Compliance into the Weeds Seagate Sanctions Enforcement Action
The award-winning, Compliance into the Weeds is the only weekly podcast that takes a deep dive into a compliance-related topic, literally going into the weeds to explore a subject more, looking for some hard-hitting insights on sanctions compliance. Look no further than Compliance into the Weeds!
In this episode, Tom and Matt discuss the recent $300 million fine against Seagate Technology Corporation for violating US sanctions against Huawei. They analyze Seagate's approach to sanctions compliance, especially when compared to Microsoft's response to similar violations. With billions of dollars in sales at stake, the implications of these cases for compliance officers are huge. With frank insights, deep knowledge, and engaging dialogue, Compliance into the Weeds is a must-listen for anyone interested in sanctions compliance and the world of business.
Key Highlights:
· Seagate's controversial business dealings with Huawei
· Seagate's Sanction Violations and Compliance Programs
· Seagate's Violation of Foreign Product Rule
· Expanding Lessons for Compliance Officers
Notable Quotes:
"Sanctions is going to be the new FCPA risk," according to the US Justice Department."
"The failure to acknowledge your culpability is a key multiplier under the federal sentencing guidelines. And so if this had been any criminal penalty, this fine and penalty would have gone through the roof."
"Look to your left, look to your right, see what other people are doing, what they're getting in trouble for, and incorporate those lessons learned into your risk assessment."
"Sanctions are hard, and companies can misunderstand this. Well, very specifically, the rule that got Seagate into trouble is known as Foreign Direct Product Rule or what is it exactly, the foreign-produced direct product rule?"
Resources
Matt
Blog Post in Radical Compliance
Tom
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