Daniela Melendez, an Associate at The Volkov Law Group, an Alex Cotoia, Regulatory Manager at The Volkov Law Group, rejoin us for another posting on DOJ’s recent modifications to its compliance requirements. Daniela can be reached at [email protected] and Alex can be reached at [email protected]. As The Volkov Law Group previously noted in the context of a blog post authored by Michael Volkov, the U.S....
I always welcome any chance to use references to The Mandalorian series on Disney (or Ashoka for that matter) in the compliance arena. My take on the issue of electronic communications and ephemeral messaging is rooted in practical, risk-based strategies to avoid potential legal consequences that appear to be steadily growing as DOJ and courts deal with the issues. So, “This is the Way,” at...
Just to play devil’s advocate (or perhaps to push my agenda), I have conflicting views on corporate use of ephemeral messaging applications. On the one hand, I understand the importance of managing electronics communications data, prioritizing the preservation of relevant data, and reducing attendant costs from managing ever-growing amounts of electronic data. On the other hand, as a former prosecutor and now defense counsel, I...
Honestly, I have been avoiding this topic since it presents a real morass of risks and potential traps for the unwary company and Chief Compliance and Chief Legal Officers. When I first examined the issue, I understood DOJ’s frustration. If bad actors can escape detection and subsequent punishment (internal or external) by using ephemeral messaging applications to delete illegal or improper communications, companies should simply...
I had the honor of appearing on GRIP, Global Relay’s podcast, with long-time colleague and friend, Julie DiMauro, to discuss a range of related FCPA topics: You can listen to our discussion here. You can listen to our discussion here.
The past few weeks have not been kind to 3M. The company recently settled with the SEC for $6.5 million to resolve alleged FCPA violations related to its Chinese subsidiary’s dealings with Chinese state-owned healthcare institutions. Another federal agency, OFAC, yesterday announced that it had settled with 3M for $9.6 million over alleged violations of the Iranian Transactions and Sanctions Regulations. In another OFAC enforcement action, Emigrant Bank (“Emigrant”),...
Sam Finkelstein rejoins us for a posting on OFAC’s recent enforcement steps and guidance on Russian Oil Sanctions and the Maritime Industry. Sam can be reached at [email protected]. It looks like the days of Russia’s so-called “shadow fleet” are numbered. The U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) announced Thursday that it had imposed sanctions on two entities, and identified as...
Alex Cotoia, Regulatory Manager, and Daniela Melendez, an Associate at The Volkov Law Group, rejoin us for a joint posting reminding readers on the importance of addressing electronic communications preservation and management in this new age of rapid technological change. Alex can be reached at [email protected], and Daniela can be reached at [email protected]. One thing you can count on — change. Not that there is...
On September 29, 2023, the U.S. Securities and Exchange Commission charged several firms with recordkeeping failures. These recordkeeping failures relate to pervasive and longstanding off-channel communications. Generally, all of these actions relate to the widespread use of various messaging apps that ultimately violate SEC requirements and circumvent internal corporate controls. These are the latest enforcement actions in a string of similar penalties by the SEC...
As part of its continuing effort to encourage corporate voluntary disclosures, the Department of Justice announced revised voluntary disclosure policies applicable to mergers and acquisitions. In a speech at the recent annual Society of Corporate Compliance and Ethics annual meeting in Chicago, Lisa Monaco, Deputy Attorney General, outlined the new voluntary disclosure policies. DAG Monaco described the importance of DOJ’s policy promoting corporate commitment to...
