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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Kyle Brasseur2023-04-19T16:02:00
The Commerce Department’s Bureau of Industry and Security (BIS) updated its guidelines to further clarify the advantages of voluntary self-disclosure (VSD) to the agency when export control violations are uncovered.
The policy changes, revealed in a memo from Assistant Secretary for Export Enforcement Matthew Axelrod shared Tuesday, most notably put pressure on businesses that uncover “significant” potential violations but don’t come forward. Firms found to be in such a situation will now have their actions held against them as an aggravating factor in BIS enforcement decisions.
“In other words, when someone submits a VSD, they receive concrete and identifiable benefits under our guidelines,” wrote Axelrod. “By the same token, however, when someone uncovers a significant possible violation but then affirmatively chooses not to file a VSD, they are running a substantial risk because if it does come to our attention, the decision not to disclose will be considered an aggravating factor under our existing guidelines.”
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News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
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2024-06-12T21:47:00Z By Kyle Brasseur
Matthew Axelrod, assistant secretary for export enforcement at the Bureau of Industry and Security, addressed efforts to reach financial services firms, working with the Financial Crimes Enforcement Network, and more during his fireside chat at CW’s Financial Crimes Summit.
2024-06-04T17:20:00Z By Kyle Brasseur
Satellite communications company Airbus DS Government Solutions received a reduced penalty from the Bureau of Industry and Security for admitting self-disclosed violations of antiboycott regulations.
2024-03-04T18:21:00Z By Aaron Nicodemus
Aerospace giant Boeing will pay a $51 million civil penalty to the State Department to resolve alleged export control violations related to unauthorized transfers and retransfers of technical data to foreign-person employees and contractors.
2024-10-22T14:37:00Z By Aaron Nicodemus
The Department of Justice (DOJ) has proposed a new rule that would regulate the use of Americans’ personal information by foreign companies and foreign persons in six “countries of concern,” prohibiting and restricting the sale of data to thwart the use of data for cyber-enabled activities, espionage, coercion, influence and ...
2024-10-17T17:42:00Z By Adrianne Appel
New York financial institutions are expected to address cybersecurity risks posed by artificial intelligence (AI), and new guidance from the New York Department of Financial Services is aimed at helping firms do just that.
2024-10-17T16:22:00Z By Neil Hodge
Concerns about how robustly European member states may enforce the EU AI Act, which took effect on Aug. 1, are divided between if regulators will take a “light touch” approach or a sledgehammer for noncompliance. One thing’s for sure, the pace of AI innovation will make enforcement very difficult.
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