So far in 2019, OFAC is sending a strong message about sanctions enforcement and compliance responsibilities. OFAC is aggressively seeking out new targets for enforcement, emphasizing compliance with Cuba and Iran sanctions programs, and focusing on US companies that acquire foreign subsidiaries to ensure post-closing compliance with OFAC sanctions regulations. In this episode Michael Volkov discusses recent trends in OFAC enforcement actions and priorities.

As the blockchain industry continues to grow, we’ll begin to see traditional industries shifting to the blockchain to leverage the technology. Unstoppable domains is a company working to place web domains on the blockchain. Instead of traditional extensions like .com, .net, or .io. Unstoppable Domains will utilize .zil addresses as smart contracts on the Zilliqa public blockchain. This will first provide simple, human-readable crypto wallet...

After a lengthy investigation (yes, 8 years), Walmart agreed to settle its FCPA violations and paid approximately $282 million , divided as follows: (1) $138 combined criminal penalty under the terms of a three-year non-prosecution agreement; and (2) $144 million disgorgement pursuant to an agreement with the SEC. Walmart’s Brazil subsidiary entered a guilty plea to one count of violating books and records in the Eastern...

The California Consumer Privacy Act of 2018 (the “Act”) was signed into law by California Governor Jerry Brown on June 28, 2018, after being hastily introduced in the California Legislature just a few days prior.  The Act is effective January 1, 2020. In this episode, Michael Volkov interviews Teresa Troester-Falk, Chief Global Privacy Strategist at Nymity, concerning the Act and the compliance implications for businesses.   ...

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...

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...

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...

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...

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...

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...