Cookware coating manufacturer Whitford Worldwide has agreed to pay $824,314 as part of a settlement with OFAC regarding subsidiary dealings in the sanctioned country of Iran.
Sanctions
Posted inEurope
New U.K. regime targets human rights abusers
The United Kingdom issued its first wave of sanctions this month under a new regime targeting those who commit human rights abuses, with the promise of many more sanctions to come.
Posted inInternal Controls
Cigarette filter maker agrees to first-ever U.S.-North Korea sanctions DPA
A cigarette filter maker has entered into the first-ever U.S.-North Korea DPA with the Justice Department for sanctions violations and agreed to pay a fine of $665,112 to the Treasury Department’s Office of Foreign Assets Control.
Posted inRegulatory Enforcement
Amazon pays $135K to settle OFAC screening violations
Amazon will pay approximately $135,000 as part of a settlement with the Office of Foreign Assets Control regarding apparent sanctions violations derived from deficient screening processes.
Posted inRegulatory Enforcement
OFAC targets Mexican companies for helping Venezuelan President Maduro evade U.S. sanctions
The U.S. Department of the Treasury’s Office of Foreign Assets Control has blacklisted a network of Mexican individuals and companies said to be helping Venezuelan President Nicolas Maduro evade U.S. sanctions.
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Managing Sanctions Compliance in a Global Economy Part 3: Implementing Customer Risk Profiling
In today’s global economy, opportunities for growth are often accompanied by an increasingly complex landscape of rules, regulations and compliance issues. Since compliance is now a component of everyday business operations, businesses must employ a strategic, holistic program with several key components, including customer risk profiling.
Posted inRisk Management
Sanctions guidance: Best practices for maritime, energy, metals sectors
A global advisory to alert the maritime, energy, and metals sectors about common deceptive shipping practices used to evade sanctions includes seven sanctions compliance best practices to mitigate risk.
Posted inAnti-Bribery
Development bank bans Brazilian company for paying kickbacks
A Brazilian construction company that paid nearly $50 million in kickbacks has been banned from participating in Inter-American Development Bank-funded projects for more than two years.
Posted inRegulatory Enforcement
Industrial Bank of Korea to pay $86M for sanctions compliance failures
The Industrial Bank of Korea and its New York branch will pay a total of $86 million to resolve charges for systemic sanctions compliance failures that allowed more than $1 billion to be illegally transferred to the government of Iran.
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2020 Sanctions Compliance Report
What are the biggest obstacles to sanctions compliance? CSI’s 2020 Sanctions Compliance Report examines challenges and provides a resource-maximizing roadmap to help organizations implement an effective sanctions compliance program.