- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2024-06-12T21:47:00
To a room full of risk and compliance practitioners from the financial services industry, Matthew Axelrod posed a simple question: “Why am I here today?”
The assistant secretary for export enforcement holds a high-profile role at the Department of Commerce’s Bureau of Industry and Security (BIS), yet many in the room were likely unfamiliar with him and the agency’s work. Export controls aren’t typically high on the radar of the highly regulated financial services space.
Axelrod made the case that attitude should change during a fireside chat Tuesday at Compliance Week’s Financial Crimes and Regulatory Compliance Summit in New York.
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PetroChina International America agreed to pay a fine and forfeiture of $14.5 million to settle charges with the Department of Justice that it violated U.S. export control laws.
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.
Analysis of suspicious activity reports by the Financial Crimes Enforcement Network indicates nearly $1 billion in suspicious activity in cases of suspected evasion of Russia-related export controls.
Three former executives of Chicago-based Outcome Health, a healthcare technology company, were sentenced for misleading an auditor, clients, lenders, and investors about a scheme to sell $45 million in overbilled advertisements.
A home health company operating in Indiana, Ohio, and Texas agreed to pay nearly $4.5 million to settle allegations it filed false claims by giving sports tickets and other kickbacks to assisted living facilities in exchange for referrals.
Crypto-friendly Silvergate Bank will pay a total of $63 million penalties to California and the Federal Reserve Board to settle charges that its anti-money laundering program failed to properly monitor over $1 trillion worth of customer transactions.
