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...

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...

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...

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...

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...

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...

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...

One of the many great experiences I have been fortunate to have in my career is to meet some impressive leaders – at the Department of Justice, on Capitol Hill, and in corporations.  To focus on the latter, I have met some amazing CEOs, Chief Compliance Officers, and other senior executives.  To be candid, I have also met some not-so-great CEOs and senior executives.  To...

Matt Stankiewicz, socio en The Volkov Law Group PC, se une nuevamente en nuestro blog con una tema de suma importancia, alivios del gobierno de Estados Unidos respecto del programa de sanciones comerciales de Venezuela por parte de la OFAC. Para mayor información: [email protected] El 18 de octubre de 2023, la Oficina de Control de Activos Extranjeros (“OFAC”) del Departamento del Tesoro de los Estados...

The Securities and Exchange Commission continues to rack up FCPA enforcement actions.  In its latest settlement, Clear Channel Outdoor Holdings agreed to pay $26.1 million for bribery violations committed by its former Chinese subsidiary.  According to Clear Channel, the Department of Justice closed its FCPA investigation.  Clear Channel, a San Antonio-based advertising company, paid bribes to Chinese government officials with cash, gift cards, first-class travel,...