...

DOJ’s FCPA Enforcement Focus on Central and Latin America

When it comes to FCPA enforcement, the Justice Department’s global focus for many years was on Asian countries, and in particular, China.  This trend, however, has continued, but in the past few years, DOJ has brought a larger percentage of criminal cases against Central and Latin American entities and individuals.  The reason for this focus reflects DOJ’s long-standing and closer working relationships with prosecutors and...

TradeStation Settles Securities Violations Stemming From its Crypto Yield Product

On February 7, 2024, the U.S. Securities and Exchange Commission (“SEC”) announced charges and a related cease-and-desist order (the “Order”) against TradeStation Crypto, Inc. (“TradeStation”) for failing to register the offer and sale of its crypto-lending product.  In order to settle these charges, TradeStation agreed to pay a $1.5 million penalty.  As part of the agreement, TradeStation did not admit or deny the findings.  TradeStation’s...

Biden Administration Responds to Death of Alexey Navalny with Additional Sanctions Against Russia Federation

Following the death of opposition politician Alexey Navalny, the Biden Administration announced a large swath of new and additional sanctions on the Russian Federation.  The U.S. Department of Treasury’s Office of Foreign Assets Control (”OFAC”), in conjunction with the Department of State and the Department of Commerce, added almost 300 individuals and entities to the Specially Designated Nationals List (“SDN List”).  Later in the day,...

Episode 310 — Christian Focacci, CEO and Founder, Threat.Digital, on AI and Compliance

Christian Focacci is a leader in the artificial intelligence world and harnesses the capabilities for risk management. He is the founder and CEO of Threat.Digital, which has launched a new product DiligenAI.  Threat.Digital is leveraging large language models and real-time data feeds to empower organizations to identify risk information confidently and efficiently, setting a new standard in risk intelligence. Mike and Christian discuss AI and...

Sterling Bank’s ex-General Counsel hit with OCC Cease-and-Desist over Longstanding BSA/AML Shortcomings

The Treasury Department’s Office of the Comptroller of the Currency (“OCC”) has taken action against the former General Counsel of Michigan-based Sterling Bank and Trust in the agency’s latest action against an individual corporate officer for failure to maintain an adequate Bank Secrecy Act (“BSA”) compliance program. Between 2012 and 2023, Colleen Kimmel was employed in various compliance-related capacities at Sterling Bank, including as General...

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On the Horizon: EU Puts Final Touches on Risk-Based Artificial Intelligence Regulatory Overhaul

In a significant development, the European Union (EU) is set to implement the most comprehensive suite of regulations seen to date governing the use of artificial intelligence (“AI”) technology. The proposed regulatory overhaul aims to address a wide range of concerns surrounding AI, including ethical considerations, accountability, and potential risks to individuals and society writ large. The forthcoming “AI Act”––the final text of which was...

Supreme Court’s Unanimous Decision Provides Important Protections for Sarbanes-Oxley Whistleblowers

In a unanimous ruling, the Supreme Court reaffirmed the whistleblower protections of the Sarbanes-Oxley Act in the case, Murray v. UBS Securities, LLC et al. (February 8, 2024).  The Supreme Court’s decision reaffirms an ongoing trend — to protect and encourage whistleblower reporting as a means to enforce proper corporate governance.  The European Union’s Whistleblower Directive and new United States whistleblower incentive programs continue to...

UFLPA in Focus: Lessons to Be Learned from Volkswagen’s Recent Experience

News recently published by multiple media outlets suggest that certain subcomponents incorporated into a variety of Volkswagen-owned vehicles—including cars manufactured by luxe brands Porsche, Bentley and Audi—were sourced from an unspecified region in “western China” (“PRC”) presumed to be the Xinjiang Uyghur Autonomous Region (“XUAR”). According to these sources, Volkswagen itself was not aware of the origin of the part, which, according to the Financial...