The constantly changing sanctions landscape is much easier to navigate with a proper understanding of risk exposure. Here’s where firms can get started.
Sanctions
Posted inRegulatory Enforcement
SAP to pay over $8M for admitted Iran sanctions violations
German software company SAP SE agreed to pay more than $8 million in combined penalties issued by three U.S. agencies after admitting to committing numerous violations of sanctions against Iran.
Posted inRegulatory Enforcement
MoneyGram plagued by tech, human error in OFAC sanctions settlement
The Office of Foreign Assets Control announced a $34,329 settlement with MoneyGram Payment Systems for apparent violations of multiple sanctions programs, including the processing of transactions involving Syria.
Posted inEurope
U.K. rolls out new anti-corruption sanctions regime
The United Kingdom has in place a new global anti-corruption sanctions regime, and the government is wasting no time enforcing it, imposing its first wave of sanctions against 22 individuals.
Posted inRegulatory Enforcement
Alliance Steel to pay $435K for Iran sanctions lapses
The Office of Foreign Assets Control announced a $435,003 settlement with manufacturer Alliance Steel for apparent sanctions violations related to the company’s importation of engineering services from Iran.
Posted inFinancial Services
U.S. sanctions Russia over SolarWinds hack
The Treasury Department announced sanctions against Russia implemented under an executive order from President Joe Biden in response to the SolarWinds hack and alleged election interference by the country.
Posted inRisk Management
USTR threatens tariffs on 6 trade partners in response to digital taxes
The United States Trade Representative is seeking public comment on the potential implementation of tariffs of up to 25 percent on a long list of goods by six U.S. trading partners, including the United Kingdom.
Posted inRisk Management
China, Russia to face more sanctions under Biden, experts say
Companies should prepare for more U.S. sanctions to be levied against China and Russia under the Biden administration, two former financial crime regulators predicted at Compliance Week’s Financial Crimes virtual event.
Posted inRegulatory Enforcement
OFAC fines Nordgas $950K for Iran sanctions violations
Italian company Nordgas, a producer and seller of components for gas boiler systems and applications, has agreed to pay $950,000 for apparent sanctions violations related to the sale of air pressure switches in Iran.
Posted inRegulatory Enforcement
OFAC fines UniControl $216K for Iran sanctions violations
Ohio-based manufacturer UniControl will pay $216,464 for apparent U.S. sanctions violations that occurred when its European trade partners re-exported its products to Iran.