Category: Podcasts

16 Jun, 2019

Episode 94 — How to Conduct a Risk Assessment for Sanctions Compliance

OFAC’s new framework guidance for sanctions compliance programs stretched into new territory with its risk assessment requirement. This new approach reflects OFAC’s recent aggressive enforcement programs. The scope of a risk assessment has to mirror the breadth of enforcement risks and has to include review of: (i) customers, supply chain, intermediaries, and counter-parties; (ii) the products and services it offers, including how and where such items fit into...

Podcasts

9 Jun, 2019

Episode 93 — Matt Stankiewicz Discusses Data Privacy on Blockchain with ImagineBC CEO Erik Rind

Data privacy has become a hot topic lately. Companies have built massive fortunes by selling users’ personal information to the highest bidder. Meanwhile, they often fail to secure that same data while hackers run amok, putting the users at risk. What’s a person to do? Enter ImagineBC. In the ImagineBC community, you’re in control of your personal information – and free to monetize it. Built on...

Podcasts

2 Jun, 2019

Episode 92 — How to Implement a Sanctions Compliance Program

OFAC’s new Framework for Sanctions Compliance Programs is a game changer. When it comes to sanctions compliance programs, most companies are well behind the curve. OFAC’s new framework raises the bar by creating a well-crafted framework for companies to assess their current program and then re-design important elements to meet OFAC’s standards. To the extent that a company’s sanctions compliance program operates as part of an overall...

Podcasts

26 May, 2019

Episode 91 — How to Audit and Improve Your Internal Investigation Program

Companies are starting to understand that an effective internal investigation program is a critical function to promote a speak up culture. A company that has a dysfunctional internal investigation program will find it difficult to prevent and detect misconduct. To this end, companies have to commit to a multi-step review and improvement process for its internal investigation program. This is an exercise that is limited...

Podcasts

19 May, 2019

Episode 90 — OFAC Issues New Framework for Sanctions Compliance Program

On the heels of the Justice Department’s announcement of its new compliance guidance, on May 2, 2019, the Treasury Department’s Office of Foreign Asset Control (“OFAC”) issued its promised guidance for sanctions compliance programs (“SCP”). Together with its aggressive enforcement of economic sanctions, OFAC has set a new standard for SCPs, and has “strongly encourage[d]” companies and individuals subject to OFAC jurisdiction to implement a...

Podcasts

12 May, 2019

Episode 89 — DOJ Issues New Guidance on Evaluation of Corporate Compliance Programs

In a major development in ethics and compliance program expectations, the Justice Department has issued a new and important revised guidance on the Evaluation of Corporate Compliance Programs . The new Evaluation Guidance supersedes the prior document issued in February 2017, which contained a lengthy list of questions on key topic areas. Join Michael Volkov as he discusses the new guidance and outlines the impact for...

Podcasts

5 May, 2019

Episode 88 — Matt Stankiewicz Interview of Liquidity Digital CEO Syed Hussain

The blockchain revolution is still merely in its infancy. Liquidity Digital seeks to continue pushing the industry forward, by digitizing securities – stocks, derivatives, real estate, and more – and placing them on the blockchain. Liquidity Digital is building an ecosystem for the creation of new assets, introducing ways to allocate capital to traditionally underserved areas of financial markets and provide a practical application of distributed ledger...

Podcasts

28 Apr, 2019

Episode 87 — Review of Recent Compliance Benchmarking, Surveys and Studies

With the growth of the compliance profession and the importance of compliance functions as part of corporate governance, there has been a significant increase in the quantity and quality of compliance studies and surveys. It takes time to keep up with all the compliance information being developed and released. In this episode, Michael Volkov reviews two recent compliance studies.

Podcasts

21 Apr, 2019

Episode 86 – Standard Chartered Bank Pays Over $1 Billion for Sanctions Violations

Global banks are the poster children of sanctions violations and the importance of trade compliance. At the top of the heap is Standard Chartered Bank. In a long-awaited resolution of a multi-year investigation, the Justice Department, the Treasury Department’s Office of Foreign Asset Control (OFAC), the New York District Attorney’s (DANY), the Federal Reserve, the New York State Department of Financial Services (DFS) and the United...

Podcasts

14 Apr, 2019

Episode 85 — A Deep Dive into the Fresenius Medical FCPA Settlement

Fresenius Medical, the largest supplier of dialysis equipment and services agreed to pay $231 million to the Justice Department and the SEC to resolve FCPA violations in 17 countries in Africa, the Middle East and Europe. Fresenius entered a non-prosecution agreement with the Justice Department, in which it agreed to pay an $87 million payment and a two-year corporate monitor. Fresenius agreed to enhance its compliance program and...