Corruption Crime & Compliance

Michael Volkov

Michael Volkov tackles the current and hot topics in the legal realms of corruption, crime, and compliance.

Episodes

Mentioned books

Apr 21, 2019 • 31min

Episode 86 -- Standard Chartered Bank Pays Over $1 Billion for Sanctions Violations

Global banks are the poster children of sanctions violations and the importance of trade compliance. At the top of the heap is Standard Chartered Bank. In a long-awaited resolution of a multi-year investigation, the Justice Department, the Treasury Department’s Office of Foreign Asset Control (OFAC), the New York District Attorney’s (DANY), the Federal Reserve, the New York State Department of Financial Services (DFS) and the United Kingdom’s Financial Conduct Authority (FCA) announced a number of settlement agreements in connection with SCB’s violations of Iran Sanctions Programs. Under the agreements, SCB agreed with the: (1) Justice Department to forfeit $240 million, a fine of $480 million and to extend its existing deferred prosecution agreement (DPA) for an additional two years; (2) Department of Treasury’s Office of Foreign Asset Control (OFAC) to pay total penalties of $657 million; the Federal Reserve to pay penalties of $163 million; the New York Department of Financial Services to pay total penalties of $180 million; and the UK’s Financial Conduct Authority to pay total penalties of $133 million; and (3) New York District Attorney’s Office to pay a financial penalty of $292 million and extend its DPA with DA-NY for two years. The Justice Department agreed to credit a portion of these payments and reduced its fine for SCB from $480 million to $52 million, along with the $240 million forfeiture. In this episode, Mike Volkov reviews the Standard Chartered Bank enforcement action and the implications of the action.

Apr 14, 2019 • 36min

Episode 85 -- A Deep Dive into the Fresenius Medical FCPA Settlement

Fresenius Medical, the largest supplier of dialysis equipment and services agreed to pay $231 million to the Justice Department and the SEC to resolve FCPA violations in 17 countries in Africa, the Middle East and Europe. Fresenius entered a non-prosecution agreement with the Justice Department, in which it agreed to pay an $87 million payment and a two-year corporate monitor. Fresenius agreed to enhance its compliance program and self-report to DOJ the third year. In the SEC enforcement action, Fresenius agreed to disgorge $147 million in an administrative order. In this episode, Michael Volkov digs into the facts and reviews the bribery misconduct.

Apr 7, 2019 • 26min

Episode 84 -- A Review of MTS Telesystems FCPA Settlement

In another blockbuster FCPA prosecution, the Justice Department and the SEC announced an $850 million settlement with Mobile Telesystems (“MTS”), Russia’s largest mobile carrier. At the same time, the Justice Department announced criminal indictments against an MTS executive and the notorious corrupt Uzbek official, Gulnara Karimova, on criminal charges. In this episode, Michael Volkov discusses the MTS Telesystems FCPA enforcement action.

Mar 31, 2019 • 34min

Episode 83 -- Managing Hotlines and Reporting Systems

Corporations have to invest in their Speak Up Culture. A critical component is a company's hotline and incident reporting system. An effective hotline reporting channel(s) depends on responsive and timely investigations of potential wrongdoing. In this Episode, Michael Volkov discusses best practices for hotline and reporting systems.

Mar 24, 2019 • 22min

Episode 82 -- A Deep Dive into the Cognizant Technology FCPA Enforcement Action

In the first corporate FCPA action of 2019, Cognizant Technology Solutions Company settled its long-running FCPA case, agreeing to pay the SEC $25 million. At the same time, the Justice Department announced: (1) its declination under the FCPA Corporate Enforcement Policy; and (2) the indictment of Cognizant's former President and General Counsel for criminal FCPA violations. In this Episode, Michael Volkov discusses the Cognizant FCPA enforcement action and the lessons learned.

Mar 17, 2019 • 33min

Episode 81 -- Update on OFAC Sanctions Enforcement

OFAC is off to a fast start in 2019. It has implemented enhanced Venezuela sanctions, designated PDVSA as a Specially Designated National, and brought four separate enforcement actions with important lessons learned for sanctions compliance. In this Episode, Michael Volkov reviews OFAC's actions and outlines important sanctions compliance lessons learned.

Mar 10, 2019 • 45min

Episode 80 -- Best Practices for Investigating Allegations of Sexual Misconduct in the #MeToo Era

The corporate governance landscape is littered with companies that have suffered major legal and reputational damage as a result of failure to promote and protect a safe workplace environment. Companies have failed to hold offenders accountable for sexual misconduct and violation of applicable legal and code requirements. The #MeToo era has resulted in increased reporting and monitoring of corporate culture, workplace safety. One important aspect of an appropriate Speak Up culture and creating a safe workplace environment is the proper and timely handling of investigations of possible sexual assaults and harassment. In this Episode, Michael Volkov discusses the best practices for investigating allegations of sexual assault and harassment in the #MeToo Era.

Mar 3, 2019 • 54min

Episode 79 -- Update on GDPR Enforcement

The 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.

Feb 25, 2019 • 50min

Episode 78 -- Proactive Strategies to Address Organizational #MeToo Risks

The 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 organizational justice. In this episode, Michael Volkov, CEO of The Volkov Law Group, discusses proactive strategies to mitigate a company's organizational risks in this area.

Feb 17, 2019 • 33min

Episode 77 -- Implementing a Trade Compliance Program

Companies involved in export and import activities face a variety of risks from sanctions and export controls created by a complex maze of regulations and oversight from the Department of State, Department of Treasury and the Department of Commerce. With the increasing complexity of sanctions regimes, companies have to devote significant attention and resources to implement an effective trade compliance program. In this episode, Michael Volkov discusses strategies and requirements for trade compliance programs.

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