Featured Articles:

House of Representatives Passes Bill Aimed at Marijuana Industry Financial Reforms

Noah Smith, an Associate at The Volkov Law Group, rejoins us for an update on the banking and marijuana industries. Noah can be reached at nsmith@volkovlaw.com. A new bill that would make it easier for financial institutions to provide services to “marijuana-related businesses” has passed the U.S. House of Representatives 321-103 with strong bipartisan support. The Secure and Fair Enforcement Banking Act of 2019 (colloquially...

Sign Up for NAVEX Global’s 2019 Ethics & Compliance Virtual Conference

When: October 24, 2019 Sign Up HERE On October 24, 2019, NAVEX Global is holding its 2019 Ethics & Compliance Virtual Conference, an online conference that gives you access to multiple educational tracks, over a dozen webinars, solution experts and a huge resource library. I will be conducting a session on Supply Chain and Third Party Distributor Sanctions Risks. ECVC2019 has all the perks of an in-person conference, without...

What Does “Business Ethics” Mean?

Forgive me for the title of this posting – I am trying to make a point; a rather obvious one.  I confess I did not take philosophy classes in high school or college.  So, I may have missed the boat on this issue.  But from my limited vantage point with respect to the compliance industry, everyone needs to take a breath and reevaluate their use...

The Importance of Whistleblowers to a Speak Up Culture

The twist and turns of our political world amid the ongoing controversy surrounding whistleblower reporting has focused  attention on an important issue – encouraging whistleblowers as part of a speak up culture and protecting them from retaliation is critical. Without getting into the merits of the specific allegations raised by the CIA whistleblower, the political debate concerning the identity, motives and protection of the whistleblower...

Episode 112 — Implementing an Effective Training Program

The government has stated that a well-designed compliance program includes “appropriately tailored training and communications.”  Compliance policies cannot work unless effectively communicated throughout a company. Communications and training programs ensure that directors, officers and employees are aware of and follow compliance policies and procedures.  Indeed, the Justice Department’s recent Evaluation of Compliance Program Guidance noted that integration of a company’s policies and procedures should include periodic training...

How to Implement an Effective Ethics and Compliance Committee

Most compliance programs include some form of internal compliance committee separate from the company’s audit committee.  An internal compliance committee can play a very important role in advancing a compliance program.  But there are a number of pitfalls in how such committees are organized and how they operate. Let’s start with one critical preliminary question: Does your company’s compliance program have the full support of...

Technology and Compliance: The Magic Bullet?

It has become appallingly obvious that our technology has exceeded our humanity. – Albert Einstein The human spirit must prevail over technology. – Albert Einstein Technology is nothing.  What’s important is that you have faith in people, that they’re basically good and smart, and if you give them tools, they’ll do wonderful things with them. – Steve Jobs Believe it or not, these quotes concerning...

Webinar: Conflicts of Interest — Effective Strategies to Mitigate Risks

Webinar: Conflicts of Interest — Effective Strategies to Mitigate Risks Wednesday, October 16, 2019 12 Noon EST Sign Up HERE Chief compliance officers are often responsible for managing a company’s conflicts of interest policy. A company can suffer serious legal and reputational harm if it fails to identify and mitigate conflicts of interest. The nature and scope of conflicts of interest vary across the organization,...

General Electric Pays OFAC $2.7 Million for Violations of Cuba Sanctions Program

OFAC’s aggressive enforcement program continues to bear fruit.  The latest settlement involved GE and three of its subsidiaries, which agreed to pay $2.7 million for 289 alleged violations of the Cuba Sanctions Program.  (Copy of Settlement Notice Here).  So far this year, OFAC has settled 22 cases for a total of approximately $1.28 billion (Statistics Here). Between 2010 and 2014, the GE companies accepted payment...

Episode 111 — How to Design and Implement an Antitrust Compliance Program

In July 2019, the Justice Department’s Antitrust Division issued its Guidance for Evaluation of Compliance Programs.  Based on this comprehensive document, companies need to review and enhance their antitrust compliance programs to address risks of anti-competitive cartel activity, including price-fixing, bid-rigging, territorial and customer allocations. In this Episode, Mike Volkov reviews the elements of an antitrust compliance programs and provides practical advice for implementing an...