Corruption, Crime & Compliance

Featured Articles:

23 Mar, 2022

FinCEN Settles with USAA Federal Savings Bank for $140 Million for Willful AML Violations

FinCEN enforcement actions for anti-money laundering violations are often interesting because of the scope of violations and the large penalties imposed. For most financial institutions, CCOs read these enforcement actions with an eye to distinguishing their own AML programs from the target involved in the enforcement action. I would urge some caution here – it is easy to breathe a sigh of relief and whisper...

General

22 Mar, 2022

FINRA Issues Guidance on CCO Liability

I am reluctant to wade into the issue of CCO liability because I gravitate toward a simplistic answer to a complex question – when does a CCO cross the line to warrant civil or even criminal prosecution? My simplistic response is trite – “When they break the law or when the facts warrant prosecution.” Based on my simplistic view, I have resisted dramatic warnings and...

General

18 Mar, 2022

United States Slaps Additional Sanctions on Russia Against Luxury Goods

Keeping up with the Russia Sanctions and Export Controls is a challenge. Each day a new sanction or restriction is adopted with ripple actions by United States Allies and partners. Last Friday, March 11, 2022, was no exception to the shifting sanctions actions. First, the White House issued a new Executive Order 14068, and four new General Licenses. EO 14068 banned exports of a number...

General

17 Mar, 2022

DOJ Charges United States/Russian National with Acting as an Illegal Agent under FARA

In another action targeting Russian actors and connections, the Justice Department indicted Elena Branson, a dual United States-Russian national with criminal evasion of Foreign Agents Registration Act (“FARA”) registration requirements while working on behalf of high-level Russian officials. Specifically, Branson assisted high-level Russian officials by coordinating meetings for Russian officials to lobby United States political officials and business persons, and by operating organizations to promote...

General

16 Mar, 2022

How to Avoid Sanctions Liability Following a Ransomware Attack

Matt Stankiewicz, Partner at The Volkov Law Group, joins us for an interesting post on ransomware and OFAC sanctions compliance. Matt can be reached at [email protected]. Ransomware attacks are on the rise and companies everywhere should be taking action to strengthen their cybersecurity defenses and resiliency to ensure their internal systems are able to withstand cybercrime attacks. Cybercriminals are exceedingly sophisticated, some groups even maintain...

General

15 Mar, 2022

Compliance by Fear: An “Old” Mindset

Compliance and ethical culture mandates have experienced a significant transformation. From the early days of compliance, organizations pigeon-holed compliance into a role akin to “law enforcement.” I will always recall meeting with a client years ago and when the CCO walked into the room, a senior executive exclaimed, “Uh, oh, the sheriff is in town.” That was not a good sign. Compliance by fear is...

Podcasts

13 Mar, 2022

Episode 228 — Update on Russia Sanctions and Export Controls

The continuing crisis in Ukraine has resulted in additional sanctions and export controls. It is hard to keep up with new developments each day. In recent steps, the United States has adopted a comprehensive set of export controls and implemented a ban on import of Russian oil, gas and coal. In this Episode, Michael Volkov reviews the recent changes to the Russia sanctions and export...

General

10 Mar, 2022

DOJ Continues Pace of Healthcare Fraud False Claims Act Prosecutions

False Claims Act prosecutions continue against healthcare executives, physicians and professionals. Last year, DOJ recovered over $5.6 billion in FCA enforcement. DOJ expects total recoveries to increase in 2022. Over 95 percent of False Claims Act prosecutions involved healthcare fraud and kickbacks. Two Doctors and Eight Others Indicted for Healthcare Kickbacks In a recent prosecution in the Northern District of Texas, DOJ announced the indictment...

General

9 Mar, 2022

The Force Multiplier: Ethics and Sustainability

The rise of ESG programs did not just come out of thin air. Frankly, in many respects, ESG tied together important trends relating to sustainability, social justice, reputational damage and climate change. Many organizations involved in the extractive industries already had elevated sustainability as an important priority. Indeed, for years, a number of these organizations issued annual sustainability reports. With increasing focus on environmental and...