Featured Articles:

Remote Compliance Learning on Volkov Law TV

While many legal and compliance professionals work from remote locations, Volkov Law TV offers a vast library of recorded webinars that address hot legal and compliance issues. Volkov Law TV offers a library of 119 recorded webinars for a nominal fee — $8 per webinar for monthly access, or $29 for a month’s access to the entire library. You can access the full library HERE....

Comtech Telecomm Settles OFAC Violations for $894,111

Comtech Telecommunications (“Comtech”) and Comtech EF Data Corp. (“EF Data”) agreed to pay OFAC $894,111 for violations of the Sudan Sanctions Program. Comtech and its subsidiary EF Data sell advanced communications systems, software, and services.  The violations arose when these companies indirectly exported warrantied satellite equipment and facilitated services and training to a Sudanese government-owned entity that was prohibited under OFAC’s Sudan sanctions program. The...

Daimler AG and Mercedes Benz Settle with US for $1.5 Billion for Emissions Cheating

The Justice Department, the Environmental Protection Agency and the California Resources Board  announced a joint settlement totaling roughly $1.5 billion with Daimler AG and its US subsidiary Mercedes Benz to resolve violations of the Clean Air Act and California law from the emissions cheating scandal. The EPA and CARB discovered the violations by conducting tests in the wake of the original Volkswagen emissions cheating scandal. ...

Episode 161 — The European Union Whistleblower Directive

Global companies face a number of challenges and a myriad of regulatory obligations. In December 2019, the EU adopted a directive  to promote and protect persons who report violations of law.  Companies will be required to implement compliance reporting channels and provide protection for certain whistleblowers from retaliation.  To the extent companies already maintain internal reporting systems may have to modify their programs to meet...

DOJ and CFTC Settle Spoofing Case with Scotiabank for $127.4 Million

In the last five years, the Justice Department and the Commodities Futures Trading Commission have aggressively prosecuted “spoofing” cases.  While the government’s record in these cases has been mixed, the government has been successful in securing guilty pleas and winning high-profile trials against traders. Prosecutors have continued to push spoofing prosecutions to root out the conduct.  “Spoofing” refers to traders who engage in bogus conduct...

Deutsche Bank Settles Two OFAC Cases Totaling $583K for Violations of Ukraine-Russia Sanctions

Deutsche Bank continues to have its problems – legal, compliance and reputational.  Now, we can add OFAC sanctions compliance to the list of Deutsche Bank’s troubles. Deutsche Bank settled two separate matters with OFAC – one involving the processing of a large transaction connected to IPP Oil Products (Cyprus) Ltd, a Specially Designated National, and another for 61 transactions involving Open Joint Stock Company Krasnodar...

The Importance of the Internal Audit and Compliance Partnership

In the wake of the International Institute of Auditors recent proclamation of a revised and controversial Three Lines of Defense Model, I thought it would be helpful to underscore the importance of the Internal Audit and Compliance functions to effective internal controls, including ethics and compliance programs.  In most companies, Internal Audit and Compliance work together effectively to leverage each others’ resources and overall efficiency. ...

Episode 160 — A Deep Dive into the Herbalife FCPA Settlement

DOJ and the SEC settled concluded its long-pending FCPA investigation of Herbalife Nutrition Ltd (“Herbalife”). Herbalife entered into a 3-year deferred prosecution agreement (“DPA”) with DOJ and an administrative order with the SEC, and agreed to pay $55 million in criminal penalties and $67 million in disgorgement and prejudgment interest to the SEC. In this Episode, Michael Volkov reviews the Herbalife FCPA settlement. Listen HERE.