The Office of Foreign Assets Control announced an approximately $99,000 settlement with digital asset platform BitGo for lapses in its sanctions compliance procedures that led to 183 apparent violations of multiple sanctions programs.
Kyle Brasseur
Posted inData Privacy
Temper expectations on a U.S. federal privacy law in 2021
With the collapse of the EU-U.S. Privacy Shield comes an opportunity for the United States to address its data protection shortcomings. Just don’t expect a quick fix, as a litany of issues remain.
Posted inRegulatory Enforcement
OFAC fines Saudi bank for Sudan/Syria sanctions violations
The Office of Foreign Assets Control announced a $650,000 settlement with a Saudi Arabian bank for apparent violations of sanctions against Sudan and Syria related to transactions that took place via the U.S. financial system.
Posted inRegulatory Policy
Roisman to lead SEC transition as Clayton departs
Commissioner Elad Roisman will serve as acting chairman of the Securities and Exchange Commission while the agency heads for transition under the upcoming Biden administration.
Posted inAccounting & Auditing
FASB proposes goodwill alternative for certain private companies, nonprofits
The Financial Accounting Standards Board proposed a standard update to provide an accounting alternative to the goodwill triggering event assessment for certain private companies and nonprofit organizations.
Posted inEurope
OFAC closes investigation into Danske Estonia case
Danske Bank received a no-action letter from the U.S. Department of the Treasury’s Office of Foreign Assets Control regarding an investigation at the bank’s infamous Estonian branch.
Posted inRegulatory Enforcement
AG William Barr to depart Justice Department on Dec. 23
Attorney General William Barr will leave his post leading the Department of Justice on Dec. 23. Deputy Attorney General Jeffrey Rosen will take Barr’s place on an interim basis.
Posted inEurope
UBS chief facing investigation in ING money laundering case
A Dutch court has ordered a criminal investigation into UBS CEO Ralph Hamers for his role in the ING money laundering scandal that occurred during his tenure as the latter financial institution’s leader.
Posted inAccounting & Auditing
GE settles SEC accounting probe for $200M
General Electric agreed to pay $200 million to settle charges brought by the Securities and Exchange Commission regarding a series of accounting violations at its power and insurance businesses.
Posted inEurope
Norway’s DNB facing potential $45M AML fine
DNB ASA, Norway’s largest financial services group, is facing a potential fine of NOK 400 million (U.S. $45.4 million) for inadequate compliance with the Norwegian Anti-Money Laundering Act.
