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

Jul 28, 2019 • 23min

Episode 101 -- The Antitrust Division Announces New Credit for Compliance Programs

In yet another major compliance development, the Justice Department announced the adoption of a new policy to credit effective compliance programs in resolving criminal cartel prosecutions against corporations. Since the 1990s, the Antitrust Division’s policy regarding corporate compliance programs was generally fixed given the ability of companies to seek benefits under the leniency program. As part of its new policy, the Antitrust Division released its own guidance for the Evaluation of Corporate Compliance Programs. This new document complements the recent guidance issued by the Criminal Division. The Antitrust Division’s new policy was announced by Assistant Attorney General Makan Delrahim in a recent speech. The announcement is the culmination of a lengthy process, which included a public roundtable with antitrust practitioners, coordination with global cartel enforcement authorities, and an internal DOJ review. In this episode, Michael Volkov discusses the Antitrust Division's new policy and accompanying guidance.

Jul 21, 2019 • 51min

Episode 97 -- Matt Stankiewicz Discusses Blockchain Domains and Trademarks with Brad Kam, Co-Founder of Unstoppable Domains

As the blockchain industry continues to grow, we'll begin to see traditional industries shifting to the blockchain to leverage the technology. Unstoppable domains is a company working to place web domains on the blockchain. Instead of traditional extensions like .com, .net, or .io,, Unstoppable Domains will utilize .zil addresses as smart contracts on the Zilliqa public blockchain. This will first provide simple, human-readable crypto wallet addresses, to help facilitate adoption and make wallet-to-wallet payments easier. After that, the company will create web-hosting tools to develop websites on the blockchain. What's the point of putting a domain on the blockchain? Well, thanks to the blockchain, they're unstoppable, hence the company name. That implies a whole host of items - free speech, regulations, court orders, etc. - and Brad and I have some great discussion within this podcast. Most importantly in this regard, Unstoppable Domains is currently going through its Sunrise period and allowing trademark holders to claim their trademarks now. Once on the blockchain, these trademarks are no longer obtainable. Website: https://unstoppabledomains.com/ Twitter: @UnstoppableWeb Email: Brad Kam

Jun 30, 2019 • 33min

Episode 96 -- The End of the Line: The Walmart FCPA Settlement

After a lengthy investigation (yes, 8 years), Walmart agreed to settle its FCPA violations and paid approximately $282 million , divided as follows: (1) $138 combined criminal penalty under the terms of a three-year non-prosecution agreement; and (2) $144 million disgorgement pursuant to an agreement with the SEC. Walmart’s Brazil subsidiary entered a guilty plea to one count of violating books and records in the Eastern District of Virginia. In this episode, Michael Volkov reviews Walmart's settlement and identifies some interesting points and trends.

Jun 24, 2019 • 43min

Episode 95 -- Interview of Teresa Troester-Falk, Chief Global Privacy Strategist at Nymity on California’s Consumer Privacy Act.

The California Consumer Privacy Act of 2018 (the “Act”) was signed into law by California Governor Jerry Brown on June 28, 2018, after being hastily introduced in the California Legislature just a few days prior. The Act is effective January 1, 2020. In this episode, Michael Volkov interviews Teresa Troester-Falk, Chief Global Privacy Strategist at Nymity, concerning the Act and the compliance implications for businesses. The Act provides “consumers” (defined as natural persons who are California residents) four basic rights in relation to their personal information: the right to know, through a general privacy policy and with more specifics available upon request, what personal information a business has collected about them, where it was sourced from, what it is being used for, whether it is being disclosed or sold, and to whom it is being disclosed or sold; the right to “opt out” of allowing a business to sell their personal information to third parties (or, for consumers who are under 16 years old, the right not to have their personal information sold absent their, or their parent’s, opt-in); the right to have a business delete their personal information, with some exceptions; and the right to receive equal service and pricing from a business, even if they exercise their privacy rights under the Act.

Jun 16, 2019 • 32min

Episode 94 -- How to Conduct a Sanctions Compliance Risk Assessment

OFAC’s new framework guidance for sanctions compliance programs stretched into new territory with its risk assessment requirement. This new approach reflects OFAC’s recent aggressive enforcement programs. The scope of a risk assessment has to mirror the breadth of enforcement risks and has to include review of: (i) customers, supply chain, intermediaries, and counter-parties; (ii) the products and services it offers, including how and where such items fit into other financial or commercial products, services, networks or systems; (iii) the geographic locations of the organization, as well as its customers, supply chain, intermediaries and counter-parties; and (iv) potential merger and acquisitions, especially those involving non-U.S. companies or corporations.

Jun 9, 2019 • 54min

Episode 93 -- Matt Stankiewicz Discusses Data Privacy on Blockchain with ImagineBC CEO Erik Rind

Data privacy has become a hot topic lately. Companies have built massive fortunes by selling users’ personal information to the highest bidder. Meanwhile, they often fail to secure that same data while hackers run amok, putting the users at risk. What’s a person to do? Enter ImagineBC. In the ImagineBC community, you’re in control of your personal information – and free to monetize it. Built on blockchain security, it’s the only place where your privacy empowers you to transact securely, shop independently and earn on your own terms. In this episode, ImagineBC CEO Erik Rind and Matt Stankiewicz discuss the current disarray of data privacy, and how Erik’s company helps to return the power back to the user – both for control and monetization. ImagineBC will offer its users an ecosystem to connect marketers, content creators, and service providers with individuals who can control the flow of their personal information and essentially use it as the currency. All the while, the company will leverage the blockchain to ensure security and anonymity. Website: https://imaginebc.net/ Special thanks to Brawner Communications.

Jun 2, 2019 • 30min

Episode 92 -- How to Implement a Sanctions Compliance Program

OFAC's new Framework for Sanctions Compliance Programs is a game changer. When it comes to sanctions compliance programs, most companies are well behind the curve. OFAC’s new framework raises the bar by creating a well-crafted framework for companies to assess their current program and then re-design important elements to meet OFAC's standards. To the extent that a company’s sanctions compliance program operates as part of an overall ethics and compliance program (which it should), a company should already be well positioned in a number of areas that are generally applicable to all ethics and compliance programs. When it comes to some of the more specific sanctions risks, the definition of these sanctions’ risks, and the prescriptive elements of OFAC’s framework, that is where companies need to get to work and implement improvements. In this Episode, Michael Volkov discusses important elements for organization's to assess and craft program improvements.

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