The U.S. Treasury Department, in coordination with the United Kingdom, is clamping down harder on Russia’s ability to wage war against Ukraine by banning the import of Russian-origin aluminum, copper, and nickel.
Sanctions
Posted inRisk Management
BIS rule expands export control restrictions on OFAC sanctioned entities
The Bureau of Industry and Security adopted a final rule to extend its export restrictions across more entities and individuals designated under certain sanctions programs maintained by the Office of Foreign Assets Control.
Posted inRegulatory Enforcement
EFG International settles Cuba, blocked persons U.S. sanctions case
Swiss-based global private banking group EFG International agreed to pay more than $3.7 million as part of a settlement with the Office of Foreign Assets Control addressing apparent violations of U.S. sanctions against Cuba and two blocked individuals.
Posted inRegulatory Enforcement
Zoetis says no action from OFAC in Iran sanctions matter
Zoetis, a developer and manufacturer of vaccines and medicines for animals, disclosed it was informed by the Office of Foreign Assets Control that it won’t face enforcement for potential violations of Iran sanctions uncovered during an acquisition integration.
Posted inRisk Management
FinCEN alert flags Israeli extremists fomenting violence in West Bank
The Financial Crimes Enforcement Network issued an alert addressing the financing of Israeli extremist settler violence against Palestinians in the West Bank.
Posted inRegulatory Enforcement
Treasury cites Iraqi bank, owner over terrorist financing concerns
Al-Huda Bank faces severance from the U.S. financial system for being a conduit of terrorist financing, according to the Financial Crimes Enforcement Network, while its owner, Hamad al-Moussawi, was sanctioned by the Office of Foreign Assets Control.
Posted inRegulatory Enforcement
OFAC official urges company transparency on ransomware events
Despite its reputation as a fierce enforcer of sanctions, the Office of Foreign Assets Control has a softer side and wants to help companies that are hit with ransomware attacks, according to the agency’s senior compliance officer.
Posted inRegulatory Enforcement
ICBC fined $32M by NYDFS, Fed over compliance lapses
The Industrial and Commercial Bank of China and its New York branch agreed to pay $32.4 million in penalties levied by two regulators for failing to address compliance failures and for the unauthorized disclosure of confidential supervisory information to an overseas regulator.
Posted inRegulatory Enforcement
Genesis Global Trading fined $8M by NYDFS over AML, cyber lapses
Virtual currency brokerage firm Genesis Global Trading agreed to pay an $8 million penalty levied by the New York State Department of Financial Services for alleged compliance failures that left it vulnerable to illicit activity and cybersecurity threats.
Posted inEthics & Culture
Binance.US names new chief compliance officer
Cryptocurrency trading platform Binance.US, an affiliate independent of its embattled parent company, announced the appointment of Lesley O’Neill as chief compliance officer.
