The recent decision by the U.K. Office of Financial Sanctions Implementation to disclose details of how Wise Payments failed to stop an individual from obtaining cash while subject to Russian sanctions has ignited debate about whether the agency is taking the right enforcement approach.
Sanctions
Posted inEurope
3M to pay $9.6M over Iran sanctions lapses
The Office of Foreign Assets Control ordered multinational conglomerate 3M to pay more than $9.6 million over apparent Iran sanctions violations by its subsidiary and a U.S. employee of a separate subsidiary.
Posted inRegulatory Enforcement
Emigrant Bank to pay $32K in Iran sanctions case
New York-based Emigrant Bank agreed to pay nearly $32,000 as part of a settlement with the Office of Foreign Assets Control addressing apparent sanctions violations regarding an account it maintained for a pair of Iranian residents.
Posted inAnti-Bribery
DOJ official: Compliance must have ‘prominent seat’ at M&A decision table
The Department of Justice is gearing up to provide more guidance on voluntary self-disclosures in the mergers and acquisitions space and the role compliance should play.
Posted inRegulatory Enforcement
SEC: Investment adviser to sanctioned Russian oligarch failed to register
The Securities and Exchange Commission announced charges against New York-based Concord Management and its owner for operating as an unregistered investment adviser to a lone client: a sanctioned Russian oligarch.
Posted inRegulatory Enforcement
New OFAC sanctions expand clamps on Russia tech supply chain
The Office of Foreign Assets Control widened its area of focus to disrupt Russia’s technology supply chain with new sanctions announced against entities in Finland and Turkey.
Posted inRegulatory Enforcement
DOJ appoints leaders for corporate enforcement program
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.
Posted inRisk Management
FinCEN analysis: Trends in Russia export control evasion attempts
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.
Posted inEurope
Greek shipper fined $2.5M in Iranian oil smuggling case
Empire Navigation pleaded guilty to violating the International Emergency Economic Powers Act by carrying nearly 1 million barrels of Iranian oil from the sanctioned Islamic Revolutionary Guard Corps to another country.
Posted inEurope
Wise Payments cited for Russia sanctions breaches in landmark OFSI action
U.K.-based foreign exchange service Wise Payments was cited for breaching the country’s sanctions levied against Russia as part of the Office of Financial Sanctions Implementation’s first use of its disclosure enforcement powers acquired last year.