Matt Stankiewicz, Partner, and Daniela Melendez, Associate, provide key updates on the Venezuela Sanctions Program. Matt can be reached at [email protected] and Daniela can be reached at [email protected]. Easy come, easy go.  On January 29, 2024, OFAC published General License 43A under the Venezuela Sanctions Regulations, which partially rolled back a piece of the sanctions relief it provided to the country only a few months prior. ...

By: Alex Cotoia, Regulatory Compliance Manager at the Volkov Law Group ([email protected]) and Daniela Melendez, Associate at the Volkov Law Group ([email protected]) Wabtec Corporation (“Wabtec”)—a global manufacturer and supplier of rail technology headquartered in Pittsburgh, Pennsylvania—recently settled an administrative enforcement proceeding with the U.S. Department of Commerce’s Bureau of Industry and Security (“BIS”) involving forty-three (43) apparent violations of the antiboycott provisions of the Export...

The technology revolution and the rise of information and data permeates every aspect of our economy and daily lives.  It is not surprising then that the Department of Justice and other law enforcement agencies are embracing data analytics as a new enforcement tool.  DOJ is fast embracing data as a new and valuable source of detection. When DOJ issues a grand jury subpoena, this is...

When it comes to data privacy and regulation of personal information, United States companies face a number of major challenges.  Compliance is not easy when you have fast-moving targets.  The single biggest cause of this complex environment is the failure of the United States Congress to enact a federal data privacy law.  Trust me, on this point, I know how difficult this can be —...

Each quarter, we send many of our clients a quarterly trade compliance update, highlighting important developments over the last few months and summarizing key points for important sanctions programs. Click here to download the quarterly update for January. Below is a summary of events this past quarter: Venezuela –  Russia –  Middle East –  General –  About the document: This handy one-pager is designed to...

Matt Stankiewicz, Partner at The Volkov Law Group, joins us for another post discussing how the SEC’s recent settlement with BarnBridge DAO may impact the cryptocurrency industry. Matt can be contacted at [email protected]. On December 23, 2023, BarnBridge DAO (“BarnBridge”) and its founders, Tayler Ward and Troy Murray, agreed to settle charges with the U.S. Securities and Exchange Commission (“SEC”).  BarnBridge violated Sections5(a) and 5(c) of...

The New York Department of Financial Services (“NYDFS”) has brought action in Federal court against Citibank, N.A., alleging that the bank systemically failed to protect accountholders from rampant online scam activity, leading to individual losses amounting to tens, or hundreds of thousands. In taking this step, NYDFS seeks formal recognition of depository institutions’ liability under the Electronic Funds Transfer Act (EFTA) to safeguard depositors from...

A Top 5 list should be viewed with suspicion — it is often just a headline grabbing posting with the clear purpose to gain readers’ attention.  In defense, however, it is interesting to compare articles on risk rankings.  To start with the obvious, corporate boards face growing risks — the economy, the regulatory environment, cybersecurity threats, technology developments  and stakeholder interests are all colliding and...

By: Alexander Cotoia (Regulatory Compliance Manager) and Daniela Melendez (Associate) of The Volkov Law Group On January 16, 2024, the U.S Department of Commerce’s Bureau of Industry and Security (“BIS”) released a series of enhancements to its existing voluntary self disclosure (“VSD”) program, pursuant to which organizations culpable of only technical violations of the Export Administration Regulations (“EAR”) are entitled to access a proverbial “fast...

Alexander Cotoia is currently Regulatory Compliance Manager at The Volkov Law Group, where he routinely advises the firm and its clients on domestic and international developments implicating the regulation of global supply chains. He may be reached at [email protected]. On December 31, 2021, President Joseph R. Biden, Jr. signed the the Uyghur Forced Labor Prevention Act (“UFLPA”) into law to address the ongoing exploitation of the...