Corruption, Crime & Compliance

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30 Apr, 2019

OFAC Enforcement Action Underscores Russia Sectoral Sanctions

The Treasury Department’s Office of Foreign Asset Control (OFAC”) continues its enforcement run. In a recent case against Haverly Systems, Inc., OFAC sent an important reminder to US companies about compliance with the Ukraine-Russia Sectoral Sanctions Program. Haverly paid roughly $75,000 for two violations of the Ukraine-Russia Sectoral Sanctions (SSI). In two transactions, Haverly violated Directive 2 of the Ukraine-Russia the 90-day maturation limitation on...

General

29 Apr, 2019

The Important Link Between Anti-Corruption Compliance and Effective Training Programs

Julie DiMauro, Regulatory Intelligence Expert, Thomson Reuters, and Michael Volkov, CEO, The Volkov Law Group We were honored to jointly present a Thomson Reuters-sponsored webinar focused on Top Anti-Corruption Compliance Risks recently; if you missed it, please find the replay here. Global anti-corruption risks are increasing at the same time that global cooperation among prosecutors and law enforcement agencies are facilitating the detection and penalization...

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.

Events

26 Apr, 2019

Join Us for a May 16, 2019 BVD Webinar: “Is “Power and Control” the New Beneficial Ownership?

What are the new best practices for third-party risk management? Join Michael Volkov, CEO of The Volkov Law Group; Bill Hauserman, Senior Director, Compliance Solutions, Bureau van Dijk, a Moody’s Analytics Company; and Ted Datta, Director, Governance, Risk and Compliance Solutions, Bureau van Dijk, for a live webinar on Thursday May 16, 2019, at 11 am EST/4 pm BST. Please sign up HERE. New anti-corruption...

General

24 Apr, 2019

DOJ and OFAC Announce Another Sanctions Settlement – UniCredit Group Banks Pay Over $1.3 Billion and Subsidiary Bank Agrees to Plead Guilty for Violating Iran Sanctions

The Justice Department and the Treasury Department’s Office of Foreign Asset Control (OFAC) are on a roll. Global banks are facing renewed prosecutions, along with aggressive sanctions prosecutions of companies for integrating acquisitions and supply chain missteps. In the latest billion-dollar plus settlement, UniCredit Bank S.p.A UC Group), based in Milan, Italy and two subsidiaries, UniCredit Bank AG (UCB AG), a German bank (aka HypoVereinsbank),...

General

23 Apr, 2019

Acteon Pays $441,000 to Settle Two OFAC Enforcement Actions

We can add Acteon to the list of OFAC settlements for 2019, which is quickly turning into a robust sanctions’ enforcement year. Acteon is a UK based company, which provides subsea services in the oil and gas industry. (Acteon recently announced the acquisition of Benthic, an Australian owned subsea company, which operates out of Houston, Texas). In the first enforcement action, Acteon and its operating...

General

22 Apr, 2019

The Long Arm of OFAC: Secondary Sanctions, Facilitation, and Causing a Violation

Matt Stankiewicz, Senior Associate at The Volkov Law Group, rejoins us for a blog posting on OFAC sanctions law. Matt can be contacted at [email protected]. Sanctions law can be complex. The sanctions programs themselves are often a tangled web of do’s and don’t’s – various wind down periods, General Licenses, payment structures, and more. In order to enforce these laws and regulations, OFAC must necessarily...

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...

General

19 Apr, 2019

NAVEX Global’s 2019 Hotline Benchmark Report

NAVEX Global’s Hotline benchmark report (here) is an excellent annual report which helps companies to understand how well their hotline and incident management system is operating. The survey is based on over 1 million reports from 2,738 customers.The NAVEX report also is based on all types of reporting avenues, including hotlines and web-based systems. Interestingly, NAVEX noted that overall reporting rates remained consistent with 2016...

General

18 Apr, 2019

OFAC Sanctions Compliance Insights from Standard Chartered Bank Enforcement Action (Part III of III)

The Treasury Department’s Office of Foreign Asset Control (OFAC) has promised to issue guidance on effective sanctions compliance programs. This is a long-anticipated update to prior information OFAC has released on the same subject. OFAC has raised the stakes for sanctions enforcement, especially with respect to Iran and Venezuela sanctions programs. So far this year, OFAC has announced a number of significant enforcement actions and...

Featured Articles:

OFAC Enforcement Action Underscores Russia Sectoral Sanctions

The Important Link Between Anti-Corruption Compliance and Effective Training Programs

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

Join Us for a May 16, 2019 BVD Webinar: “Is “Power and Control” the New Beneficial Ownership?

DOJ and OFAC Announce Another Sanctions Settlement – UniCredit Group Banks Pay Over $1.3 Billion and Subsidiary Bank Agrees to Plead Guilty for Violating Iran Sanctions

Acteon Pays $441,000 to Settle Two OFAC Enforcement Actions

The Long Arm of OFAC: Secondary Sanctions, Facilitation, and Causing a Violation

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

NAVEX Global’s 2019 Hotline Benchmark Report

OFAC Sanctions Compliance Insights from Standard Chartered Bank Enforcement Action (Part III of III)

Watch The Latest Webinars on Volkov Law TV

Listen to the Corruption, Crime & Compliance Podcast

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