The World Bank announced the debarment of India-based Kalpataru Power Transmission for 12 months and one day for fraudulent practices connected to power development projects in the Democratic Republic of the Congo and Egypt.
Sanctions
Posted inRegulatory Enforcement
Travel service company to pay $6M for violating Cuba sanctions
Generali Global Assistance has agreed to pay approximately $5.9 million for violating U.S. sanctions. The action comes a week after OFAC amended its Cuban Assets Control Regulations.
Posted inRegulatory Enforcement
Keysight Technologies to pay $473K for sanctioned dealings in Iran
Keysight Technologies, a successor entity to Anite Finland, has reached a $473,157 settlement with the U.S. Department of the Treasury’s Office of Foreign Assets Control regarding subsidiary dealings in the sanctioned country of Iran.
Posted inInternal Controls
Compliance official’s alleged actions key to Comtech sanctions penalty
The alleged actions of an export compliance official are at the heart of “egregious” apparent OFAC sanctions violations by New York-based Comtech Telecommunications Corp. and its wholly owned subsidiary regarding sales in Sudan.
Posted inRegulatory Enforcement
OFAC-Delaware sanctions pact more than meets the eye
As the state home to nearly 70 percent of Fortune 500 companies, the Delaware Department of Justice’s Memorandum of Understanding with OFAC represents a significant milestone for U.S. sanctions enforcement.
Posted inEthics & Culture
Credit to JPMorgan Chase in this week’s banking-themed naughty/nice list
JPMorgan Chase, Danske Bank, Deutsche Bank, and Bank of America all either “Nailed It” or “Failed It” this week.
Posted inRegulatory Enforcement
Deutsche Bank Trust to pay $583K in Ukraine sanctions settlements
Deutsche Bank Trust Company Americas has reached a pair of settlements with the Office of Foreign Assets Control totaling $583,100 for apparent violations of Ukraine-related sanctions.
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Managing Sanctions Compliance in a Global Economy Part 2: Maximizing Automated Retroactive Screening
Regardless of industry, companies have ample growth opportunities in today’s global economy—but with that growth comes an increasingly complex landscape of rules, regulations and compliance pitfalls.
Posted inEurope
Assessing U.K. sanctions in a post-Brexit world
Can the United Kingdom play with the big boys when it comes to issuing its own sanctions, and what do compliance professionals need to know as Brexit’s start date looms closer?
Posted inRisk Management
Curtiss-Wright reports possible Russia sanctions violation
A North Carolina manufacturer that traces its origins back to the Wright brothers may have violated sanctions by doing business with two longtime customers purchased by a blacklisted Russian company.
