We all agree on the importance of corporate culture. Everyone gets it – corporate leaders mouth the words but rarely understand the nuances, and the need to attend to a company’s culture. Compliance professionals want to devote more time to corporate culture but often are overburdened with less important tasks. It is easy for compliance professionals to get lost in the details, theory, and technology...
The United States continues to suffer from the absence of a federal data privacy and breach law. Congress has tried for years to broker a deal here but has never been able to overcome strong lobbying forces — whether its high-tech, trial lawyers, law enforcement or other gadflies, the public continues to suffer. Instead, global businesses face a real mess, tracking data privacy laws state-by-state,...
The Department of Justice has been relatively quiet this year in announcing corporate FCPA enforcement actions and settlements. Aside from the Ericsson breach of its Deferred Prosecution Agreement, the Corficocolombiana (“Corfico”) and Grupo Aval settlement is the first in 2023 involving a corporate FCPA resolution. For the SEC, the Corfico and Grupo Aval settlement is the sixth corporate resolution in 2023. Corfico and its parent...
Michael Volkov recently was a guest on David Noah’s Podcast, Passages: International Trade, to discuss the SEC’s 3M FCPA Case. You can watch their discussion HERE — A Deeper Look: 3M Corp. Pays SEC $6.5 Million to Resolve FCPA Violations.
Sam Finkelstein, an associate at The Volkov Law Group, rejoins us for a posting on DOJ’s initiative to increase corporate prosecution of sanctions, export controls and national security issues. Sam can be reached at [email protected]. The marriage of corporate enforcement and national security has been a defining feature of the DOJ under the Biden Administration. The Justice Department’s commitment to prosecuting corporate crimes that implicate...
Alex Cotoia, Regulatory Compliance Manager at The Volkov Law Group, rejoins us for an interesting posting on BIS’ recent enforcement action against Pratt & Whitney for violation of the antiboycott regulations. Alex can be reached at [email protected]. On September 27, 2023, the United States Department of Commerce’s Office of Antiboycott Compliance, a division of the Bureau of Industry and Security (“BIS”), publicized an unanticipated and...
Daniela Melendez, a new Associate at The Volkov Law Group, rejoins us for another blog post on DOJ’s first corporate prosecution for violations of the Iran Sanctions Program. Daniela can be reached at [email protected]. The Justice Department has touted the upcoming wave of corporate prosecutions for criminal sanctions violation as the era of “The New FCPA.” DOJ’s reference is intended to communicate a strong message...
In another significant step notifying global businesses of the new realities – companies are about to face aggressive coordinated prosecutions for sanctions and export control violations. The last piece in launching this new effort was the announcement of a joint voluntary disclosure program to ensure alignment among the agencies for civil and criminal enforcement of such violations. The Joint Compliance Note (“JCN”) urges companies to...
Daniela Melendez, a new Associate at The Volkov Law Group, joins us for her first blog posting. If you want to contact Daneila, she can be reached at [email protected]. The Ethics and Compliance Initiative (“ECI”) is a terrific organization that provides important ethics and compliance insights and leadership. Starting in 1994, ECI has conducted a longitudinal, cross-section study of workplace conduct. ECI recently issued its...
In late July 2023, the Securities and Exchange Commission (“SEC”) adopted new rules requiring public companies to disclose cybersecurity incidents and cybersecurity governance policies and practice. The SEC largely adopted its original proposal issued in March 2022, with some modifications applicable to cybersecurity disclosure requirements. The SEC voted to adopt the new rules in a 3-2 vote. The new disclosure requirements however are effective no...
