In Part I, we discussed the basics behind the UK Modern Slavery Act of 2015. To briefly reiterate, that Act requires any company doing business in the UK with an annual turnover of £36 million or more to publicize their efforts in combatting modern slavery in their respective supply chains through an annual statement. The Act itself established minimum requirements for these statements, but there...
If you follow our blog, you’ll notice lately we’ve been writing frequently on topics related to human trafficking and modern slavery. This is no accident, as new laws and regulations related to this growing area of compliance continue to spring into existence. Lately, I’ve fielded some inquiries related to the UK Modern Slavery Act of 2015. While the Act is not necessarily new, there has...
The sheer proliferation of supply chain transparency and accountability regulations at international scale itself warrants a closer look at the level of scrutiny required of organizations with complex, multi-faceted, global, and increasingly interconnected, supply chains. Legislation as varied as the German Supply Chain Act, the Uyghur Forced Labor Prevention Act, and proposed legislation for a more comprehensive due diligence framework at the European Union (“EU”)...
On February 28, 2024, President Biden issued a new Executive Order in order to better secure the private data of U.S. citizens from being exploited by foreign adversaries of the United States. By issuing his Executive Order on Preventing Access to Americans’ Bulk Sensitive Personal Data and United States Government-Related Data by Countries of Concern, President Biden has directed the U.S. Department of Justice (“DOJ”),...
On Tuesday, February 20, 2024, Michael Volkov and Alexander Cotoia participated in a virtual roundtable hosted by Diligent Institute as part of a monthly series dedicated to providing updates to those who have availed themselves of Diligent’s well-reputed certification programs for senior corporate officers and directors. As part of the roundtable, Volkov Law highlighted current topical issues, including enforcement trends and compliance-oriented mitigation strategies focusing...
Boeing continues to struggle. As troubles mount for Boeing, it is clear that it suffers from real and pervasive culture issues that have been reflected in serious safety failures, financial difficulties, regulatory violations and serious reputational damage. Boeing’s troubles permeate every part of its organization — from the board to senior executives, to its operations and its overall ethics and compliance commitment. As a result...
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...
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...
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,...
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...
