- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
A wave of enforcement actions from the Department of Justice (DOJ) related to national security concerns is imminent, according to experts.
Russia’s war in Ukraine, Israel’s war with Hamas, and other geopolitical events are causing a spike in sanctions levied by the United States, the United Kingdom, the European Union, and other countries. As a result, there are new sanctions nearly every month that firms must incorporate into their sanctions screening compliance programs.
Other areas of compliance feeling pressure include anti-money laundering (AML) and anti-bribery.
Christian Nauvel, deputy chief counsel for corporate enforcement in the DOJ’s National Security Division, said the agency’s focus on national security is “top of mind at the highest levels.”
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U.K. companies might be wary of informing regulators they have potentially violated sanctions against Russia over fears they could be publicly criticized for even minor breaches.
All the carrots being offered by the Department of Justice in the past year—greater penalty reduction thresholds, relief related to compensation clawbacks, voluntary self-disclosure incentives—are part of a strategy to strengthen the enforcement stick when companies don’t cooperate.
The Department of Justice announced new positions in its National Security Division to support the agency’s crackdown on sanctions evasion, export control violations, and other forms of economic crime.
There are a slew of compliance lessons to be learned from the $4.3 billion settlement that Binance, the world’s largest cryptocurrency exchange, reached with the U.S. government.
Bank of America will pay a $12 million penalty for allegedly reporting false mortgage lending data to the federal government, under a settlement reached with the Consumer Financial Protection Bureau.
First American Title Insurance Company agreed to pay a $1 million fine and implement stronger compliance measures for not securing customers’ personal data, the New York State Department of Financial Services announced.
