Businesses not taking AML requirements seriously, years of noncompliant off-channel communications catching up to financial services titans, and a manufacturing firm that shared revenue with terrorists comprise CW’s list of the biggest ethics and compliance fails of 2022.
Sanctions
Posted inRegulatory Enforcement
Kraken to pay $362K over Iran sanctions screening lapses
Virtual currency exchange Kraken will pay a fine of approximately $362,159 to settle charges it violated U.S. sanctions against Iran, according to the Treasury Department’s Office of Foreign Assets Control.
Posted inRegulatory Enforcement
NodusBank avoids fine in OFAC case over Venezuela sanctions violations
Nodus International Bank was found to have violated U.S. sanctions against Venezuela by the Office of Foreign Assets Control for allowing three unlicensed transactions on a blocked account.
Posted inRegulatory Enforcement
Bittrex to pay $29M for BSA violations in landmark FinCEN, OFAC case
Virtual currency trading platform Bittrex agreed to pay more than $29 million for violations of the Bank Secrecy Act and other foreign asset restrictions by regularly allowing transactions with customers in Iran, Syria, and other U.S.-sanctioned nations.
Posted inRegulatory Enforcement
Tango Card to pay $116K for e-gift card sanction violations
Tango Card, a supplier and distributor of electronic rewards, agreed to pay approximately $116,000 as part of a settlement with the Office of Foreign Assets Control for apparent sanctions violations related to its issuance of e-gift cards.
Posted inEurope
Credit Agricole to pay $1.1M to settle sanctions violations by two subsidiaries
Paris-based Crédit Agricole Corporate and Investment Bank will pay a total of approximately $1.1 million to settle charges its subsidiaries violated U.S. sanctions in five sanctioned countries.
Posted inRisk Management
How effective beneficial ownership searches leverage technology
Determining the ultimate beneficial owner of individuals and companies your firm does business with can be a tricky thing. The most efficient investigations require an understanding of your firm’s risk appetite and appropriate technology to automate searches.
Posted inRegulatory Enforcement
U.S. sanctions Iran intelligence ministry over Albania cyberattack
Iran’s minister of intelligence, together with its Ministry of Intelligence and Security, were sanctioned by the Treasury Department’s Office of Foreign Assets Control for malicious cyber activities that threaten the national security of the United States and its allies.
Posted inRegulatory Enforcement
Tether prepared to defy controversial U.S. sanctions on Tornado Cash
Cryptocurrency platform Tether is set to defy U.S. sanctions by holding firm on its refusal to freeze relevant Tornado Cash addresses until receiving further instruction from law enforcement agencies.
Posted inRegulatory Enforcement
BIS charges Chinese cable giant with export control violations
The Commerce Department’s Bureau of Industry and Security charged China’s largest cable and wire manufacturer Far East Cable with export control violations related to its alleged dealings with telecommunications company ZTE to circumvent U.S. restrictions against Iran.