Tagged: sanctions

round metal cylindrical containers at factory

8 Nov, 2023

A pesar del alivio en materia de sanciones comerciales por parte del gobierno de EE.UU al sector del petróleo y gas en Venezuela todavía hay retos por superar

Matt Stankiewicz, socio en The Volkov Law Group PC, se une otra vez a nuestro blog para discutir el context del Alivio de las sanciones en Venezuela por parte del gobierno de EEUU. Matt lo pueden contactar en [email protected]. Este blog fue traducido por: Daniela Melendez, la pueden contactar en [email protected]. Como lo mencionamos en nuestro artículo la semana pasada, la Oficina de Control de...

General

8 Nov, 2023

OFAC Settlement with DaVinci Payments Is Wake-Up Call for Prepaid Access Industry

Rewards programs have become ubiquitous in recent years. These so-called loyalty management programs exist to nudge customers or employees in a particular direction; a company’s workers might be inclined to exercise more regularly, for example, if they know there is a $5 gift card waiting for them after a specified number of gym check-ins. Their rapid expansion and cash-equivalent, pre-paid nature make loyalty management programs...

General

1 Nov, 2023

Quarterly Trade Compliance Update – October 2023

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...

General

24 Oct, 2023

The Evolution of the Compliance Profession

One of the benefits of old(er) age is perspective and experience. (As we age, we have to find the positive reasons to tout). If there is one thing (of many) the compliance profession has demonstrated, it is that compliance professionals are nimble. It comes with the territory. Building and maintaining a compliance program, requires compliance professionals to adjust their focus and prioritize resources and time...

Events

1 May, 2023

Webinar: “The New FCPA”: Sanctions and Export Control Enforcement

Webinar: “The New FCPA”: Sanctions and Export Control Enforcement Tuesday, June 6, 2023, 12 Noon EST Sign Up HERE Last year, the Department of Justice warned global companies of a new, aggressive strategy for enforcement of trade sanctions and export controls. Deputy Attorney General Lisa Monaco stated that sanctions and export enforcement constituted “The New FCPA.” DOJ, the Treasury Department’s Office of Foreign Asset Control...

Podcasts

20 Mar, 2023

Episode 266 — Joint Compliance Notice Issued on Sanctions and Export Controls Evasion

As we have noted on numerous occasions, the U.S. Russia Sanctions and Export Control Program is unprecedented and a compliance challenge for all organizations. In another unprecedented action, the Justice Department and the Departments of Commerce and Treasury issued a Joint Compliance Note (“JCN”) on the importance of compliance with the Russia Sanctions and Export Control requirement, which provides important descriptions of red flags and...

Podcasts

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...