Category: General

General

8 May, 2018

Complying with FinCEN’s CDD Rule: Beneficial Ownership Register Vendor Trulioo

May is going to be a rough month for compliance officers — on May 11, 2018, FinCEN’s new Customer Due Diligence(“CDD”) Rule for beneficial ownership becomes effective.  The CDD rule will have a significant impact on the collection of information from customers and AML enforcement.  See here for FinCEN guidance. Many have welcomed these rules as a step in the right direction in combating a significant problem – the ease...

General

8 May, 2018

The Volkov Law Group is Hiring: Senior Associate and Associate Positions

The Volkov Law Group is offering a great opportunity for a senior, experienced attorney and a junior, associate attorney. The Volkov Law Group is a nationally-recognized boutique law firm that offers a variety of services, including criminal defense, securities compliance and defense, and ethics and compliance services, including anti-corruption, export and sanctions compliance, anti-money laundering, due diligence and internal investigations. As a leader in anti-corruption...

General

7 May, 2018

Panasonic Avionics Pays $280 Million to Resolve FCPA Offenses in Middle East and Asia (Part I of II)

As the nattering nabobs of negativism continued to claim that FCPA enforcement was on the decline, the Justice Department and the SEC settled a major FCPA enforcement action with Panasonic Avionics (PAC), a subsidiary of Panasonic which provides in-flight entertainment systems (“IFEs”) to airlines. Panasonic Avionics agreed to pay a criminal fine of $137 million and $143 million in disgorgement.  As part of the settlement,...

General

7 May, 2018

A Valuable Resource: The Fifth Edition of The Foreign Corrupt Practices Act Handbook

We always hear about the dearth of law surrounding the FCPA.  As the Justice Department brings more cases against individuals who are likely to challenge the government’s theories of prosecution, we will see more caselaw develop. In this situation, FCPA and compliance practitioners, as well as in-house and law firm attorneys can obtain the definitive guide to FCPA law, including caselaw, DOJ and SEC enforcement...

General

3 May, 2018

FLIR Systems ITAR Settlement Outlines Important Export Compliance Factors (Part II of II)

The FLIR Systems settlement is an extraordinary event given the sheer number of violations, the systemic breakdown that occurred, and the absence of any meaningful compliance controls.  It is all the more surprising given the fact that FLIR’s operations are devoted in large proportion to the highly-regulated international defense industry market.  Given the level of risk, you would expect FLIR to have in place systems...

General

3 May, 2018

FLIR Systems Pays $15 Million Civil Penalty for AECA and ITAR Violations and Earns First DTCC Monitor (Part I of II)

In an extraordinary enforcement action, the US Department of State reached a comprehensive settlement with FLIR Systems, Inc. (FLIR) to resolve violations of the Arms Export Control Act and the International Traffic in Arms Regulations (ITAR).  These acts are administered by the Office of Defense Trade Controls Compliance in the Department’s Bureau of Political-Military Affairs (DTCC). Under the settlement, FLIR will pay a civil penalty...

General

2 May, 2018

Volkov Law Group Joins Forces with NAVEX Global’s Compliance Next

The Volkov Law Group has joined forces with NAVEX Global’s innovative compliance website, Compliance Next. The Volkov Law Group is contributing videos and written materials as a proud member of the Compliance Next network. Our first video on internal investigations is HERE. Compliance Next is the first community-driven compliance network, which provides tools and resources to support compliance initiatives and promote successful strategies.  Members of...

General

1 May, 2018

The NYAG’s Virtual Markets Integrity Initiative and Transparency of Cryptocurrency Exchanges

Matt Stankiewicz, Associate at The Volkov Law Group, rejoins us for another posting on cryptocurrency regulation.  Matt can be reached at [email protected]. Recently, New York Attorney General Eric T. Schneiderman launched the state’s Virtual Markets Integrity Initiative in order to garner more information and gain insight into the inner workings of cryptocurrency exchanges. To kick off the initiative, the AG’s office sent a questionnaire containing...

General

30 Apr, 2018

Lying and Accountability: ZTE Pays the Price

Despite our political dialogue and the often-heard charges of fake news and lying, telling the truth still matters in a variety of contexts.  For example, Special Counsel Mueller has made various characters in the Russia investigation plead guilty to the crime of making false statements. The US Department of Commerce recently announced that Zhongxing Telecommunications Equipment Corporation of Shenzen China and ZTE Kangxun Telecommunications Ltd....

General

26 Apr, 2018

FCPA Compliance: Navigating Joint Venture Risks (Part V of V)

Joint ventures pose a unique constellation of anti-corruption risks.  Like third-party risks, companies that enter into joint ventures face significant anti-corruption risks, especially in those situations where a state-owned entity is the joint venture partner. By definition, companies do not have the same authority over third parties and joint venture partners as they can when it comes to their own employees. A company faces two...

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