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General

18 Feb, 2019

The Anatomy of a Bribery Scandal: Digging into the Cognizant Bribery Scheme (Part II of IV)

The Cognizant bribery scheme is another in the line of illegal conspiracies orchestrated by senior management – but this one is even more disturbing for a number of reasons.  Cognizant’s former president and general counsel directed the scheme in full consultation and with full knowledge and intent with the chief operating officer and the vice president of administration.  Add Cognizant to the list of companies...

General

17 Feb, 2019

Tom Fox and Michael Volkov Discuss Cognizant Technologies FCPA SEC Settlement, Declination and Criminal Indictment of Two Executives

Tom Fox and I discuss the recent FCPA enforcement action involving Cognizant Technologies. Cognizant settled FCPA violations with the SEC for approximately $25 million, received a declination from the Justice Department under the FCPA Corporate Enforcement Policy, and Cognizant’s former president and general counsel were indicted for criminal FCPA violations and charged by the SEC with civil violations. Tom and I recorded a podcast to...

General

17 Feb, 2019

Cognizant Technology Pays $25 Million for FCPA Violations and Earns Declination — Two Executives are Indicted for Criminal FCPA Violations (Part I of IV)

In the first corporate FCPA action of 2019, Cognizant Technology Solutions Company settled its long-running FCPA case, agreeing to pay the SEC $25 million.  (SEC Settlement Here).  At the same time, the Justice Department announced: (1) its declination under the FCPA Corporate Enforcement Policy (Here); and (2) the indictment of its former President and General Counsel for criminal FCPA violations (Here). The charges arose from...

Podcasts

17 Feb, 2019

Episode 77 — Implementing an Effective Trade Compliance Program

Companies involved in export and import activities face a variety of risks from sanctions and export controls created by a complex maze of regulations and oversight from the Department of State, Department of Treasury and the Department of Commerce.  With the increasing complexity of sanctions regimes, companies have to devote significant attention and resources to implement an effective trade compliance program. In this episode, Michael...

General

14 Feb, 2019

OFAC Announces Two Sanctions Enforcement Settlements

What a difference a year makes — The Treasury Department’s Office of Foreign Asset Control (“OFAC”) announced two sanctions settlements in the beginning of 2019, a stark difference from 2018 when OFAC announced its first enforcement action in June 2018. ELF Cosmetics  On January 31, 2019, OFAC announced a $996,080 settlement with e.l.f. Cosmetics, Inc. (“ELF”), a California cosmetics company for violation of the North...

General

13 Feb, 2019

Corruption Risks and the Issue of Foreign Government Officials

Global companies are expending more time and resources to understanding their relationships with foreign officials.  This is a key focus of every anti-corruption compliance program. Foreign government officials create different risks dep[ending on the relationship and the nature of the interactions.  A helpful way to examine the issue is by dividing government officials into two categories – foreign government official (FGO) owners and FGOs that...

General

12 Feb, 2019

Four Audi Executives Indicted for Emissions Cheating Scandal

In January 2019, the US Attorney for the Eastern District of Michigan returned an indictment against four executives from Audi, a Volkswagen subsidiary, for their participation and direction of Audi’s emissions-cheating scandal.  In December 2018, Audi paid a fine of 800 million euros to settle charges with German prosecutors.  Audi’s CEO, Rupert Stadler, was arrested and has been charged in Germany with alleged fraud and...

General

11 Feb, 2019

The Urgency of Now: Corporate Ethics and the #MeToo Movement

The corporate scandal landscape is littered with important examples of governance failures surrounding corporate ethics and mishandling of harassment and sexual assault controversies.  Major corporate governance failures surrounding the handling of these issues have occurred at Google, CBS (Les Moonves), U.S. Gymnastics team, and U.S Congress, just to name a few of the many.  If there was ever a compelling argument for ethics and compliance...

General

10 Feb, 2019

New U.S. Sanctions Against Nicolás Maduro Place Venezuelan Oil Squarely in the Crosshairs

Noah Smith, an Associate at The Volkov Law Group, joins us for an interesting post on OFAC’s new Venezuela sanctions.  Noah can be contacted at nsmith@volkovlaw.com. Venezuela is undergoing a political upheaval. Since his rise to power in 2013, the embattled Venezuelan President Nicolás Maduro has precipitated a humanitarian crisis that has driven some 3 million Venezuelans to flee abroad. Widespread protests have erupted (yet again) against the country’s chronic violence,...

Podcasts

10 Feb, 2019

Episode 76 — Review of 2018 AML Enforcement and Compliance Trends

Global prosecutors and regulators continued to increase anti-money laundering enforcement and regulatory actions.  Global and US regulators have increasingly focused on beneficial ownership and transparency requirements.  In 2018, FinCEN’s Customer Due Diligence rule went into effect.   US prosecutors also brought several significant AML criminal prosecutions against large banks; the SEC has increased AML enforcement as part of reviews of internal controls.  Regulators brought enforcement actions...

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