economic sanctions

  • Blog post

    Société Générale to pay $1.34B for economic sanctions violations


    Société Générale has been slapped with a $1.34 billion criminal penalty for conspiring to violate the Trading with the Enemy Act and the Cuban Asset Control Regulations, representing the second largest penalty ever imposed on a financial institution for violations of U.S. economic sanctions.

  • Blog post

    Congress considers secondary sanctions against North Korea, banking partners


    Proposed legislation would create the “toughest financial sanctions ever directed at North Korea.” Secondary sanctions would bar foreign banks from the U.S. financial system if they have business relationships with the rogue nation.

  • Blog post

    Treasury in ‘hand-to-hand financial combat’ with North Korea


    Current and future sanctions efforts by the Treasury Department to financially strike back against North Korean aggression were dissected by Assistant Treasury Secretary Marshall Billingslea during a recent House committee hearing.

  • Article

    Compliance remedies for new sanction headaches


    Compliance officers will want to reevaluate their trade sanction compliance policies, following new sanctions legislation signed into law this month.

  • Blog post

    Deloitte names new AML and economic sanctions leaders


    Frederick Curry has been named Deloitte Advisory anti-money laundering (AML) and economic sanctions practice leader. Michael Shepard has been named Deloitte Global AML, economic sanctions and financial crimes leader. They succeed Alison Clew who will retire in May.

  • Blog post

    Treasury Amends Russia and Ukraine Sanctions List


    The Department of the Treasury’s Office of Foreign Assets Control yesterday designated and identified 34 new individuals and entities under four executive orders related to Russia and Ukraine. The updated sanctions list also provides several new lessons for compliance officers.

  • Blog post

    Hitachi Settles Case With African Development Bank


    The African Development Bank Group (AfDB) announced this week that it reached a settlement agreement with Japan-based Hitachi. The African Development Bank (AfDB) Integrity and Anti-Corruption Department alleged that Germany-based Hitachi Power Europe, and its South African subsidiary, Hitachi Power Africa, engaged in sanctionable practices in exchange for a boiler ...

  • Blog post

    Deutsche Bank to Pay $258 Million for Sanctions Violations


    Deutsche Bank today reached a $258 million settlement with the New York State Department of Financial Services and the Federal Reserve regarding transactions with countries and entities subject to U.S. sanctions, including Iran, Libya, Syria, Burma, and Sudan. As part of the settlement, the bank also has agreed to install ...

  • Article

    Distilling Compliance Lessons of U.S. Sanctions Laws


    Crédit Agricole, fined nearly $790 million last week for violations of U.S. sanctions law, is the latest cautionary tale on this particularly nettlesome patch of corporate compliance. Penalties for sanctions lapses are surging, and the regulations themselves are growing exponentially more complicated. Sanctions compliance was a prime topic at one ...

  • Blog post

    Crédit Agricole to Pay $787 Million for Sanctions Violations


    Crédit Agricole will pay a total of $787.3 million in criminal and civil financial penalties for economic sanctions violations. Federal and local agencies allege that Crédit Agricole engaged in a series of schemes to process more than $32 billion in U.S. dollar payments through its New York branch from its ...