The Financial Crimes Enforcement Network issued guidance highlighting the types of red flags financial institutions should be looking for to detect potential Russian sanctions evasion attempts.
Sanctions
Posted inRegulatory Enforcement
DOJ establishes task force to ensure compliance with Russia sanctions
Attorney General Merrick Garland announced the formation of an interagency task force designed to ensure sanctions and other actions implemented by the U.S. government against Russia and its officials are fully enforced.
Posted inRisk Management
U.S. turns up heat on Russian banking system with new sanctions
The U.S. Department of the Treasury announced expanded sanctions against Russia affecting 80 percent of all banking assets in the country following its further invasion of Ukraine.
Posted inRisk Management
What sanctions on Russia mean for U.S. companies
The first wave of sanctions imposed on Russia and its financial sector aren’t expected to result in any immediate implications for U.S. companies or their global supply chains. With matters escalating, that could quickly change, according to sanctions experts.
Posted inInternal Controls
Sojitz Hong Kong subsidiary fined $5.2M for violating Iran sanctions
Sojitz HK agreed to pay approximately $5.2 million for violations of U.S. sanctions against Iran that occurred when rogue employees deliberately misled company executives and compliance regarding the true origin of goods worth more than $75 million.
Posted inRisk Management
Supply chains brace for Uyghur Forced Labor Prevention Act
President Joe Biden signed into law a measure that introduces a U.S. import ban on goods mined, produced, or manufactured wholly or in part from the Xinjiang Uyghur Autonomous Region of China through forced labor.
Posted inRegulatory Enforcement
Airbnb subsidiary to remit $91K for Cuba sanctions violations
Airbnb Payments, a registered money services business and wholly owned subsidiary of Airbnb, will remit $91,172.29 for apparent violations of sanctions against Cuba, OFAC announced.
Posted inRegulatory Enforcement
TD Bank fined $105K for North Korea sanctions violations
TD Bank, N.A. agreed to pay approximately $105,000 as part of a settlement with OFAC for “multiple sanctions compliance breakdowns” that contributed to more than 1,000 apparent violations of North Korean sanctions regulations.
Posted inEthics & Culture
What it takes to work in sanctions compliance
Sanctions compliance veteran Visar Jaha explores for the ICA what it takes to be a successful in ensuring compliance with sanctions regimes within a firm.
Posted inInternal Controls
Ignoring compliance, Mashreqbank fined $100M for Sudan sanctions violations
The New York State Department of Financial Services fined United Arab Emirates-based Mashreqbank $100 million for violating now-repealed Sudanese sanctions regulations and for having in place an inadequate compliance program.
