Shows
Corruption Crime & ComplianceUpdate on False Claims Act and Customs Evasion LiabilityA competitor could trigger a federal investigation against your company, just by filing a whistleblower complaint about your imports. In this episode, Michael Volkov explores how the Trump Administration is reshaping the enforcement landscape by linking trade compliance and the False Claims Act (FCA) in unprecedented ways. With “trade and customs fraud, including tariff evasion” now a DOJ national priority, companies engaged in international trade face growing legal and reputational risks. A recent Ninth Circuit ruling has only intensified the stakes.You’ll hear him discuss:Why DOJ is combining trade enforcement and FCA case...2025-07-2812 min
Corruption Crime & ComplianceExport and Sanctions Enforcement UpdateWhat happens when companies ignore red flags, bypass legal advice, and underestimate the reach of U.S. export laws? In this episode, Michael Volkov unpacks two major enforcement actions from the Department of Commerce’s Bureau of Industry and Security (BIS) and the Treasury Department’s Office of Foreign Assets Control (OFAC). These cases serve as cautionary tales for companies navigating complex trade and sanctions landscapes, highlighting the steep costs of compliance failures, even when violations aren't willful.You’ll hear him discuss:BIS’s $4.25 million penalty against Alpha and Omega Semiconductor (AOS) for 15 v...2025-07-2115 min
Corruption Crime & ComplianceDOJ's UNICAT Settlement for Trade ViolationsWhat happens when a company inherits a sanctions violation through acquisition, and acts fast to fix it? Can a robust post-acquisition response really save a parent company from prosecution? In this episode, Michael Volkov unpacks the fascinating DOJ-led global enforcement action against UNICAT Catalyst Technologies - a case that reflects the U.S. government's intensifying focus on trade enforcement across sanctions, export controls, and customs. This resolution marks the first declination under DOJ’s National Security Division M&A policy, showcasing the power of voluntary disclosure, cooperation, and remediation in today’s enforcement environment.You’...2025-07-0718 min
Corruption Crime & ComplianceDOJ Applies False Claims Act to Tariff and Trade ViolationsWhat if your trade compliance misstep became tomorrow’s federal prosecution headline? In this episode, Michael Volkov issues a powerful warning to corporate leaders and compliance professionals: the DOJ is no longer treating trade violations as minor infractions—they're targeting them as fraud under the False Claims Act. With trade compliance now framed as a national security issue, this administration is on a mission to protect domestic industries and punish companies that cut corners. If your organization engages in international trade—especially with China—this episode is a must-listen.You’ll hear him discuss:Why corp...2025-06-0913 min
Corruption Crime & ComplianceDOJ's New Corporate Enforcement ProgramIs your company ready to bet its future on whether it can outpace a whistleblower to the DOJ’s door? In this episode, Michael Volkov takes a deep dive into the Department of Justice’s newly announced strategy to reshape corporate enforcement. With promises of greater clarity, reduced penalties, and fewer monitors, the DOJ wants companies to see voluntary disclosure as a smart and safe move - not a leap of faith. But behind the incentives lies a sharper edge: whistleblowers, shortened timelines, and a more assertive DOJ ready to move fast. Whether you’re in-house counsel, a compliance office...2025-06-0216 min
Corruption Crime & ComplianceStepping Into the Enforcement Spotlight -- Customs and Border Patrol and Import EnforcementWhat if your next import shipment becomes the centre of a federal enforcement action — not because of criminal intent, but because of a mistake? In today’s episode, Michael Volkov breaks down the expanding power and reach of U.S. Customs and Border Protection (CPB) and what it means for businesses navigating an increasingly aggressive trade enforcement landscape. With the Trump Administration’s re-defined objective of fair trade, companies across all sectors need to brace for scrutiny, adapt to evolving risks, and rethink their compliance strategies.You’ll hear him discuss:The Tr...2025-05-1915 min
Corruption Crime & ComplianceLRN's 2025 Compliance Program Effectiveness ReportAre you running a compliance program that’s making a real impact—or just checking the boxes? In this episode, Michael Volkov dives into LRN’s 2025 Program Effectiveness Report, an annual benchmark that separates the truly impactful compliance programs from those that are merely operational. Based on insights from 1,500 global ethics and compliance professionals, this year’s report draws a clear line between high-impact and medium-impact programs—and what it takes to bridge the gap. The conversation highlights urgent risks, cultural disconnects, and the strategic value of automation, data, and leadership alignment in shaping tomorrow’s compliance functions.2025-05-1211 min
Corruption Crime & ComplianceGlobal Anti-Corruption Round UpWhen The United States has hit pause on Foreign Corrupt Practices Act (FCPA) enforcement—it left many asking whether Europe will now be stepping up to lead the global anti-corruption charge. In this episode of Corruption, Crime and Compliance, Michael Volkov explores how European prosecutors are responding to the enforcement gap, why multinational companies can’t afford to slow down their compliance efforts, and how both state-level and international initiatives are reshaping the future of anti-bribery law.You’ll hear him talk about:The launch of a new International Anti-Corruption Prosecutorial Task Force formed...2025-05-0512 min
Corruption Crime & ComplianceDOJ Issues Data Security Program RequirementsCould your routine data transfers now violate federal law? The DOJ’s new Data Security Program (DSP) targets the flow of U.S. sensitive personal and government data to foreign adversaries — and the clock is ticking. In this episode of Corruption, Crime and Compliance, Michael Volkov breaks down the Justice Department’s sweeping new Data Security Program, enacted under Executive Order 14117 and finalized in January 2025.You’ll hear him discuss:The origins of the DSP, created through Executive Order 14117 under the Trump Administration, and the key national security concerns it addresses.What constitutes a “covered...2025-04-2819 min
Corruption Crime & Compliance[Replay] Four Sanctions Cases That Everyone Should KnowHow prepared is your organization to handle the evolving landscape of sanctions compliance? In this episode of Corruption, Crime and Compliance, Michael Volkov dives into critical sanctions compliance cases and their implications for global companies. He discusses four significant cases that underscore the necessity of robust compliance programs, particularly in light of increased DOJ enforcement actions. Through these examples, he breaks down the consequences of third-party liability, supply chain risks, and the dangers of inadequate compliance measures, offering valuable insights into how companies can proactively avoid similar pitfalls.Cases discussed:British American Tobacco (BAT...2025-04-2121 min
Corruption Crime & ComplianceFive Strategies to Mitigate a New Risk EnvironmentWhat do you do when the headlines shift faster than your risk matrix can keep up? In this episode, Michael Volkov dives into the challenge of adapting compliance programs in the face of volatile and fast-changing global risks—from tariffs and trade controls to supply chain disruptions and third-party exposures. While the pressure to react is constant, the real key is staying anchored in your company’s values while making smart, timely adjustments.Legal and compliance officers are used to adjustments and continuous improvement of their compliance programs. Building and maintaining an effective ethics and co...2025-04-1413 min
Corruption Crime & Compliance[Replay] Review of the EU Whistleblowing Directive with Alex Cotoia and Daniela MelendezThis week, we bring you a replay of one of our most impactful podcasts from last year, featuring Alex Cotoia and Daniela Melendez. Listen in as we discuss the EU Whistleblower Directive of October 2019. We'll return next week with one of our regular updates.Directive 2019/1937 of the European Parliament and Council dated 23 October 2019 on the “protection of persons who report breaches of Union law” (the “Directive”) is currently being implemented by EU Member States. The directive has broad applicability to organizations operating in the EU internal market and applies to both public and private sector o...2025-03-1025 min
Corruption Crime & ComplianceEthics and Compliance Trends for 2025Is your company prepared for the compliance storm ahead? With tariffs shaking global trade, aggressive sanctions enforcement, and new risks from AI, businesses must rethink their strategies. Can your compliance program keep up, or will it be left scrambling?In this episode of Corruption, Crime, and Compliance, Michael Volkov unpacks the rapidly shifting risk landscape facing businesses today. From trade compliance and supply chain disruptions to cybersecurity and government enforcement, he highlights the top legal and compliance challenges of the year and offers practical guidance on how companies can stay ahead. While the regulatory world is in...2025-03-0318 min
Corruption Crime & ComplianceUpdating Your Risk Priorities for the New Trump AdministrationAre You Ready for the Next Wave of Corporate Risk? Corporate risks are shifting, and every board, C-suite, and compliance team must take a fresh look at their risk landscape. While some risks like cybersecurity, data privacy, and artificial intelligence remain high priorities, others—such as anti-corruption and antitrust enforcement—are evolving in unexpected ways. With regulatory changes and new enforcement priorities emerging, businesses must stay ahead of the curve to avoid costly missteps. In this episode of Corruption, Crime & Compliance, Michael Volkov unpacks the latest updates in FCPA enforcement, antitrust scrutiny, and trade compliance. With the DOJ shifting its...2025-02-2415 min
Corruption Crime & ComplianceTrump Administration Hits Pause on FCPA EnforcementWhat happens when an entire era of anti-corruption enforcement is put on pause? Is this a strategic move to bolster American businesses or a dangerous rollback of corporate accountability? In an unprecedented move, the Trump administration has hit the brakes on FCPA enforcement for at least 180 days, citing concerns over U.S. economic competitiveness and national security. In this episode of Corruption, Crime, and Compliance, Michael Volkov breaks down the implications of this game-changing executive order. The executive order claims that FCPA enforcement has been stretched beyond its original intent, harming American businesses while benefiting foreign competitors. With the...2025-02-1717 min
Corruption Crime & ComplianceFamily International and Owner Pay $1.07 Million to Settle Violations of Russia Sanctions ProgramHow do sanctioned Russian oligarchs continue to move their wealth despite international restrictions? The answer lies in real estate, shell companies, and complicit gatekeepers. In this episode of Corruption, Crime, and Compliance, Michael Volkov dives into one of the latest OFAC enforcement actions against Family International and its owner, Roman Sinyavsky, for facilitating sanctions evasion on behalf of Russian oligarchs. Through complex real estate transactions, Sinyavsky helped conceal luxury properties owned by Valeri Abramov and Viktor Perevalov, allowing them to continue generating revenue despite U.S. sanctions. This case highlights the growing risk of financial crime in the real...2025-02-1010 min
Corruption Crime & ComplianceThe New Era of Compliance -- Generative AI, Data and InnovationThe 1990s saw the explosion of the internet, transforming the global economy and social development in ways we could have never imagined. But will AI truly have the same impact? While its potential is undeniable, the road ahead is full of risks, challenges, and ethical concerns. Will AI drive efficiency and innovation, or will it create new vulnerabilities that companies must scramble to control?In this episode of Corruption, Crime, and Compliance, Michael Volkov dives deep into the legal, ethical, and compliance challenges surrounding AI. He explores how businesses are navigating AI adoption, the risks they face...2025-02-0316 min
Corruption Crime & Compliance2024 FCPA Enforcement and Compliance ReviewCan the DOJ’s commitment to holding individuals and corporations accountable under the FCPA survive the changing political climate in 2025? Will the push for innovation in corporate compliance programs be enough to maintain momentum, especially with emerging technologies like artificial intelligence? In this episode of Corruption, Crime and Compliance, Michael Volkov dives deep into the FCPA enforcement landscape of 2024, outlining key cases, changes in DOJ policies, and the evolving role of compliance programs. He highlights the significant rise in penalties and individual criminal prosecutions, as well as the continuation of major corporate settlements such as Raytheon, Trafigura, Gunvor, and SA...2025-01-2727 min
Corruption Crime & Compliance2024 DOJ and OFAC Sanctions Enforcement and Compliance ReviewHow will your company withstand the heat of aggressive sanctions enforcement? Are you ready for the DOJ’s new priorities and OFAC’s expanding reach in 2025? In this episode of Corruption, Crime, and Compliance, Michael Volkov dives into the major sanctions enforcement trends from 2024 and the road ahead under the new Trump administration. From record-breaking DOJ prosecutions to OFAC’s innovative enforcement approaches, Michael explains how sanctions compliance is more critical than ever. He highlights the biggest cases of the year, uncovers common pitfalls that led to costly penalties, and outlines how businesses can navigate shifting regulatory priorities. Whether it’s i...2025-01-2021 min
Corruption Crime & ComplianceDeep Dive into AAR FCPA Enforcement ActionHow did a high-stakes bribery scheme involving insider deals, Airbus planes, and secret payments bring down a global aviation giant? In this episode, Michael Volkov dives deep into the AAR Corporation FCPA case—a cautionary tale of bribery, insider deals, and compliance failures in high-risk sectors. The DOJ and the Securities and Exchange Commission (SEC) closed 2024 with a major coordinated settlement with AAR Corporation, a provider of aviation products and services. The case involved criminal and civil FCPA charges related to bribery schemes in Nepal and South Africa. Deepak Sharma, the CEO of an AAR subsidiary, orchestrated the schemes, se...2025-01-1315 min
Corruption Crime & ComplianceMcKinsey & Company Pays $122 Million to Resolve FCPA Violations in South AfricaWhat went wrong when McKinsey paid bribes to secure consulting contracts with South Africa's state-owned enterprises? In this episode, Michael Volkov dives into the December 2024 DOJ settlement with McKinsey & Company, which paid $122 million after being found guilty of paying bribes to officials at Transnet and Eskom to secure valuable consulting contracts. The case involved significant violations of the Foreign Corrupt Practices Act (FCPA) and highlights the risks companies face when failing to implement effective compliance programs.You’ll hear him discuss:The details of McKinsey's settlement with the DOJ for $122 million, including the 35% disc...2025-01-0614 min
Corruption Crime & ComplianceBIT Mining Resolves FCPA Case for $10 Million and CEO Pan IndictedWhat happens when a Chief Executive Officer becomes the architect of a global bribery scheme? In this episode of Corruption, Crime, and Compliance, Michael Volkov delivers an in-depth analysis of the BIT Mining FCPA case — a landmark matter that underscores the severe consequences of C-suite misconduct. With CEO Zhengmin Pan at the center of the conspiracy, BIT Mining’s efforts to infiltrate Japan’s emerging casino market were built on fraudulent payments, sham contracts, and falsified financial records.Michael examines the tactics used to conceal illicit payments, the role of Japanese authorities in uncovering the misconduct, and the br...2024-12-1619 min
Corruption Crime & ComplianceDeep Dive into the Telefonica DOJ Enforcement ActionWhat does it take for a global telecom giant to get caught up in a bribery scheme involving over $85 million—and what can we learn from their mistakes? How do companies like Telefónica Venezolana manage to conceal millions in bribes through inflated contracts and shell companies, and why do these schemes so often fly under the radar?This episode dives into Telefónica Venezolana's $85.2 million settlement with the DOJ for bribery violations under the FCPA. Michael Volkov unpacks how the Venezuelan subsidiary exploited a government-controlled currency auction system, paid nearly $29 million in bribes, and concea...2024-12-0920 min
Corruption Crime & ComplianceLRN's Code of Conduct SurveyHave you ever wondered how different cultures and generations engage with a company's code of conduct? Do employees across the globe really follow ethical guidelines in the same way, or are there stark contrasts depending on where they are and what they do? In this episode of Corruption, Crime & Compliance, Michael Volkov explores LRN's latest Code of Conduct Report, which reveals vital benchmarks and trends that can help companies strengthen their ethics and compliance programs. As LRN consistently provides high-quality insights on ethics and compliance, this episode dives deep into the findings that highlight how the code of conduct...2024-12-0211 min
Corruption Crime & ComplianceSEC Settles FCPA Case with Moog, Inc. for Nearly $1.7 MillionThe SEC notched another FCPA settlement, continuing its steady pursuit and resolution of FCPA cases. In the meantime, the Justice Department has been silent in the FCPA enforcement arena. In this episode of Corruption, Crime, and Compliance, Michael Volkov dives into the SEC’s recent FCPA settlement with Moog, a global manufacturer that faced severe bribery allegations within its Indian subsidiary. From navigating India's complex tender processes to revealing corrupt practices and hefty penalties, Michael dissects Moog's compliance failures and highlights the critical role of ethics in international business dealings.Listen in as he di...2024-11-1113 min
Corruption Crime & ComplianceTD Bank Agrees to Pay Over $3 Billion for Systemic Violations of Bank Secrecy Act and Money Laundering ViolationsHow does a respected financial institution turn into a criminal operation? In this episode of Corruption, Crime, and Compliance, host Michael Volkov dives into the record-breaking $3 billion settlement between TD Bank and the Department of Justice over pervasive violations of the Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) laws. Highlighting TD Bank's systemic failures, Michael explores how the bank's compliance and oversight lapses led to criminal conduct within its operations, making it a case study on the dangers of prioritizing growth over legal compliance. From failed AML programs to enabling money laundering on a massive scale, this episode...2024-11-0416 min
Corruption Crime & ComplianceHow to Conduct an Internal Compliance Site Visit and ReviewHow can companies ensure that their compliance programs are robust enough to handle today’s complex ethical challenges? In this episode, Michael Volkov dives into the critical components of conducting an internal compliance site visit and review. He highlights the significance of these visits in understanding operational risks and compliance culture. With real-world examples, Michael emphasizes the need for a proactive approach to compliance, ensuring that organizations are not only following regulations but also fostering an ethical environment.Listen in as Michael talks about:Conducting personal interviews with key staff to assess the comp...2024-10-2815 min
Corruption Crime & ComplianceDOJ Charges Visa with Monopolization and Exclusionary Conduct in the Debit Card MarketWhat happens when a single company dominates a crucial segment of the financial market? In this episode, Michael Volkov explores the Justice Department's recent antitrust lawsuit against Visa, highlighting allegations of monopolization and exclusionary practices in the debit card market. With Visa controlling over 60% of debit transactions in the U.S., the DOJ aims to restore competition and prevent further stifling of innovation in this vital financial sector. Tune in as Michael breaks down the case details, Visa’s strategic responses, and the implications for the broader financial landscape.Listen in as Michael discusses:...2024-10-2110 min
Corruption Crime & ComplianceDOJ Updates Evaluation of Corporate Compliance ProgramsHow prepared is your company to handle the evolving risks of artificial intelligence and other emerging technologies in its compliance program? In this episode of Corruption, Crime and Compliance, Michael Volkov delves into the Department of Justice's 2024 updates to its evaluation of corporate compliance programs. As the DOJ continues to set global standards, Michael discusses key updates related to risk management, especially around AI and other technologies. He also covers important shifts in training, whistleblower protections, third-party management, and data analytics, offering a comprehensive overview of what businesses need to consider for effective compliance.Yo...2024-10-1413 min
Corruption Crime & ComplianceFour Sanctions Cases That Everyone Should KnowHow prepared is your organization to handle the evolving landscape of sanctions compliance? In this episode of Corruption, Crime and Compliance, Michael Volkov dives into critical sanctions compliance cases and their implications for global companies. He discusses four significant cases that underscore the necessity of robust compliance programs, particularly in light of increased DOJ enforcement actions. Through these examples, he breaks down the consequences of third-party liability, supply chain risks, and the dangers of inadequate compliance measures, offering valuable insights into how companies can proactively avoid similar pitfalls.Cases discussed:British American Tobacco...2024-10-0720 min
Corruption Crime & ComplianceDeep Dive into Deere SEC FCPA SettlementThe SEC's recent settlement with Deere & Company for $9.9 million for FCPA violations is another textbook example of bribery schemes, which revealed the absence of a culture of compliance, and the circumvention of basic entertainment, hospitality and travel expense controls. In this episode of Corruption, Crime, and Compliance, Michael Volkov breaks down the SEC’s $9.9 million settlement with Deere & Company following widespread FCPA violations by its subsidiary, Wirtgen Thailand. Michael discusses how the bribery schemes, involving government officials in Thailand, reveal significant failures in compliance oversight and corporate governance, while also highlighting the critical lessons for businesses aiming to avoid si...2024-09-3014 min
Corruption Crime & ComplianceReview of Recent DOJ DeclinationsWhat’s the real cost of keeping corporate misconduct hidden? In this episode of Corruption, Crime and Compliance, Michael Volkov explores how the DOJ's recent declinations highlight the risks and rewards of voluntary self-disclosure. By examining two key cases, Michael illustrates how companies can avoid prosecution through cooperation but still face significant penalties, like disgorgement. The episode underscores the importance of transparency and robust compliance programs in navigating DOJ enforcement strategies.Key Points Covered:Declinations Explained: While DOJ declinations allow companies to avoid criminal charges, they require disgorgement of illegal profits.Boston Consulting Group Case...2024-09-1609 min
Corruption Crime & ComplianceSEC Suffers Dismissal of Claims in Solarwinds Securities Fraud CaseA New York federal district judge handed down a significant decision dismissing much of the SEC's securities fraud enforcement action against SolarWinds arising from its claims relating to SolarWinds' cybersecurity policies and disclosure of a significant cyberattack against the SolarWinds' network. In this episode of Corruption, Crime, and Compliance, Michael Volkov discusses the significant dismissal of most of the SEC's securities fraud claims against SolarWinds by a New York federal district court. The case highlights the ongoing challenges in balancing cybersecurity disclosures with regulatory requirements, and the implications this ruling might have for future SEC enforcement actions....2024-08-1912 min
Corruption Crime & ComplianceThird-Party Risks and Sanctions ComplianceWith the beginning of the “New FCPA” era coined by DOJ’s Deputy Attorney General Lisa Monaco, we now need to focus on third-party risk and sanctions enforcement. The law, the practice, and the risks are important and not just the same as FCPA legal requirements. As we embark on a new criminal enforcement era surrounding sanctions violations, companies have to address this issue and do it correctly. In this episode, Michael Volkov takes a comprehensive look at third-party risks from the distribution and supply sides and outlines appropriate strategies to manage these risks.2024-06-1018 min
Corruption Crime & ComplianceReview of the EU Whistleblowing Directive with Alex Cotoia and Daniela MelendezDirective 2019/1937 of the European Parliament and Council dated 23 October 2019 on the “protection of persons who report breaches of Union law” (the “Directive”) is currently being implemented by EU Member States. The directive has broad applicability to organizations operating in the EU internal market and applies to both public and private sector organizations alike. Whistleblowers are guaranteed legal protection to the extent: (1) they have reasonable grounds to believe that the information reported was true at the time of the report; and (2) the whistleblower reported either internally to the organization, externally to a competent authority, or publicly. Private sector organizations with 50 or more...2024-05-2024 min
Corruption Crime & ComplianceDeep Dive into SCG Plastics' $20 Million Settlement with OFAC to Resolve Violations of Iran Sanctions ProgramOFAC is capable of extending a long arm of enforcement, reaching sometimes non-U.S. companies that may "cause" another company to violate U.S. Sanctions laws. If you need to find an example of this long reach, look no further than OFAC's recent settlement with SCG Plastics ("SCG"). In this settlement, SCG, a Thai company that sells plastic resins, agreed to pay $20 million for violations of the Iran Sanctions Program.In this episode, Michael Volkov explores the series of actions that led to that $20 million dollar settlement, and the consequences....2024-05-0613 min
Corruption Crime & ComplianceLRN's Latest Report Underscores Importance of Ethical Culture and Values-Based LeadershipLRN continues to set the standard for ethics and compliance program research. Volkov Law is a supporter of, and advocate for, LRN’s research because it has consistently confirmed what we all know and believe - ethical companies perform better in the marketplace over the long run. It is an intuitive fact that employees respond better to values-based leadership than a rules-based environment and culture. Volkov Law is committed to that mission with our clients, colleagues, partners, and thought leadership. In this Episode Michael Volkov discusses LRN's latest PEI Report, a copy of which can...2024-04-2913 min
Corruption Crime & ComplianceDOJ Adopts New Whistleblower Bounty Program and Encourages Voluntary Self-DisclosureIn a recent speech on March 7, 2024, Deputy Attorney General Monaco announced that, in the next 90 days, DOJ would implement a new whistleblower program to reward reporting of criminal misconduct at public and private companies. In particular, DOJ will encourage reporting of potential violations of the Foreign Corrupt Practices Act ("FCPA") and the recently enacted Foreign Extortion Prevention Act ("FEPA"). AAG Monaco noted that DOJ will be particularly interested in "foreign corruption cases" involving "non-issuers and violations of the recently enacted FEPA," along with criminal abuses of the United States financial system and domestic corruption cases.2024-04-0812 min
Corruption Crime & ComplianceThe Coming Sanctions Enforcement StormWhatever the cause, criminal sanctions enforcement will be an interesting area in 2024. The DOJ's planned aggressive push against companies and individuals for sanctions violations is about to be unleashed. There is no question that DOJ's enforcement initiative is coming—it is just a question of when.We have already seen several examples of what aggressive sanctions enforcement will look like -- as the new "FCPA," we can expect several standard elements:Large Penalties -- multi hundreds of millions, even reaching billions in more egregious cases.Reward for Voluntary DisclosuresCriminal Indictments, Deferred or Non-Prosecution Ag...2024-03-1817 min
Corruption Crime & ComplianceDOJ's Shifting Approach to Recidivism and Self-DisclosureIn this special episode of Corruption, Crime, and Compliance, Michael Volkov joins colleague and long-time friend Tom Fox as they delve into the intricacies of recent FCPA enforcement actions, shedding light on the evolving landscape of corporate compliance. From the ABB case to the SAP settlement, Michael and Tom dissect the nuances of voluntary disclosure, extensive remediation, and the shifting priorities of the Department of Justice. Join them as they navigate the complexities of recidivism, cooperation, and the pivotal role of self-disclosure in today's compliance environment.You’ll hear them discuss:...2024-03-0437 min
Corruption Crime & ComplianceFCPA 2023 Year in ReviewFor the Justice Department and the SEC, 2023 was a slow year in FCPA enforcement. Despite promises of aggressive enforcement, DOJ and the SEC failed to achieve increases in FCPA enforcement. DOJ and the SEC issued no blockbuster enforcement actions or settlements. The SEC's number of enforcement actions was steady and eclipsed its 2022 number by one. Equally significant was DOJ's reduction in individual criminal prosecutions, thereby raising legitimate questions as to its ability to deliver on its promise of aggressive enforcement against individual FCPA violators. Despite a slower enforcement year, DOJ dedicated significant resources to issuance of new policy statements...2024-01-2922 min
Corruption Crime & ComplianceDeep Dive into DOJ and SEC's SAP FCPA Enforcement ActionBribery is rampant in many countries around the world, and in this episode of Corruption, Crime, and Compliance, we take a look at a recent FCPA case involving SAP, a global software company. SAP’s violations spanned multiple countries, including South Africa and Indonesia, and resulted in prosecution and a hefty $220 million dollar penalty. However, many people were baffled with the resolution of this case. The DOJ lacked aggressiveness and failed to impose an independent compliance monitor. Join the host, Michael Volkov, as he analyzes the intricacies of this case and the implications for FCPA enforcement in the coming ye...2024-01-2219 min
Corruption Crime & ComplianceDOJ Settles FCPA Cases with Two UK-Based Reinsurance CompaniesIn the 300th episode of Crime, Corruption and Compliance, Michael Volkov examines the recent FCPA settlements with two major UK reinsurance brokers - Tysers and H.W. Wood - for their involvement in a bribery scheme in Ecuador. The DOJ took an unorthodox approach by going after individual people before the companies. This helped them get cooperation and gather evidence, resulting in over $36 million in fines and forfeited money. However, it also highlights common issues in FCPA cases, such as a lack of supervision and effective controls that let corruption happen.You’ll hear Mi...2023-12-0417 min
Corruption Crime & ComplianceA Deep Dive into Clear Channel's SEC FCPA SettlementClear Channel, a San Antonio based advertising company, is settling with the SEC for $26 million, for bribery violations committed by its former Chinese subsidiary, Clear Media. In this episode of Corruption, Crime and Compliance, Michael Volkov explores the details of this case, from covert cash funds to internal audit challenges, shedding light on the issues that led to this notable settlement. You’ll hear him discuss:The charges stemmed from bribery violations committed by Clear Channel’s former Chinese subsidiary, Clear Media. The bribes included expensive gifts, entertainment and travel, given to influence contr...2023-10-3011 min
Corruption Crime & ComplianceCatching Up with California and State Data Privacy LawsCalifornia's data privacy regulations, primarily embodied in the California Consumer Privacy Act (CCPA) and its extension through the California Privacy Rights Act (CPRA), constitute a pioneering and influential framework. These regulations, effective from 2018 and further strengthened in 2020, set a standard for data protection not only within the state but also across the national and global economy. In this episode of Corruption, Crime and Compliance, Michael Volkov explores the nuances of the CCPA and CPRA, and the evolving data privacy landscape.You’ll hear Michael talk about:The lack of a federal data privacy la...2023-10-0911 min
Corruption Crime & Compliance3M's SEC FCPA Settlement3M’s recent $6 million settlement with the SEC for violating the FCPA serves as a stark reminder of the risks global companies face in today's economy and underscores the crucial role of ethics and compliance programs. In this episode of Corruption, Crime and Compliance, Michael Volkov sheds light on the unethical conduct that led to legal repercussions and offers valuable insights into compliance, bribery mitigation, and the importance of tight control over official visits.You’ll hear Michael talk about:3M Corporation, a global company, was found to have made improper payments to Chin...2023-10-0211 min
Corruption Crime & ComplianceCorficolombiana DOJ and SEC FCPA SettlementsWhen operations span across borders, navigating local regulations and ethical standards becomes even more crucial. As evidenced by Corficolombiana's case, neglecting these measures can lead to hefty legal ramifications and significant economic repercussions. In this episode of Corruption, Crime and Compliance, Michael Volkov unravels the Corficolombiana and Group Aval scandal, shedding light on the importance of implementing and maintaining robust ethics and compliance programs for global companies.You’ll hear Michael talk about:Corfico is a subsidiary of the Colombian financial behemoth, Grupo Aval. The two entities agreed to substantial settlements with both th...2023-09-1810 min
Corruption Crime & ComplianceSEC Adopts Robust New Cybersecurity Disclosure RulesIn this episode of Corruption, Crime and Compliance, Michael Volkov delves into the SEC’s groundbreaking adoption of robust cybersecurity disclosure rules. This pivotal change marks a significant shift in the compliance landscape, requiring public companies to not only disclose cybersecurity incidents but also unveil their governance policies and practices. You’ll hear him discuss:The SEC's adoption of new cybersecurity disclosure rules, a process spanning over a year, comes as a transformative step in the regulatory landscape.One of the most noteworthy changes is the requirement for companies to file Form 8-K to di...2023-09-0413 min
Corruption Crime & ComplianceCFPB and OCC Hit Bank of America with $250 Million Penalty for Consumer Abuse PracticesBank of America joins the infamous club of consumer abusers in the banking industry, despite the alarm bells set off by the notorious Wells Fargo case. On this week's episode of Corruption, Crime and Compliance, host Michael Volkov explores the shocking details of Bank of America's recent $250 million settlement for account fraud and abuse with the Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC). This episode shines a light on corporate complacency, the inherent risk of ill-conceived sales incentives, and the importance of internal risk assessment in the wake of industry scandals.2023-07-3110 min
Corruption Crime & ComplianceHealthcare Compliance and FraudIn this eye-opening episode of Corruption, Crime and Compliance, Michael Volkov takes a deep dive into the world of healthcare compliance and fraud. He explores the history, the transformation, and the unique challenges of healthcare compliance. He also sheds light on the alarming rate of fraud in the healthcare industry and the efforts to combat it.You’ll hear him discuss:Compliance in healthcare traces back to the 1990s. Its rise is largely due to aggressive federal enforcement programs and increasing regulation.Four significant trends in healthcare compliance include: Rising consumer demand, escalating pri...2023-07-1017 min
Corruption Crime & ComplianceThe Murad OFAC Settlement and Sanctions Compliance Lessons Learned“This [Murad OFAC] enforcement action reflects the fact that OFAC, in recognition of the increasing seriousness of sanctions enforcement, is taking more time to provide guidance through some of their enforcement actions,” Michael Volkov tells listeners. In this episode of Corruption, Crime and Compliance, Michael unpacks the recent enforcement action by OFAC against California-based cosmetics company, Murad. He offers detailed insight into the case, going beyond the headlines and examining the underlying issues that led to the violations, and drawing out key compliance lessons.You’ll hear Michael talk about:The Murad enforcement action...2023-06-0514 min
Corruption Crime & ComplianceCryptocurrency and Sanctions Compliance with Matt StankiewiczCryptocurrency has become a popular way to invest and transact, but with that comes the need for sanctions compliance. In this episode, Michael Volkov and Matt Stankiewicz discuss the recent enforcement actions against Poloniex, Bittrex, and Kraken for violating US sanctions regulations with cryptocurrency transactions. Matt is a Partner at Volkov Law and a leading cryptocurrency expert. He and Michael dive into the common themes and basic failures that led to these enforcement actions, including IP blocking, transaction monitoring, and the use of screening tools. They also explore the challenges of compliance when dealing with regions like Crimea and...2023-05-1522 min
Corruption Crime & ComplianceBritish American Tobacco's $629 Settlement for Violation of North Korean SanctionsBritish American Tobacco (BAT) recently settled for $629 million for violating North Korea sanctions. This sends a clear message from the Department of Justice that enforcement against companies is the new FCPA. The settlement resulted from BAT's continued control of a joint venture in North Korea through a third-party company and its subsidiary's willful conspiracy to transfer hundreds of millions of dollars through US banks, which were aware that the transfers were blocked by US sanctions. In this week's episode of Corruption, Crime and Compliance, Michael Volkov delves into the facts of this important enforcement action and discusses the elaborate...2023-05-0814 min
Corruption Crime & ComplianceMaking a Culture of Ethics and Compliance a RealityCorporate culture is the most valuable intangible asset that a company owns. In this week's episode of Corruption, Crime and Compliance, Michael Volkov discusses the importance of corporate culture for ethics and compliance programs. He emphasizes the need for business leaders to understand the significance of corporate culture on the ground level and outlines steps and tasks needed to build and maintain a positive culture.You’ll hear Michael discuss:Corporate culture is an embodiment of a company's values and interactions with key stakeholders. Every company has a distinct culture that defines its pu...2023-05-0118 min
Corruption Crime & ComplianceMicrosoft Pays OFAC and BIS Over $3.3 Million to Settle OFAC Sanctions ViolationsMicrosoft recently paid over $3 million for multiple sanctions violations involving illegal exports of services and software to sanctioned jurisdictions. The violations spanned seven years and involved prohibited Russian entities or persons located in the Crimea region of Ukraine. However, what makes this case particularly intriguing is the remedial actions taken by Microsoft, which offer best practices and insights into what can be done when resources are available. In this week's episode of Corruption, Crime, and Compliance, Michael Volkov takes a deep dive into the Microsoft OFAC enforcement action.He discusses these ideas:Microsoft...2023-04-2417 min
Corruption Crime & ComplianceDeep Dive Into Wells Fargo’s $30 Million OFAC SettlementWells Fargo has settled with OFAC for $30 million for sanctions violations that occurred during a seven-year period from 2008 to 2015. The violations stemmed from its acquisition of Wachovia Bank, which had a trade relationship with a European bank that conducted transactions involving sanctioned entities and individuals. Despite concerns raised internally, Wells Fargo failed to exercise caution or care in identifying and preventing such transactions. The case serves as a reminder of the importance of corporate culture of ethics and compliance. In this episode of Corruption, Crime, and Compliance, Michael Volkov takes a deeper dive into the issue and outlines the...2023-04-1015 min
Corruption Crime & ComplianceFCPA Catch UP: DOJ Corsa Declination and SEC Settlements with Flutter and Rio TintoThe world of FCPA enforcement is always changing, and in this episode of Corruption, Crime and Compliance, Michael Volkov catches us up on three recent enforcement actions. From Corsa Coal's rare declination to SEC settlements with Flutter Entertainment and Rio Tinto, each case offers important insights into the current state of FCPA enforcement. He shares how voluntary self-disclosure, appropriate due diligence processes, and enhancements to compliance programs and accounting controls can help companies avoid penalties and strengthen their position.You’ll hear Michael discuss these ideas:Companies are encouraged to voluntarily self-disclose bad be...2023-04-0315 min
Corruption Crime & ComplianceDOJ Issues New Compliance Guidance and Focus on Corporate Compliance SystemsThe Justice Department is raising the bar on corporate compliance, and Michael Volkov believes we are witnessing a watershed moment. In this episode of Corruption, Crime and Compliance, he explains the significant revisions to the evaluation of corporate compliance programs, the new corporate enforcement policy, and the criminal division's three-year pilot program on compensation incentives and clawbacks. Some of the ideas discussed in this episode include:DOJ is raising expectations for corporate compliance programs and incentivizing ethical behavior.Companies must implement effective employee reporting systems, conduct timely internal investigations, and hold bad actors a...2023-03-2720 min
Corruption Crime & ComplianceFinancial Controls: Contract/Purchase Order to Invoice to Payment ProceduresThe contract to invoice to payment process may seem like a small part of a larger process, but it's at the core of many enforcement issues, particularly when it comes to the FCPA. In fact, we've seen some important cases that have highlighted the critical nature of this process, including the Oracle case from last year. This episode of Crime, Corruption and Compliance is not just a review of the FCPA, but rather an in-depth exploration of how companies can implement effective internal controls around their financial operations, and avoid potential problems that can arise from breakdowns in this...2023-03-0619 min
Corruption Crime & ComplianceDOJ's Compliance Frontier: Incentives and DisincentivesOn this episode of the Crime, Corruption and Compliance podcast, host Michael Volkov discusses the Department of Justice’s recent focus on incentives and disincentives as part of an effective ethics and compliance program. This includes awards for ethical conduct, clawbacks, and deferred payment schemes to hold officers and employees accountable for misconduct, and requirements for executives to be evaluated on their compliance with laws and regulations. Michael also talks about how companies can create appropriate policies and procedures to incentivize and monitor compliance and how to design and implement a compensation system that ensures compliance. ...2023-02-2017 min
Corruption Crime & Compliance2023 Ethics and Compliance Predictions and TrendsIn this episode of the Crime, Corruption, and Compliance podcast, Michael Volkov forecasts the compliance and ethics trends that will be significant in 2023. He emphasizes the crucial role ethics and compliance play in the corporate governance landscape, the increasing relevance of ESG, and highlights the need for robust ethics and compliance programs even in the C suite. Key ideas in this episode:The need for robust ethics and compliance programs with adequate resources.Boards and CEOs who fail to understand the importance of these programs are “doomed”.Culture and ethics will be top priority in 2023.The impor...2023-02-1317 min
Corruption Crime & CompliancePerson of the Year: The Trade Compliance Officer Featuring Alex CotoiaTrade compliance officers were recognized as the "Person of the Year" in 2022. Michael Volkov welcomes Alex Cotoia, Regulatory Manager, to discuss this development. Alex sheds light on the challenges faced by these professionals over the past year: from navigating the global pandemic to ensuring compliance with sanctions regulations, trade compliance officers have done it all. Alex Cotoia, Regulatory Manager at The Volkov Law Group, is a seasoned trade compliance expert with extensive knowledge across ITAR compliance, BIS compliance of commerce, and opacity sanctions. She brings valuable insights on the crucial role of compliance in t...2023-02-0618 min
Corruption Crime & ComplianceDeep Dive into the Honeywell FCPA SettlementIn this episode, host Michael Volkov takes a closer look at the Honeywell FCPA case. The Justice Department and the FCC had a strong year in FCPA enforcement; they closed out the year with two important cases, ABB and Honeywell. Last week's episode covered the ABB case, and this episode will focus on the Honeywell UOP case, which resulted in a $160,000,000 settlement. Honeywell was involved in a bribery scheme in Brazil and Algeria to secure contracts with state-owned oil companies.Honeywell conspired to offer a $4 million bribe to a high-ranking executive of Petrobras in Brazil i...2023-01-3018 min
Corruption Crime & ComplianceDeep Dive into the ABB FCPA CaseABB is a three-time loser in foreign bribery enforcement, but still agreed to pay $315 million to settle FCPA charges. The company also resolved SEC charges for $75 million.ABB's criminal history includes bid rigging and bribery violations in multiple countries. However, the DOJ cited ABB's extraordinary cooperation and extensive remediation when they announced the settlement. Michael Volkov explores ABB’s history of FCPA violations, leading up to their most recent, in this week’s show.ABB paid a settlement of $315,000,000 for its extensive criminal history record, including multiple violations of the Foreign Corrupt...2023-01-2318 min
Corruption Crime & ComplianceThe FTX Crypto Exchange Scandal -- Interview of Matt Stankiewicz from The Volkov Law GroupThe cryptocurrency industry is a young and rapidly growing one fraught with legal and economic risks. These risks can be exploited by ill-intentioned parties to fill their pockets and fund their lavish lifestyles. One such party is the disgraced founder of FTX, Sam Bankman-Fried (commonly called “SBF”), former darling of Silicon Valley and Wall Street. The FTX exchange was hailed as the gold standard for cryptocurrency, but a series of events led to a bank run and exposed the fraudulent scheme behind-the-scenes. Matt Stankiewicz joins Michael Volkov to discuss the legal ramifications of the fall of FTX and SBF.2023-01-0939 min
Corruption Crime & ComplianceUpdate on Export Controls and Sanctions: Interview with Alex CotoiaIn early October, the BIS announced two rules imposing significant export controls on semiconductor chips transactions for supercomputer end uses. 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 BIS’ ramping up of export control enforcement, including the new restrictions on China and Russia.Some ideas you’ll hear them explore are:The SQE route for experienced legal professionals aims to democratize the legal profession to include underrepresented minorities and other people...2022-12-1223 min
Corruption Crime & ComplianceEpisode 233 -- Tom Fox and Michael Volkov Discuss Recent DOJ Criminal TrialsIn this Episode Tom Fox and Mike Volkov review recent DOJ trial successes and stumbles -- Tom and Mike review DOJ trial strategy, successes and failures and approach of the antitrust division. 2022-05-0231 min
Corruption, Crime & ComplianceEpisode 233 -- Tom Fox and Michael Volkov Discuss Recent DOJ Criminal TrialsIn this Episode Tom Fox and Mike Volkov review recent DOJ trial successes and stumbles -- Tom and Mike review DOJ trial strategy, successes and failures and approach of the antitrust division. 2022-05-0231 minCorruption Crime & ComplianceEpisode 215 -- Tom Fox and Michael Volkov Discuss the Board Governance Implications of the Boeing 737 MAX Safety ScandalThe Boeing 737 MAX scandal is a troublesome and disturbing case where corporate board oversight and responsibility was lacking. The implications of the board’s failure resulted in the killing of innocent passengers and the grounding of Boeing’s 737 MAX. Add to that a $2.5 billion settlement, a criminal case against a Chief Technical Pilot, and continuing safety and technical problems, and you have recipe for continuing disaster at Boeing.The Delaware Chancery Court's recent decision denying Boeing's motion to dismiss shareholder derivative claims outlines a devastating picture of Board governance failures relating to Boeing's response to the Li...2021-11-2144 minCorruption Crime & ComplianceEpisode 199 -- Jonathan Marks, Baker Tilly, and Michael Volkov Discuss Accounting Fraud, Revenue Recognition and the Under Armour SEC CaseUnder Armour settled its long-pending SEC investigation by agreeing to pay $9 million surrounding misleading statements and practices relating to its revenue growth and uncertainties as to future growth. As part of the settlement, the SEC declined to bring charges against its CEO, Kevin Plank, and its CFO, David Bergman. The Justice Department inquiry appears to have lost steam since the middle of last year, and DOJ likely declined prosecution.
Under Armour had been the subject of a long-running probe since 2019 when Under Armour disclosed the DOJ and SEC investigations into its accounting practices. The SEC’s case ev...2021-06-2035 minCorruption Crime & ComplianceEpisode 185 -- Interview of Alex Cotoia (The Volkov Law Group) on Anti-Boycott ComplianceMike Volkov interviews Alex Cotoia, Regulatory Manager and Compliance Consultant at the Volkov Law Group, concerning trade compliance and anti-boycott issues.
Alex specializes in corporate risk assessments, evaluation of general compliance programs, and the remediation of compliance deficiencies. He also specializes in trade (export) compliance and is familiar with a broad range of issues arising under both the Arms Export Control Act and its implementing regulations (ITAR) as well as the Export Administration Act and its implementing regulations (EAR).
Alex can be reached at acotoia@volkovlaw.com.
2021-03-1433 minCorruption Crime & ComplianceEpisode 181 — Cryptocurrency Review: Matt Stankiewicz Discusses the SEC’s Case against Ripple, Predictions under the Biden Administration, and Bitcoin’s Corporate SurgeMatt Stankiewicz, Managing Counsel, The Volkov Law Group, and Michael Volkov discuss the latest events and trends within the cryptocurrency industry.
Several major enforcement actions have hit the news recently, such as the CFTC’s case against BitMEX and the SEC’s high-profile action against Ripple and its XRP cryptocurrency. We also discuss potential regulatory movement under the Biden Administration and what may be coming in the next few years. Finally, we touch on the latest trends surrounding Bitcoin, including Tesla’s recent purchase and others considering the same.
2021-02-1448 minCorruption Crime & ComplianceEpisode 180 -- 2020 Review of False Claims Act with Jessica Sanderson -- Partner The Volkov Law GroupJessica Sanderson, Partner, The Volkov Law Group and Michael Volkov review significant developments in the civil False Claims Act (“FCA”) area from the past year. With mind-boggling federal spending in FY 2020 and the obvious potential for fraud, abuse, and misuse of the trillions of dollars of federal stimulus funds, we undoubtedly will see a considerable increase in FCA audits, investigations, enforcement actions, qui tam lawsuits, settlements and judgments over the next 2-3 years.
Jessica and Mike review 2020 trends and themes and discuss changes in enforcement under the Biden Administration.2021-02-0833 minCorruption Crime & ComplianceEpisode 179 -- Tom Fox and Mike Volkov Discuss the Biden Administration Enforcement PrioritiesPresident Biden has nominated Merrick Garland and Lisa Monaco to head the U.S Department of Justice. In addition, the Biden Administration has nominated a number of strong enforcement candidates to head up various regulatory agencies. The implications of this new team across the government will be significant on various industry sectors.
Tom Fox joins Mike Volkov to discuss the new Justice Department leadership and the likely impact on enforcement and compliance.2021-01-3154 minCorruption Crime & ComplianceEpisode 162 -- Jessica Sanderson Discusses How to Conduct a Remote Third Party AuditGlobal 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 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.2020-09-2748 minCorruption Crime & ComplianceEpisode 155 -- Tom Fox and Mike Volkov Discuss Governance and Enforcement Lessons from Blue Bell Creameries Listeria OutbreakOn May 1, 2020, Blue Bell pleaded guilty to shipping contaminated ice cream linked to a 2015 listeria outbreak and agreed to pay a fine of $19.5 million ($17.4 million criminal fine and $2.1 million to settle civil false claims act violations). Blue Bell’s former CEO, Paul Kruse, was separately indicted and charged in seven separate counts for conspiracy and wire fraud for concealing from customers information known to the company about the listeria contamination. His case was later dismissed (but may return) because he was not charged by grand jury indictment.
In this Episode, Tom Fox and Michael Volkov discuss the gove...2020-08-0936 minCorruption Crime & ComplianceEpisode 151 -- Tom Fox and Mike Volkov Discuss DOJ and SEC Revised FCPA GuidanceOn July 2, 2020, DOJ and the SEC issued revised FCPA Guidance. The Revised Guidance continues to be a valuable document, which contains important discussions of relevant cases, DOJ and SEC policies, and enforcement principles relating to the FCPA.
In this Episode, Tom Fox and Michael Volkov discuss the Revised FCPA Guidance and highlight important changes and trends.2020-07-1941 minCorruption Crime & ComplianceEpisode 141 -- Practical Approaches to Managing Beneficial Ownership Risks (Part II of II)In a two-part series, Michael Volkov examines the continuing problem of identifying and mitigating beneficial ownership risks. Money launderers and corrupt individuals continue to rely on corporate structures to disguise their ownership interests to further illicit schemes. Companies have to develop strategies that practically address the risks without dedicating disproportionate resources to the problem.
In the first episode, Michael Volkov discusses beneficial ownership risks and the contexts in which they arise.
In the second episode, Michael Volkov discusses practical approaches to mitigating beneficial ownership risks.2020-05-1122 minCorruption Crime & ComplianceEpisode 140 -- Addressing Beneficial Ownership Risks in Your Compliance Program (Part I of II)In a two-part series, Michael Volkov examines the continuing problem of identifying and mitigating beneficial ownership risks. Money launderers and corrupt individuals continue to rely on corporate structures to disguise their ownership interests to further illicit schemes. Companies have to develop strategies that practically address the risks without dedicating disproportionate resources to the problem.
In the first episode, Michael Volkov discusses beneficial ownership risks and the contexts in which they arise.
In the second episode, Michael Volkov discusses practical approaches to mitigating beneficial ownership risks.2020-05-1018 minCorruption Crime & ComplianceEpisode 125 -- Interview of Elizabeth Slim of the Volkov Law Group: Anti-Money Laundering and Financial Compliance TrendsElizabeth Slim, Senior Consultant at the Volkov Law Group, discusses Anti-Money Laundering and Financial Compliance trends. Liz recently joined the Volkov Law Group and has extensive experience in the banking and financial compliance industry. She is major thought leader in anti-money laundering compliance and enforcement, and a leader at ACAMS.
In this Episode, Michael Volkov discusses Liz's career and her thoughts on AML and financial compliance trends.2020-02-021h 00Corruption Crime & ComplianceEpisode 79 -- Update on GDPR EnforcementThe General Data Protection Regulation 2016/679 ("GDPR") was a watershed moment in data and privacy compliance. The new law and regulations applies to all companies and persons within the European Union and the European Economic Area. Since its effective date, May 25, 2018, enforcement of the new law has begun. In the first year, compliance and enforcement practitioners have identified important issues and trends for companies and compliance professionals.
Join Michael Volkov, CEO of The Volkov Law Group, as he reviews important enforcement and compliance trends in this important area.
2019-03-0354 minCorruption Crime & ComplianceEpisode 78 -- Proactive Strategies to Address Organizational #MeToo RisksThe corporate world has been rocked by major governance failures surrounding #MeToo incidents and complaints. Recently, Google suffered global walkouts by employees who were upset by Google's payment of lucrative severance packages to senior executives forced to resign because of sexual misconduct issues, and a culture of sexual misconduct that included 48 sexual misconduct incidents resulting in the departure/termination of employees.
Companies have to address this issue by promoting an ethical culture that provides workplace security, encourages reporting of such allegations, timely investigation and resolution of such allegations, and consistent discipline and termination actions designed to promote o...2019-02-2550 minCorruption Crime & ComplianceEpisode 75 -- 2018 False Claims Act ReviewThe Justice Department reported its 2018 fraud statistics showing $2.8 billion in recoveries under the False Claims Act. While this number is staggering, fiscal year 2018 recoveries were down from than $500 million from fiscal year 2017. Nonetheless, companies in the healthcare, defense and financial industries continue to face significant False Claims Act risks.
In this episode, Michael Volkov interviews Jessica Sanderson, Of Counsel, at The Volkov Law Group, who specializes in False Claims Act litigation and compliance. Jessica can be reached at jsanderson@volkovlaw.com.
2019-02-0343 minCorruption Crime & ComplianceEpisode 74 -- ITAR Compliance TrendsCompanies involved in the export and import of defense products and services face significant risks surrounding compliance with the International Traffic in Arms (ITAR) statute and regulations. The US State Department's Directorate of Defense Control (DDTC) tightly regulates the defense industry and aggressively enforces ITAR rules and regulations.
In this episode, Michael Volkov interviews Colleen Hurson, Of Counsel at The Volkov Law Group, who specializes in ITAR compliance and enforcement matters. Colleen can be reached at churson@volkovlaw.com.
2019-01-2750 minCorruption Crime & ComplianceEpisode 53 -- How to Test and Evaluate Your Compliance ProgramAn effective compliance program requires that companies review and improve their compliance programs. A company should regularly review and test its controls, and address potential weaknesses in its compliance program. The Justice Department and the SEC have encouraged companies to conduct regular tests and reviews to create a sustainable compliance program. Companies should design and implement a proactive evaluation program to ensure that their compliance program continuously improves.
In this episode, Michael Volkov, CEO of The Volkov Law Group, discusses strategies for companies to conduct proactive evaluation programs to assess their compliance program.2018-08-2626 minCorruption Crime & ComplianceEpisode 48: Tom Fox and Michael Volkov Review FCPA Enforcement in First Half of 2018FCPA enforcement in the first half of 2018 continued at a steady pace. The first half of 2018 included several significant corporate and individual prosecutions for FCPA violations. Tom Fox and Michael Volkov review FCPA enforcement and identify significant trends and enforcement actions.
Tom Fox has released his new compliance book -- The Compliance Handbook, which is available at: https://www.amazon.com/Complete-Compliance-Handbook-Operationalizing-Program/dp/1783583304
2018-07-2353 minCorruption Crime & ComplianceEpisode 33 -- Bitcoin, Cryptocurrencies and Compliance
Cryptocurrencies, including Bitcoin, are exploding on the marketplace. Cryptocurrencies are promising huge technological advances in our economy by relying on the new blockchain technology.
Initial coin offerings raised $7 billion in capital last year, and this year ICOs are expected to raise over $20 billion in capital.
Bitcoin and other established cryptocurrencies have increased in value. Bitcoin reached a high of nearly $20,000 and is now trading just under $7000. Ethereum, a rival cryptocurrency, is trading at just under $400.
Bitcoin and other cryptocurrencies are volatile, and investors are suffering significant sw...2018-04-0939 minCorruption Crime & ComplianceEpisode 30 -- Common Due Diligence Problems (Part III of III)Companies continue to face significant risks from their third parties. In response, companies are implementing sophisticated due diligence and third party risk management systems. FCPA enforcement risks are only one of several risks created by a company's third parties. Companies have to screen and review their third parties for corruption, sanctions, money laundering, antitrust, human trafficking, child labor and reputational risks.
In this three-part series, Michael Volkov describes the law and enforcement risks, basic requirements for a third-party management system, and a problem-solving approach to difficult third-party risk issues.
In Part I, Michael Volkov discusses the...2018-03-1822 minCorruption Crime & ComplianceEpisode 29 -- Building Blocks for an Effective Due Diligence Program (Part II of III)Companies continue to face significant risks from their third parties. In response, companies are implementing sophisticated due diligence and third party risk management systems. FCPA enforcement risks are only one of several risks created by a company's third parties. Companies have to screen and review their third parties for corruption, sanctions, money laundering, antitrust, human trafficking, child labor and reputational risks.
In this three-part series, Michael Volkov describes the law and enforcement risks, basic requirements for a third-party management system, and a problem-solving approach to difficult third-party risk issues.
In Part I, Michael Volkov discusses the...2018-03-1114 minCorruption Crime & ComplianceEpisode 28 -- Due Diligence and Third-Party Risk Management (Part I of III)Companies continue to face significant risks from their third parties. In response, companies are implementing sophisticated due diligence and third party risk management systems. FCPA enforcement risks are only one of several risks created by a company's third parties. Companies have to screen and review their third parties for corruption, sanctions, money laundering, antitrust, human trafficking, child labor and reputational risks.
In this three-part series, Michael Volkov describes the law and enforcement risks, basic requirements for a third-party management system, and a problem-solving approach to difficult third-party risk issues.
In Part I, Michael Volkov discusses the...2018-03-0414 minCorruption Crime & ComplianceEpisode 24 -- The Need for Corporate Board ReformThe growth in ethics and compliance has had a dramatic impact on corporate actors, including the CEO, chief compliance officers, internal audit and chief financial officers. The corporate board's role in compliance continues to be deficient. Corporate boards are in for a rude awakening -- a new era of accountability for ethics and compliance is beginning.
In this episode, Michael Volkov outlines the issues surrounding this new trend and the importance of board accountability.
This episode is a companion to Michael Volkov's new e-book: Pointing the Finger: How Corporate Boards are Dodging Accountability and What Co...2018-02-0413 minCorruption Crime & ComplianceEpisode 22 -- Test and Evaluate Your Ethics and Compliance ProgramAs more companies implement ethics and compliance programs, chief compliance officers are increasingly focusing on the need to test and evaluate their compliance program. An effective testing program provides important information that compliance officers can use to improve thier respective compliance programs.
In this episode, Michael Volkov and Jacqui Merrill, Senior Counsel at the Volkov Law Group, discuss how to test and evaluate your compliance program, how to implement a testing program, and current methodologies to test your compliance program.2018-01-2126 minCorruption Crime & ComplianceEpisode 21 -- Interview of Jean-Michel Ferat, FCPA Forensic Accountant Expert, Senior Managing Director, Ankura ConsultingJean-Michel Ferat, a leading FCPA Forensic Accountant, and Senior Managing Director at Ankura Consulting, joins Michael Volkov, in Episode 21 of the Podcast, Corruption Crime & Compliance.
Jean-Michel Ferat is a leading forensic accountant and has vast experience in uncovering complex bribery schemes and financial crimes. Jean-Michel also works with large, mid-size and small companies to design and implement effective financial accounting controls and remediate deficiencies in existing controls.
Please join Michael Volkov and Jean-Michel as they discuss FCPA issues, the importance of internal controls, and trends in the forensic accounting and compliance industries.2018-01-1536 minCorruption Crime & ComplianceEpisode 20 -- Data Security and PrivacyCompanies face increasing challenges from management and protection of data from hackers and breaches of sensitive commercial and personal data. Recent headlines have underscored the threats to companies from such breaches. The risk of reputational harm to companies is serious. Complaince departments are starting to play an increased role in mitigating these serious risks.
In this episode, Michael Volkov and Lauren Connell, Managing Associate from the Volkov Law Group discuss the important of data security and privacy compliance and coordination with information technology departments.2018-01-0823 minCorruption Crime & ComplianceEpisode 18 -- Michael Volkov's Perspective on the Russian Investigation -- Next Steps for Special Counsel Mueller's Investigation (Parts III of III)In episode three of a three-part series, Michael Volkov, who has 25 years experience as a federal prosecutor, discusses next steps on Special Counsel Mueller's investigation.2017-12-2119 minCorruption Crime & ComplianceEpisode 17 -- Michael Volkov's Perspective on the Russian Investigation -- The Michael Flynn Plea Agreement (Part II of III)In part II of his three-part series, Michael Volkov offers his insights and perspective, based on 25 years of services as a federal prosecutor, on the ongoing Russian investigation. In this episode, Michael Volkov focuses on the Michael Flynn plea agreement.2017-12-2015 minCorruption Crime & ComplianceEpisode 16 -- Michael Volkov's Perspective on the Russian Investigation -- Background and Manafort and Gates Indictment (Part I of III)Michael Volkov provides his perspective, based on 25 years as a federal prosecutor, on Special Counsel Mueller's ongoing investigation of the Trump Administration and potential crimes involving illegal collaboration with the Russian government and potential obstruction of justice. Michael Volkov provides a fresh overview of the ongoing investigation, and focuses this initial episode on the background and tactics used in the investigation, and the Manafort and Gates indictment.2017-12-1921 minCorruption Crime & ComplianceEpisode 14 -- What Every Compliance Officer Needs to Know about Data Privacy and the EU's GDPRCompliance officers have to be mindful of new and emerging threats. In the past few years, cyber security and data privacy have been quickly rising as new and significant threats that corporations face in the global marketplace.
The European Union has adopted a far-reaching new regulatory regime applicable to companies that conduct business in the European Union and collect any sensitive data relating to EU individuals. The General Data Privacy Regulation or GDPR, which is effective on May 18, 2018, will impose a number of new regulatory requirements to global companies and includes significant penalties for non-compliance.
Mi...2017-12-1023 minCorruption Crime & ComplianceEpisode 12 -- OFAC Sanctions Screening and ComplianceGlobal companies face ever-increasing risks with sanctions screening and compliance. The US Treasury Department's Office of Foreign Asset Control ("OFAC") have aggressively enforced complex sanctions regulations against global companies, including banks, oil service and technology companies. In this aggressive enforcement era, companies have to implement robust screening and compliance controls to identify sanctioned entities and individuals among their business partners and customers.
In this podcast episode, Mike Volkov interviews Jacqui Merrill, Senior Associate at The Volkov Law Group, about basic screening and investigation techniques.2017-11-2717 minCorruption Crime & ComplianceCorruption Crime and Compliance Podcast Episode 1Michael Volkov is pleased to announce the first podcast of Corruption, Crime & Compliance. In this episode, Michael reviews and predicts the Justice Department's enforcement priorities in the Trump Administration.
Michael Volkov has over 30 years of experience in practicing law.
Michael maintains a highly popular blog – Corruption, Crime & Compliance. Michael is a former federal prosecutor and veteran white-collar defense attorney. He is an expert in compliance, internal investigations and enforcement matters.
Mike was a federal prosecutor for over 25 years, and has extensive trial experience in federal court. He also served as chief crime and terr...2017-09-1016 min