Michael Volkov tackles the current and hot topics in the legal realms of corruption, crime, and compliance.
Episode 193: Proactive Compliance: Monitoring, Testing and Audits
Compliance programs are rapidly evolving. One of the key drives of this transformation is the increased reliance on automated compliance functions that generate substantial data. Relying on data analytic strategies, compliance officers are quickly identifying key ares for measurement, monitoring and assessment as an important means to intervene and prevent serious misconduct.
In this Episode, Michael Volkov reviews the rapid movement toward proactive compliance and strategies built on data monitoring and intervention.
Episode 192 -- The SAP Settlement: A New Compliance Frontier
In a precedent-setting agreement, the Justice Department, OFAC and the Bureau of Industry Security announced a settlement with SAP SE for more than $8 million for numerous violations of the Iran Sanctions program.
While the Justice Department’s National Security Division (“NSD”) has settled prior export control and sanctions cases against corporations for violations of the North Korea Sanctions program, the SAP case is the first in which DOJ’s NSD flexed its new Export Control and Sanctions Enforcement Policy for Business Organizations, crediting voluntary disclosure, cooperation and remediation. Further, the SAP settlement provides important insights into DOJ’s export control and sanctions compliance expectations.
The SAP case pushes DOJ’s views and expectations for export control and sanctions compliance programs. Like the past history of enforcement actions and compliance program requirements involving the FCPA, DOJ’s SAP settlement is the beginning of a new, aggressive approach to export and sanctions compliance standards beyond those required by OFAC and BIS.
In this Episode, Michael Volkov review the SAP settlement and outlines new export control and sanctions compliance expectations.
Episode 191 -- Interview of Chad Main re Legal and Compliance Technology
Chad Main is the Founder of Percipient, a legal and compliance technology firm. Chad joins Michael Volkov for a discussion of current legal and compliance technology trends.Chad provides helpful advice on use of technology in compliance programs and functions.
Episode 190 -- Update on Russia and Burma Sanctions Programs
Last week, the Biden Administration announced new and significant trade sanctions against Russia. The action was long expected given the Biden Administration’s criticism of Russia, and was a comprehensive response to Russia’s interference in the 2020 US election, its SolarWinds cyberattack and its ongoing occupation of Crimea and threatening addition of troops along the Ukraine border.
Over the last few months, OFAC has ratcheted up sanctions against Burma in response to the military coup and continuing crackdown against protesters.
In this Episode, Michael Volkov provides an overview on the Russia and Burma sanctions programs.
Episode 189 -- A Review of the ESG Movement
ESG is a new and important part of the corporate governance landscape. Prosecutors and regulatory agencies are quickly adding ESG to their lexicon. The real question for every organization is “what are you doing to address it?” ESG is a terrific opportunity to leverage an organization’s corporate culture to address a broad set of values beyond ESG principles.
In this Episode, Michael Volkov discusses the ESG movement and the implications for corporations.
Episode 188 -- 2021 Review of OFAC Sanctions Enforcement Actions
In the new Biden Administration, companies should expect aggressive enforcement of trade sanctions. At the same time, in response to Russian aggression and the Solar Winds cyber-attack, OFAC is likely to implement new and even more restrictive sanctions against Russia. In anticipation, companies should elevate the importance of their sanctions compliance programs (SCPs) pursuant to the May 2019 OFAC Framework. Unfortunately, for many companies, sanctions compliance does not get the attention it deserves. Those companies that ignore sanctions risks are operating in peril.
In this Episode, Michael Volkov reviews the 2021 OFAC enforcement actions of the year involving five separate cases, including (1) Union de Banques Arabes et Françaises; (2) PT Bukit Muria Jaya; (3) BitPay, Inc.; (4) UniControl, Inc.; and (5) Nordgas, S.r.l.