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.
Sanctions
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.
Posted inEurope
Standard Chartered Bank fined $24.9M for Ukraine sanctions breaches
The U.K. Office of Financial Sanctions Implementation hit Standard Chartered Bank for a record fine relating to loans the bank made to Russian financial institutions in violation of the EU’s sanction regime.
Posted inEurope
Swedbank notifies OFAC of potential sanctions violations
Swedbank announced it has reported approximately $4.8 million worth of transactions that might be subject to U.S. sanctions to the Treasury Department’s Office of Foreign Assets Control.
Posted inInternal Controls
Compliance best practices for ever-evolving Iran sanctions
A new executive order issued in January places additional sanctions on a much broader portion of Iran’s economy and, from a compliance and risk management standpoint, puts a broader range of companies in the crosshairs of U.S. enforcement.
Posted inInternal Controls
Q&A: Clearing up confusion with OFAC’s 50 Percent rule
Compliance Week spoke with Tiffany Archer, regional ethics and compliance officer and corporate counsel at Panasonic Avionics Corporation, on demystifying OFAC’s 50 Percent rule.
Posted inSanctions
Four ways to make sanctions more effective
Sanctions make an impact, but could they be better? Can they be better employed and more effective in achieving their aims?
Posted inRegulatory Enforcement
SITA settles nearly 10K alleged OFAC sanctions violations for $7.8M
Société Internationale de Télécommunications has agreed to pay approximately $7.8 million to settle 9,256 apparent sanctions violations with the Treasury Department’s Office of Foreign Assets Control.
Posted inRegulatory Enforcement
Treasury sanctions Rosneft subsidiary for Venezuelan ties
The Department of the Treasury’s Office of Foreign Assets Control has sanctioned a subsidiary of Russian state-run oil company Rosneft for operating in the oil sector of the Venezuelan economy.
