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Distilling Compliance Lessons of U.S. Sanctions Laws

Jaclyn Jaeger | October 27, 2015

Regulators have put another scalp on the wall to warn financial institutions about the importance of sanctions compliance. The latest victim: Crédit Agricole.

The Office of Foreign Assets Controls, responsible for enforcing compliance with economic and trade sanctions, reached a $329.6 million settlement with the bank on Oct. 20 over charges that Crédit Agricole masked billions in financial transactions it processed for businesses in rogue countries like Burma and Sudan. The bank also paid another $457.7 million in criminal and civil financial penalties to other law enforcement agencies, for a painful total of nearly $790 million.

That sort of action against a financial firm is likely to be more common in the future, observers say.

Maura Rezendes“In trends we will see going forward with respect to enforcement:...

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