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.
Sanctions
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.
Posted inRegulatory Enforcement
PURE Insurance to pay $466K in OFAC sanctions case
Insurance organization Privilege Underwriters Reciprocal Exchange agreed to pay $466,200 as part of a settlement with the Office of Foreign Assets Control addressing alleged sanctioned transactions on behalf of designated Ukrainian-Russian oligarch Viktor Vekselberg.
Posted inAML, Cybersecurity, Data Privacy, Ethics & Culture, Europe, Financial Services, Regulatory Enforcement, Risk Management, Sanctions, Surveys & Benchmarking
Top ethics and compliance failures of 2023
A virtual currency exchange that sought to mislead regulators, banks failing after ignoring obvious risks, and a manufacturer that sold millions of its products in violation of U.S. export controls are among those that make up CW’s list of the biggest ethics and compliance fails of 2023.
Posted inRegulatory Enforcement
CoinList to pay $1.2M to settle Crimea sanctions violations
Virtual currency exchange CoinList Markets agreed to pay more than $1.2 million to settle allegations from the Office of Foreign Assets Control that it violated U.S. sanctions by processing transactions for customers located in the Crimea region of Ukraine.
Posted inEurope
New U.K. office eyeing 2024 to enforce trade sanctions
The U.K. government is set to establish a new agency to enforce trade sanctions and provide compliance guidance to businesses regarding the country’s sanctions regimes.
Posted inAnti-Bribery
Five compliance triumphs from 2023
A financial services giant’s compliance mea culpa that could serve to benefit the rest of the profession, a chemical company’s praised FCPA settlement, and an example of the value of whistleblowers highlight CW’s annual list of laudable ethics and compliance moments.
Posted inRegulatory Enforcement
New OFAC sanctions target international Russia supporters
More than 150 new designations implemented by the Office of Foreign Assets Control continue U.S. efforts to crack down on entities and individuals supporting Russia from outside the country.
Posted inRegulatory Enforcement
U.S. agencies issue ‘know your cargo’ transport compliance note
Five agencies of the U.S. government combined to issue best practices guidance for entities in the maritime and other transportation industries to help reduce risk of sanctions and export control violations and evasion efforts.
Posted inRegulatory Enforcement
OFAC: Nasdaq to pay $4M over ex-subsidiary’s Iran sanctions lapses
Nasdaq agreed to pay more than $4 million as part of a settlement with the Office of Foreign Assets Control addressing apparent Iran sanctions violations at the stock exchange operator’s former Armenian subsidiary.