Companies are rapidly implementing automated solutions for compliance program functions.  Technology accelerates compliance program performance and creates opportunities to measure and evaluate a company’s compliance program. In this Episode, Michael Volkov discusses how to measure and evaluate a compliance program using data generated from automated platforms.

In a comprehensive enforcement action, the Office of the Comptroller of Currency (OCC) announced a $17.5 million settlement with former Wells Fargo Bank CEO John Stumpf for his  role in the sales practices misconduct scandal. In addition, the OCC announced settlements with two other Wells Fargo executives: (1) Hope Hardison, former Chief Administrative Officer and Director of Human Resources, Cease and Desist Order and $2.25 million...

In a blockbuster case, the Justice Department announced a global settlement with Airbus SE, a manufacturer of civilian and military aircraft, under which Airbus agreed to pay over $4 billion (yes, with a “B”) to resolve charges with the United States, France, and the United Kingdom for its role in a bribery scheme, and to resolve Airbus’ violation of the International Trade in Arms Regulations...

Elizabeth Slim, Senior Consultant at the Volkov Law Group, discusses Anti-Money Laundering and Financial Compliance trends.  Liz recently joined the Volkov Law Group and has extensive experience in the banking and financial compliance industry.  She is major thought leader in anti-money laundering compliance and enforcement, and a leader at ACAMS. In this Episode, Michael Volkov discusses Liz’s career and her thoughts on AML and financial...

The Justice Department continues to aggressively pursue False Claims Act cases.  In 2019, DOJ recovered over $3 billion from healthcare, defense and financial companies.  The heath care sector — pharmaceutical, medical device, hospitals and healthcare providers — continues to be the primary focus of False Claims Act cases.  Qui tam relators initiate a significant percentage of all False Claims Act cases. In this episode, Michael Volkov...

2019 was a big year for OFAC enforcement and compliance — OFAC collected $1.28 billion in fines and penalties in a total of 26 separate enforcement actions.  OFAC also issued important compliance program guidance, mandating a number of important requirements for compliance programs. OFAC’s enforcement record for 2019 focused on supply chain sourcing; acquisition of foreign companies engaged in transactions with prohibited countries and customers;...

Ethics and compliance had a big year — new compliance guidance was issued by the Justice Department’s Criminal and Antitrust Divisions and by the Department of Treasury’s Office of Foreign Asset Control.  The compliance profession continues to innovate and new automated technologies are rapidly becoming available. In this Episode, Michael Volkov reviews ethics and compliance trends.

The Justice Department and the SEC had a record year in FCPA enforcement — the largest amount of penalties against corporate defendants and the most individuals charged in one year.  DOJ also adopted new guidance on corporate compliance programs.   The Justice Department’s enforcement year included several major prosecutions, including Ericsson, Walmart, Fresenius Medical and Cognizant Technology. In this Episode, Michael Volkov reviews 2019 FCPA enforcement...

Global companies face extraordinary risks through their reliance on third-party agents, distributors, consultants and vendors/suppliers.  Federal prosecutors and regulators have had a record year in FCPA and sanctions enforcement.  To mitigate these risks, global companies are quickly adopting automated platforms to manage their third-party risks.  NAVEX Global is at the forefront of this effort through its RiskRate automated platform. Chris Bailey, Product Manager, NAVEX Global,...

The Sweden-based telecommunications company, Ericsson, agreed to a pay a total of $1 billion (yes, billion with a “B”) for FCPA violations. Ericsson entered into settlement agreements with DOJ and the SEC. Ericsson agreed to pay a criminal penalty of over $520 million and approximately $540 million to the SEC. An Ericsson subsidiary in Egypt entered a guilty plea to an FCPA conspiracy to violate the anti-bribery,...