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.
Sanctions
Posted inRegulatory Enforcement
OFAC announces rare sanctions enforcement against individual
The Office of Foreign Assets Control announced a $5,000 settlement with a U.S. person for apparent sanctions violations—a reminder the regulator can pursue enforcement against individuals in addition to companies.
Posted inSanctions
Treasury sanctions 11 individuals for undermining Hong Kong’s autonomy
The U.S. Department of the Treasury announced sanctions against 11 individuals for “undermining Hong Kong’s autonomy and restricting the freedom of expression or assembly of the citizens of Hong Kong.”
Posted inEurope
U.K. issues maritime guidance for reducing sanctions risk
The United Kingdom has become just the second country to issue guidance for companies in the maritime shipping industry alerting them about common illicit and suspicious practices used to evade sanctions.
Posted inRegulatory Enforcement
Whitford to pay $824K for sanctioned dealings in Iran
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.
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.
