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

May 26, 2019 • 28min

Episode 91 -- How to Audit and Improve Your Internal Investigation Program

Companies are starting to understand that an effective internal investigation program is a critical function to promote a speak up culture. A company that has a dysfunctional internal investigation program will find it difficult to prevent and detect misconduct. By contrast, a company that maintains an effective internal investigation program by adhering to its standard operating procedures, treating whistleblowers with respect and preventing any hint of retaliation, meting out consistent discipline, integrating investigation findings into compliance program enhancements and reporting on a transparent basis to employee about the performance of its investigation and discipline program – will advance the company’s culture and maximize potential reporting of code of conduct and legal violations. To this end, companies have to commit to a multi-step review and improvement process for its internal investigation program. This is an exercise that is limited to reviewing the operation of the internal investigation program from the receipt of a reported concern to the conclusion of the investigation and handling of the results. In this episode, Michael Volkov discusses how to audit and improve your internal investigation program.

May 19, 2019 • 32min

Episode 90 -- OFAC Issues New Framework for Sanctions Compliance Programs

On the heels of the Justice Department’s announcement of its new compliance guidance, on May 2, 2019, the Treasury Department’s Office of Foreign Asset Control (“OFAC”) issued its promised guidance for sanctions compliance programs (“SCP”). Together with its aggressive enforcement of economic sanctions, OFAC has set a new standard for SCPs, and has “strongly encourage[d]” companies and individuals subject to OFAC jurisdiction to implement a “risk- based approach to sanctions compliance by developing, implementing and routinely updating a SCP.” Michael Volkov discusses OFAC's new guidance and the importance of sanctions compliance programs.

May 12, 2019 • 35min

Episode 89 -- DOJ Issues New Guidance on Evaluation of Corporate Compliance Programs

In a major development in ethics and compliance program expectations, the Justice Department has issued a new and important revised guidance on the Evaluation of Corporate Compliance Programs . The new Evaluation Guidance supersedes the prior document issued in February 2017, which contained a lengthy list of questions on key topic areas. Join Michael Volkov as he discusses the new guidance and outlines the impact for all corporate compliance programs.

May 5, 2019 • 1h 1min

Episode 88 -- Matt Stankiewicz Interview of Liquidity Digital CEO Syed Hussain

The blockchain revolution is still merely in its infancy. Liquidity Digital seeks to continue pushing the industry forward, by digitizing securities - stocks, derivatives, real estate, and more - and placing them on the blockchain. Liquidity Digital is building an ecosystem for the creation of new assets, introducing ways to allocate capital to traditionally underserved areas of financial markets and provide a practical application of distributed ledger technology. In this episode, Syed Hussain, CEO of Liquidity Digital, explains to Matt Stankiewicz how his company is seeking to enhance existing financial markets through Digital Security Offerings. By digitizing existing securities, Liquidity Digital seeks to add better accessibility, transparency, and liquidity to the markets. Syed also discusses the need for improved education in the industry as a whole, in order to better promote mass adoption.

Apr 28, 2019 • 22min

Episode 87 -- Review of Recent Compliance Studies and Surveys

With the growth of the compliance profession and the importance of compliance functions as part of corporate governance, there has been a significant increase in the quantity and quality of compliance studies and surveys. It takes time to keep up with all the compliance information being developed and released. In this episode, Michael Volkov reviews three recent compliance studies.

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.

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