Category: General

graph of the movement of the value of bitcoin

OFAC and FinCEN Reach Settlement Agreement with Virtual Currency Exchange Bittrex (Part I of II)

Matt Stankiewicz, Partner at The Volkov Law Group, joins us for a posting on sanctions compliance in the cryptocurrency industry.  He can be reached at [email protected] On October 11, 2022, the Office of Foreign Assets Control (“OFAC”) and the Financial Crimes Enforcement Network (“FinCEN”) announced settlement agreements with Bittrex, Inc. (“Bittrex”), a cryptocurrency exchange based in Bellevue, WA.  As part of its settlement with OFAC,...

BIS Adopts New Export Controls Aimed at Impeding China’s Ability to Acquire Advanced Computing Capabilities

Alex Cotoia, Regulatory Manager at The Volkov Law Group, rejoins us for an important posting on new Commerce Department rules relating to computer product exports to China. Alex can be reached at [email protected] On October 13, 2022, the U.S. Department of Commerce’s Bureau of Industry and Security (“BIS”) published an interim final rule that significantly expanded export controls designed to thwart China’s efforts to acquire...

Lessons Learned from OFAC’s Settlement with Tango Card

Alex Cotoia, Regulatory Manager at The Volkov Law Group, rejoins us for a review of OFAC’s recent settlement with Tango Card for sanctions violations. Alex can be reached at [email protected] On September 30, 2022, the United States Department of the Treasury’s Office of Foreign Asset Control (“OFAC”) announced a settlement with Tango Card, Inc. (“Tango Card”), a supplier and distributor of stored valued cards used...

Pulling Back the Curtain on CFIUS

The global economy and geopolitical trends have elevated the importance of trade compliance status and responsibilities.  We have witnessed a dramatic increase in the complexity and risks surrounding economic sanctions and export controls. Trade compliance professionals have to navigate a rapidly changing set of regulations.  Backing these rules and regulations is the Department of Justice looking for high-profile and significant cases to prosecute. On top...

DOJ Brings Largest Pandemic Fraud Case Charging 47 Individuals with Conspiracy to Commit Fraud For Theft of $250 Million from Children’s Food Program

In the legal and compliance space, it is easy to ignore significant incidents involving domestic bribery and fraud.  We are fixated on FCPA foreign bribery cases, as well as domestic healthcare fraud, anti-kickback violations and Stark Law incidents. But when it comes to significant domestic fraud, the Justice Department has its hands full with fraud cases involving federal aid programs implemented during the COVID-19 pandemic....

Antitrust Division Sets Sights on Global Enforcement Against Digital Economy Monopolies

You have to give Antitrust Division Assistant Attorney General Jonathan Kanter credit.  He sticks to his principles, his priorities and his integrity.  AAG Kanter has launched an aggressive antitrust enforcement program with mixed results so far.  AAG Kanter understands one important thing — it takes time to turn around antitrust law and precedent to reflect new theories and underpinnings of antitrust law.  AAG Kanter has...

VMware pays SEC $8 Million for Misleading Financial Reporting

The Securities and Exchange Commission’s bread-and-butter enforcement actions focus on accounting fraud.  The SEC has a long history in uncovering fraudulent financial reporting schemes.  In the early 2000s, Wall Street was shaken by a number of scandals involving financial reporting fraud which eventually resulted in passage of the Sarbanes-Oxley Act.  This Act transformed the auditing profession and to this day is the most important reform...

FinCEN Issues Final Rule for Beneficial Ownership Reporting

The Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) issued its final rules implementing the beneficial ownership reporting requirements pursuant to the bipartisan Corporate Transparency Act (“CTA”).  The rule requires most companies, limited liability and other entities that are registered to do business in the United States to report to FinCEN information about their beneficial owners. The long-awaited rules are intended to stop criminal actors, including...

OFAC Settles Two Cases with Credit Agricole Corporate Subsidiaries for $1.1 Million

The Office of Foreign Assets Control (“OFAC”) has demonstrated its ability to multi-task — designing, implementing and enforcing a comprehensive sanctions regime against Russia after its invasion of Ukraine, and maintaining its “regular” enforcement program. In a recent two-fisted settlement, OFAC reached two separate settlements with Credit Agricole companies.  First, OFAC reached a settlement with Credit Indosuez Switzerland S.A. (“CAIS”), an indirect subsidiary of Swiss-based...

DOJ Charges Russian Oligarch Oleg Deripaska and Three Associates for Sanctions Evasion and Obstruction of Justice

In a significant action, the Justice Department brought criminal charges against the notorious Russian Oligarch, Oleg Deripaska, for sanctions evasion and obstruction of justice.  DOJ also charged three associates, Natalya Bardakova, a Russian citizen, Olga Shriki, a New Jersey resident and United States citizen, and Ekaterina Voronina, Deripaska’s girlfriend.  Shriki is also charged with obstruction of justice for deleting various electronic records after she received...