Featured Articles:

Justice Department Indicts Vitol Oil Trader in International Bribery and Money Laundering Conspiracy for Corrupt Payments to Ecuadoran Officials

A federal grand jury in the Eastern District of New York returned an indictment against Javier Aguilar, an oil trader at Vitol, an energy and commodity trading company, for his role in a five-year international bribery and money laundering scheme carried out in Ecuador. Between approximately 2015 and July 2020, Aguilar and others participated in a conspiracy to pay and conceal bribes to Ecuadoran government...

Episode 162 — Jessica Sanderson on How to Conduct a Remote Third Party Audit

Global companies have to conduct periodic audits of its high-risk third party partners.  With the continuing pandemic, such audits have to be conducted remotely.  As a result, companies face significant challenges in conducting these audits in these difficult times. In this Episode, Michael Volkov interviews Jessica Sanderson, Partner at The Volkov Law Group, on how to conduct a remote third party audit. LISTEN HERE

The Importance of a Separate Board Compliance Committee

Watching the compliance industry and advocating for the compliance profession can be frustrating.  Corporate boards and senior management know the importance of committing to a culture of compliance.  To accomplish that task requires focus, determination and commitment. Words are words but actions are tangible.  In the end, corporate boards and senior management have to act and commit to promote the importance of compliance.  As I...

Remote Compliance Learning on Volkov Law TV

While many legal and compliance professionals work from remote locations, Volkov Law TV offers a vast library of recorded webinars that address hot legal and compliance issues. Volkov Law TV offers a library of 119 recorded webinars for a nominal fee — $8 per webinar for monthly access, or $29 for a month’s access to the entire library. You can access the full library HERE....

Comtech Telecomm Settles OFAC Violations for $894,111

Comtech Telecommunications (“Comtech”) and Comtech EF Data Corp. (“EF Data”) agreed to pay OFAC $894,111 for violations of the Sudan Sanctions Program. Comtech and its subsidiary EF Data sell advanced communications systems, software, and services.  The violations arose when these companies indirectly exported warrantied satellite equipment and facilitated services and training to a Sudanese government-owned entity that was prohibited under OFAC’s Sudan sanctions program. The...

Daimler AG and Mercedes Benz Settle with US for $1.5 Billion for Emissions Cheating

The Justice Department, the Environmental Protection Agency and the California Resources Board  announced a joint settlement totaling roughly $1.5 billion with Daimler AG and its US subsidiary Mercedes Benz to resolve violations of the Clean Air Act and California law from the emissions cheating scandal. The EPA and CARB discovered the violations by conducting tests in the wake of the original Volkswagen emissions cheating scandal. ...

Episode 161 — The European Union Whistleblower Directive

Global companies face a number of challenges and a myriad of regulatory obligations. In December 2019, the EU adopted a directive  to promote and protect persons who report violations of law.  Companies will be required to implement compliance reporting channels and provide protection for certain whistleblowers from retaliation.  To the extent companies already maintain internal reporting systems may have to modify their programs to meet...

DOJ and CFTC Settle Spoofing Case with Scotiabank for $127.4 Million

In the last five years, the Justice Department and the Commodities Futures Trading Commission have aggressively prosecuted “spoofing” cases.  While the government’s record in these cases has been mixed, the government has been successful in securing guilty pleas and winning high-profile trials against traders. Prosecutors have continued to push spoofing prosecutions to root out the conduct.  “Spoofing” refers to traders who engage in bogus conduct...