Corruption Crime & Compliance

How do you manage risk when the vulnerabilities are outside your organization’t in your hands? In this episode of Corruption, Crime, and Compliance, we delve into the world of third-party risk management with our guest, Natalie Druckmann, from Certa. As we discuss the regulatory landscape in EMEA and the US, Natalie highlights the higher regulatory burden faced by companies in EMEA, and how Certa...

In this week's episode of Corruption, Crime, and Compliance, we usher in the New Year with a deep dive into something that happened in November of last year. As we begin 2024, it's crucial to reflect on the substantial shifts in the healthcare industry's compliance framework. The HHS Office of Inspector General's Comprehensive Compliance Guidance, released late last year, has set a new standard fo...

What is the cost of ignoring compliance? For the world’s largest cryptocurrency exchange, it’s $4.3 billion dollars. In this episode of Corruption, Crime and Compliance, Michael Volkov and his guest, Matt Stankiewicz, delve into one of the most significant financial crime prosecutions in the history of the Justice Department: Binance Holdings. Under the direction of its CEO, Changpeng Zhao, Binanc...

How can we build a culture that motivates people to do the right thing? In this episode of Corruption, Crime and Compliance, Michael Volkov and guest Steve Naughton, explore crucial questions about fostering ethical cultures within companies and practical steps compliance leaders can take to transform performance. Steve shares insights from his journey, detailing the evolution of compliance leader...

In 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 millio...

Bobby Butler joins Michael Volkov on this episode of Corruption, Crime and Compliance, to explore the evolution of compliance over 20 years. While enforcement actions sparked major progress, Bobby contends compliance is moving firmly into the realm of competitive advantage and performance multiplier. Millennials and younger generations ‘vote with their feet’, demanding ethical cultures, so complia...

Ephemeral messaging applications like Snapchat, WhatsApp, and Telegram have presented a complex challenge for compliance professionals and legal counsel. On one hand, these technologies can reduce data storage and preservation costs, minimize breach exposure, and allow prioritization of communications data. On the other hand, they can create blind spots by deleting communications records and serio...

Is your company's compliance program truly effective, or is it just ticking boxes? In this episode of Corruption, Crime, and Compliance, Michael Volkov dives deep into LRN's PEI survey with Susan Divers. Susan sheds light on the global nature of ethics and compliance programs, challenging the misconception that they are solely US-centric. They discuss the power of values, the shift from a cop to a...

Clear 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.&...

Albemarle, a prominent specialty chemicals company, recently settled a case for $218 million, unraveling a web of bribery payments across Vietnam, Indonesia, and India. The repercussions of this case extend beyond the financial penalty, encompassing a three-year non-prosecution agreement and the application of the Compensation, Incentives, and Clawbacks pilot program. In this episode of Corruption...

3M faced a dual settlement, first with the SEC and then with OFAC, over alleged Iranian sanctions violations stemming from misconceptions and oversights in a license plate deal with a German intermediary. Despite the gravity of the case, 3M took proactive remedial actions, including voluntary disclosure and internal changes. Similarly, Emigrant Bank maintained a CD account for two Iranian resident...

California'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 eco...

3M’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...

CEOs play a pivotal role in shaping an organization's commitment to ethical practices. Involving CEOs in compliance training, having them share their experiences, and demonstrating a personal commitment to compliance initiatives sets a strong tone from the top. This engagement fosters a culture of ethics and compliance throughout the organization, reinforcing the importance of ethical conduct at a...

When 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 th...

Companies must take a proactive approach to sanctions and export control compliance to mitigate potential risks. This includes implementing rigorous compliance programs, cooperating with the DOJ, and promptly disclosing and remedying violations. In this episode of Corruption, Crime and Compliance, Michael Volkov explores the latest joint compliance notice issued by the DOJ, Department of Commerce,...

In 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...

As companies rapidly adopt artificial intelligence (AI), it becomes paramount to have robust governance frameworks in place. Not only can AI bring about vast business benefits, but it also carries significant risks—such as spreading disinformation, racial discrimination, and potential privacy invasions. In this episode of Corruption, Crime and Compliance, Michael Volkov dives deep into the urgent...

According to critics, there are a lot of gray areas surrounding compliance and the SEC's position on cryptocurrency regulations. Such uncertainty poses challenges for legitimate crypto projects and creates room for fraudulent activities to thrive. Such is the case for Ripple and Celsius, two recent controversies making waves in the crypto world. Matt Stankiewicz is a Managing Counsel at The Volkov...

Transparency, ethics, and compliance are more than just corporate buzzwords; they're foundational to building trust in today's global organizations. Consequence management systems encompass elements like transparency, robust employee reporting, protective measures for whistleblowers, and effective internal investigations. These are all essential for maintaining organizational justice, trust, and i...

The DOJ is advocating for increased consequences for individuals who engage in misconduct or fail to exercise proper oversight, via the implementation of compliance compensation programs that include financial penalties. Companies need to develop incentives and penalties in a balanced manner to maintain ethical performance, while ensuring the potential for accountability. A crucial aspect of enfor...

Bank 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 t...

In today’s world data is the new gold, and protecting it has become imperative for businesses worldwide. On this week's episode of Corruption, Crime and Compliance, Michael Volkov navigates the cybersecurity landscape, unpacking the key threats haunting businesses and the elements of a robust cybersecurity compliance program. He underscores the importance of proactively managing these digital thre...

Dare we imagine a world where companies are driven by their compliance obligations as much as they are by their financial performance? In a progressively interconnected and fast-paced digital world, compliance matters more than ever. Non-compliance can swiftly result in reputational damage, punitive fines, and compromised stakeholder trust. As such, more organizations are beginning to embrace the...

In 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 healthca...