Corruption, Crime & Compliance

Featured Articles:

9 Nov, 2023

Avoiding the Misclassification Mess—Practical Solutions for Managing Your Trade Compliance Program

Alexander J. Cotoia currently serves as the Regulatory Compliance Manager at The Volkov Law Group, where he regularly advises the firm and its clients on the latest developments implicating trade compliance concerns. He may be reached at [email protected]. Recent comments from the top leadership of both the Directorate of Defense Trade Controls (“DDTC”) and Bureau of Industry and Security (“BIS”) during a government and defense...

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General

8 Nov, 2023

A pesar del alivio en materia de sanciones comerciales por parte del gobierno de EE.UU al sector del petróleo y gas en Venezuela todavía hay retos por superar

Matt Stankiewicz, socio en The Volkov Law Group PC, se une otra vez a nuestro blog para discutir el context del Alivio de las sanciones en Venezuela por parte del gobierno de EEUU. Matt lo pueden contactar en [email protected]. Este blog fue traducido por: Daniela Melendez, la pueden contactar en [email protected]. Como lo mencionamos en nuestro artículo la semana pasada, la Oficina de Control de...

General

8 Nov, 2023

OFAC Settlement with DaVinci Payments Is Wake-Up Call for Prepaid Access Industry

Rewards programs have become ubiquitous in recent years. These so-called loyalty management programs exist to nudge customers or employees in a particular direction; a company’s workers might be inclined to exercise more regularly, for example, if they know there is a $5 gift card waiting for them after a specified number of gym check-ins. Their rapid expansion and cash-equivalent, pre-paid nature make loyalty management programs...

General

7 Nov, 2023

Despite OFAC Sanctions Relief, the Venezuelan Oil and Gas Industry Still Presents Risks

Matt Stankiewicz, Partner at The Volkov Law Group PC, provides important context regarding OFAC’s new General Licenses under the Venezuela Sanctions Program. Matt can be reached at [email protected]. As we discussed previously, the U.S. Department of Treasury’s Office of Foreign Assets Control (“OFAC”) recently provided Venezuela with much needed sanctions relief. Specifically, OFAC issued General License 44 (among others) that broadly authorizes transactions related to...

General

6 Nov, 2023

Biden Administration Issues Sweeping Executive Order on Artificial Intelligence

The Biden Administration issued a sweeping Executive Order directing a broad set of government actions addressing consumer harms, discrimination, privacy protections and other issues stemming from the widespread use of artificial intelligence. While the Executive Order sets forth a set of requirements to various federal agencies, the actions will establish important standards and expectations applicable to the federal government and have a resulting impact on...

General

3 Nov, 2023

UK Parliament Enacts Sweeping New Fraud Legislation Aimed at AML/TF Activities

Alexander J. Cotoia currently serves as the Regulatory Compliance Manager at The Volkov Law Group, where he regularly advises the firm and its clients on international developments implicating compliance concerns. He is a regular speaker at compliance events and webinars, and provides training to AML officials in a variety of areas. He may be reached at [email protected]. On October 26, 2023, the Parliament of the...

Industry Challenges

1 Nov, 2023

SEC Sues SolarWinds and its CISO for Fraud Over Botched Data Breach Response, Marking New Era in Cyber Enforcement

The U.S. Securities and Exchange Commission has a message for publicly-traded companies that suffer a data breach: own up. On Monday, the SEC sued Texas-based SolarWinds––and its Chief Information Security Officer (“CISO”)––for defrauding investors by allegedly failing to disclose known security risks in public filings. This marks the SEC’s first ever enforcement action against an individual corporate officer over their mishandling of a data breach––but...

Events

1 Nov, 2023

Webinar: DOJ’s New M&A Enforcement Policy — Due Diligence and Integration

December 6, 2023 12 Noon EST SIGN UP HERE The Department of Justice recently announced revisions to its Merger and Acquisition Corporate Enforcement Policy to encourage voluntary self-disclosures. DOJ Deputy Attorney General Monaco outlined the new Mergers & Acquisitions Safe Harbor Policy. Under this new Policy, companies that promptly and voluntarily disclose criminal misconduct within the Safe Harbor period, and then cooperate with the resulting...

General

1 Nov, 2023

The Volkov Law Group and Diligent Unveil New AI Certification for Board Members

The Volkov Law Group is pleased to have participated in both the curriculum development phase and the content creation phase with our dear friends at Diligent, addressing the timely issue of artificial intelligence (“AI”) in the corporate arena with a focus on reinforcing basic ethics and compliance principles. Through a series of courses—aptly titled “AI Ethics and Oversight Board Certification”—participants will receive feedback from a...

General

1 Nov, 2023

Quarterly Trade Compliance Update – October 2023

Each quarter, we send many of our clients a quarterly trade compliance update, highlighting important developments over the last few months and summarizing key points for important sanctions programs. Click here to download the quarterly update for October. Below is a summary of events this past quarter: About the document: This handy one-pager is designed to be used by our clients to provide a quick...