FinCEN’s $125 million penalty against UBS is notable for more than its size, though it is the largest fine ever imposed on a broker-dealer under the Bank Secrecy Act. What makes this case a critical study for compliance officers is that it is a recidivism case. UBS was fined for Bank Secrecy Act violations in 2018, and according to FinCEN’s August 3 announcement, the bank...
A federal jury sitting in Brooklyn has convicted Asante Kwaku Berko, a dual U.S.-Ghanaian citizen and former Executive Director in Goldman Sachs’ Investment Banking Division, on charges of conspiracy to violate the Foreign Corrupt Practices Act, a substantive FCPA violation, and money laundering conspiracy, following a nine-day trial. Berko later went on to serve as Managing Director of Tema Oil Refinery, one of Ghana’s major...
In this episode of Corruption, Crime and Compliance, Michael Volkov sits down with Christian Focacci, founder of Threat Digital, for their annual check-in on AI’s evolving role in due diligence and compliance. Focacci traces how AI adoption has matured from early hype and generic chatbot rollouts to more disciplined, use-case-specific tooling, while cautioning that the underlying models still hallucinate and should never be treated as...
In this episode of Corruption, Crime and Compliance, Michael Volkov breaks down the Justice Department’s $10.2 million foreign bribery resolution with The Scoular Company, an Omaha-based agricultural supply chain company that used customs brokers to pay more than $400,000 in bribes to Mexican officials over six years so that contaminated grain shipments could cross the U.S.-Mexico border despite failed inspections. Volkov walks through the mechanics...
Everyone’s talking about the DOJ going soft on crime. I want to push back on that narrative because I think it’s incomplete and, honestly, a little dangerous if compliance officers believe it. Yes, traditional FCPA and bribery prosecutions have slowed, but look at where the resources actually went. Trade enforcement is exploding. Sanctions enforcement is aggressive and getting more aggressive by the month. And here’s...
FinCEN’s $125 million penalty against UBS is notable for more than its size, though it is the largest fine ever imposed on a broker-dealer under the Bank Secrecy Act. What makes this case a critical study for compliance officers is that it is a recidivism case. UBS was fined for Bank Secrecy Act violations in 2018, and according to FinCEN’s August 3 announcement, the bank...
A federal jury sitting in Brooklyn has convicted Asante Kwaku Berko, a dual U.S.-Ghanaian citizen and former Executive Director in Goldman Sachs’ Investment Banking Division, on charges of conspiracy to violate the Foreign Corrupt Practices Act, a substantive FCPA violation, and money laundering conspiracy, following a nine-day trial. Berko later went on to serve as Managing Director of Tema Oil Refinery, one of Ghana’s major...
In this episode of Corruption, Crime and Compliance, Michael Volkov sits down with Christian Focacci, founder of Threat Digital, for their annual check-in on AI’s evolving role in due diligence and compliance. Focacci traces how AI adoption has matured from early hype and generic chatbot rollouts to more disciplined, use-case-specific tooling, while cautioning that the underlying models still hallucinate and should never be treated as...
In this episode of Corruption, Crime and Compliance, Michael Volkov breaks down the Justice Department’s $10.2 million foreign bribery resolution with The Scoular Company, an Omaha-based agricultural supply chain company that used customs brokers to pay more than $400,000 in bribes to Mexican officials over six years so that contaminated grain shipments could cross the U.S.-Mexico border despite failed inspections. Volkov walks through the mechanics...
Everyone’s talking about the DOJ going soft on crime. I want to push back on that narrative because I think it’s incomplete and, honestly, a little dangerous if compliance officers believe it. Yes, traditional FCPA and bribery prosecutions have slowed, but look at where the resources actually went. Trade enforcement is exploding. Sanctions enforcement is aggressive and getting more aggressive by the month. And here’s...
A significant shift in U.S. enforcement policy is underway, and most companies operating in Mexico, Brazil, and elsewhere in Latin America have not yet fully absorbed what it means for them. Over the past year and a half, the government has moved major cartels and organized criminal networks onto the same legal footing as international terrorist organizations. That reclassification is not a symbolic gesture. It...
When it comes to DOJ enforcement, the pendulum swings, and it always returns. Don’t let it knock you off your feet. I’ve been watching the headlines, and so have you. Fewer corporate guilty pleas, non-prosecution agreements for Alibaba and Eagle Bank, charges dropped against Boeing and Halkbank from Turkey. The word from Main Justice is: hold individuals accountable, go easier on companies. I get why...
The guilty plea entered by Estonian national Andrey Shevlyakov is a useful reminder of just how far the Justice Department is willing to reach, geographically and procedurally, to prosecute export control evasion tied to the Russian military. Shevlyakov, who pleaded guilty to conspiracy to commit export violations, has agreed to pay a $1.5 million fine and faces up to 40 years in prison for his...
In this update episode of Corruption, Crime and Compliance, Michael Volkov speaks with Erica Hanichak of the FACT Coalition and Frank Russo of Modern Fortis about the current fight over the Corporate Transparency Act, the 2021 law requiring companies to report their beneficial owners to a secure Treasury Department database in order to close off the U.S.’s longstanding status as an easy jurisdiction for setting...
A clear pattern has emerged in Justice Department corporate enforcement over the past several months, and it is worth compliance officers and general counsel taking notice: companies are being charged far less often, even in cases where prosecutors believed executives or managers were personally involved in the underlying wrongdoing, and that reduced corporate exposure has not been matched by a corresponding increase in individual prosecutions....
