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.
Sanctions
Posted inEurope
U.K. sanctions body signals tougher enforcement with new guidance
Revised guidance by the U.K. Office of Financial Sanctions Implementation suggests the agency might be strengthening its current enforcement stance as it pertains to breaches of financial sanctions.
Posted inRegulatory Enforcement
OFAC crypto crackdown: Coinbase disclosures under review
Coinbase disclosed certain of its transactions are “under review” by the Office of Foreign Assets Control for potential violations of U.S. sanctions laws. Fellow cryptocurrency platforms BitGo and BitPay have each been fined by the regulator in the last three months.
Posted inRisk Management
OFAC Director Andrea Gacki dishes advice on mitigating sanctions risk
OFAC Director Andrea Gacki shares insights about her organization’s latest sanctions enforcement priorities, its expectations of sanctions compliance programs, and how to mitigate sanctions risk.
Posted inSanctions
Baker Hughes facing sanctions-related SEC probe
Baker Hughes is being investigated by the SEC related to “books and records and internal controls regarding sales of its products and services in projects impacted by U.S. sanctions.”
Posted inRegulatory Enforcement
BitPay fined $507K for digital currency sanctions violations
The Office of Foreign Assets Control reached a $507,375 settlement with digital currency platform BitPay for lapses in its sanctions compliance procedures that led to 2,102 apparent violations of multiple sanctions programs.
Posted inRegulatory Enforcement
H.B. Fuller avoids fine in OFAC Iran sanctions probe
Adhesive manufacturing company H.B. Fuller said in a regulatory filing it received a “cautionary letter” from the Office of Foreign Assets Control concerning possible economic sanctions dealings in Iran.
Posted inRisk Management
Treasury under Yellen to prioritize climate change, sanctions, AML reform
Janet Yellen takes over as leader of a Treasury Department with a lot on its plate, including studying the effects of climate change on the economy, unwinding Trump administration sanctions, revamping the Bank Secrecy Act, and more.
Posted inRisk Management
Parting gift: New Trump sanctions against China complex for compliance
A November executive order by former President Donald Trump banning U.S. investment in companies with ties to the Chinese military has proven difficult for compliance officers to navigate after taking effect earlier this month.
Posted inRegulatory Enforcement
OFAC fines Indonesian manufacturer $1M in North Korea sanctions case
The Office of Foreign Assets Control announced a $1.02 million settlement with paper products manufacturer PT Bukit Muria Jaya for lapses in its compliance procedures that led to 28 apparent violations of North Korea sanctions.