Michael Volkov is the CEO of The Volkov Law Group LLC, where he provides compliance, internal investigation and white collar defense services. He can be reached at [email protected].
Michael has extensive experience representing clients on matters involving the Foreign Corrupt Practices Act, the UK Bribery Act, money laundering, Office of Foreign Asset Control (OFAC), export controls, sanctions and International Traffic in Arms, False Claims Act, Congressional investigations, online gambling and regulatory enforcement issues. Michael served for more than 17 years as a federal prosecutor in the U.S. Attorney’s Office in the District of Columbia; for five years as the Chief Crime and Terrorism Counsel for the Senate Judiciary Committee, and Chief Crime, Terrorism and Homeland Security Counsel for the Senate and House Judiciary Committees; and as a Trial Attorney in the Antitrust Division of the U.S. Department of Justice.
Michael also maintains a well-known blog: Corruption Crime & Compliance, which is frequently cited by anti-corruption professionals and professionals in the compliance industry.
Michael Volkov details the recent FCPA settlement against Barclays for improper hiring practices stretching back several years. One key factor that allowed the issue to continue for so long: a seeming lack of awareness of applicable anti-corruption laws. Barclays joined the club of global financial institutions settling FCPA violations for hiring of relatives of foreign officials in Asia. Barclays agreed to disgorge $3.8...
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Deutsche Bank’s hiring practices in the Asia-Pacific region have exposed the institution to corruption risk, and SEC has taken note. Michael Volkov provides details on the company’s recent FCPA settlement with the SEC. If there ever was a poster child for reputational damage for a financial institution, Deutsche Bank would be the first and only candidate. Talk about a bank that is in...
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Michael Volkov explores what may be an unpopular opinion among some in the compliance community: In terms of risk management priorities, data security may be getting far too much attention. This is likely to be a politically incorrect posting. I hope I do not offend too many people, especially those new data privacy professionals. As kids, we were always excited when an ice...
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If your business activities take place in the U.S., you need to be doing OFAC screening. Michael Volkov offers five areas most companies that most organizations fitting this description could stand to improve upon to ensure compliance. As companies elevate their “game” in sanctions compliance, it is important that compliance officers critically examine the strengths and weaknesses of their compliance programs. Many companies...
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A CCO’s most valuable resource is time. But with high expectations and limited resources to do the job well, CCOs can quickly become overwhelmed. Michael Volkov provides a framework for dealing with some of the role’s greatest challenges. Chief compliance officers have a hard job. CCOs know that fact, and they fully embrace the challenges of their positions. At the same time, CCOs...
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Michael Volkov highlights three sanctions-related enforcement actions all breaking in the last six weeks – and two of which involved travel services to Cuba. He covers the violations, the circumstances and the penalties. OFAC is clearly sending a message about sanctions enforcement and compliance responsibilities. The agency is aggressively seeking out new targets for enforcement and continues to focus on Iran, Cuba, Venezuela...
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Findings from recent studies on compliance trends and developments are a mixed bag; some positive, some negative. Michael Volkov shares an uncharacteristic view of corporations and their failures to embrace E&C strategies. We all like to believe in straightforward and consistent trends and developments. For example, compliance programs are improving, budgets are increasing and CCOs are embracing new technologies. Everything is just rosy when...
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GRC professionals in particular know the importance of tone at the top. When a leader has an ethical lapse, the ramifications can be far-reaching. Michael Volkov discusses the potential fallout of managerial misdeeds. Company managers are the linchpin of a corporate compliance program. Without belaboring the “Tinker to Evers to Chance” baseball analogy, a corporate culture of compliance requires an important information and...
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Michael Volkov details the settlement between the U.S. OFAC and Haverly Systems, which was found to be in violation of federal sanctions.
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Michael Volkov sheds light on recent False Claims Act cases brought against Duke University and MedStar Health – both with violations spanning multiple years.
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The Department of Justice has recently amended its policy on corporate enforcement of the Foreign Corrupt Practices Act. Michael Volkov covers the DOJ’s clarification of the de-confliction parameters, as well as its stance on the use of ephemeral messaging systems like WhatsApp.
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News broke last week of a scandal in which high-profile executives and celebrities allegedly used bribery to secure their children’s admission to colleges across the U.S. Michael Volkov gives background on the story and its principal players. In a shocking announcement, federal prosecutors announced the arrest and charges against numerous individuals in connection with a nationwide criminal investigation focusing on college entrance...
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