Tagged: sanctions

12 Dec, 2022

Episode 254 — Update on Export Controls and Sanctions: Interview with Alex Cotoia

This week’s show discusses recent developments in the sphere of export controls and sanctions. Alexander Cotoia, Regulatory Compliance Manager at the Volkov Law Group, joins Michael Volkov to explore the the Department of Commerce’s Bureau of Industry and Security (“BIS”) ramping up of export control enforcement, including the new restrictions on China and Russia. In early October, the BIS announced two rules imposing significant export...

General

8 Dec, 2022

Kraken Coughs Up $362,158 to OFAC to Settle Iran Sanctions Violations

Cryptocurrency companies are in trouble. Regulators are bearing down on crypto companies with the Eye of Sauron – pulling the crypto companies into their jurisdiction, prosecuting fraud cases, and aggressively prosecuting companies for sanctions and anti-money laundering violations. One by one you can bet that crypto companies will be in the enforcement headlines. As they fall, policy makers can point to their continuing excesses as...

General / Podcasts

30 Jan, 2022

Episode 222 — Managing Third-Party Sanctions Risks

Economic sanctions enforcement is a fast-rising risk for global companies. For many years, the Treasury Department’s Office of Foreign Asset Control (“OFAC”) focused primarily on financial institutions. Over the last ten years, OFAC has stretched its enforcement eyes towards software, manufacturing, telecommunications and technology companies. With this growth in sanctions enforcement, OFAC has embraced an aggressive view of third-party risks. Like the FCPA, under OFAC’s regime, third parties...

General

12 Jan, 2022

2022 Ethics and Compliance Predictions

Choose to be optimistic. It feels better.” – Dalai Lama Forgive me for my optimism. It is the only way to live a meaningful life. Or as some would say – being a pessimist is too much of a burden. We begin a New Year — and I am optimistic. To turn the corner here on relevance, ethics and compliance professionals, are by definition, optimists. Give...

General

26 Oct, 2021

Takeaways from OFAC’s Sanctions Compliance Guidance for Virtual Assets and Cryptocurrency

Matt Stankiewicz, Partner at The Volkov Law Group, joins us for a post on sanctions compliance in the cryptocurrency industry. Matt can be contacted at [email protected] In early October, OFAC released a guidance brochure on sanctions compliance, specifically tailored for the cryptocurrency and virtual assets industry. For seasoned compliance veterans, it ends up reading like a refresher course for sanctions compliance. While the guidance was...

General

7 Apr, 2021

Biden Administration Ramping Up Anti-Corruption Effort

The Biden Administration is taking over the reins of government with vigor and focus. The Department of Justice, the Treasury Department, the State Department and the Commerce Department are expected to coordinate closely in an important objective – international anti-corruption efforts. What will this mean? DOJ will increase its focus on FCPA enforcement, Anti-Kleptocracy cases, Anti-Money Laundering, International Trade Sanctions; The Treasury Department’s Office of...

General

9 Apr, 2020

Videoconferencing and Export Controls

Janet Longo, Regulatory Compliance Analyst at The Volkov Law Group, joins us for a posting on videoconferencing and compliance export controls. Janet can be reached at [email protected] As the Covid-19 virus is proliferating, so is the practice of conducting business through videoconferencing from home. While many commentators have discussed the serious data privacy and security problems associated with video conferencing, we’ve been thinking about the...

General

18 Dec, 2018

OFAC Announces Russia Sanctions Settlement with Software Company

The Department of Treasury’s Office of Foreign Asset Control (“OFAC”) recently announced a settlement against Cobham Holdings (and its former subsidiary Aeroflex/Metelics, Inc. (“Metelics”, a software company) for $87,507 for violations of OFAC’s Ukraine-Russia sanctions program. (OFAC announcement here). Metelics violated the Ukraine-Russia sanctions program on three occasions between July 31, 2014 and January 15, 2015, by selling telecommunications and computer software (3,400 switch limiters;...

General

21 Oct, 2018

NAVEX Global Releases 2018 Third-Party Risk Benchmark Report

NAVEX Global has issued its Third-PartyBenchmark Report. (HERE). The NAVEX Global Report contains important insights and data concerning ethics and compliance programs and third-party risk management strategies. I was pleased to assist NAVEX Global in preparing the 2018 Benchmark Report. Knowing how to appropriately define, screen and monitor your third parties is essential to minimizing risk. New industry benchmarks, along with the expert guidance provided in...

General

17 Jan, 2018

Financial Institutions Are Playing Catch-Up in AML and Sanctions Compliance

Compliance officers are a much more collaborative group of professionals than lawyers. Compliance officers share information with colleagues about compliance experiences, best practices and strategies. The compliance industry benefits from this sharing of information. On occasion, however, this sharing of a company’s performance in one area can lead to unfair judgments by a recipient of the information. For example, one company may conduct an in-depth...