All North Korea articles
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News Brief
British American Tobacco to pay $635M in North Korea sanctions case
British American Tobacco will pay more than $635 million to settle allegations the company violated U.S. sanctions against North Korea using a complex, yearslong scheme to import tobacco products into the country.
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News Brief
Godfrey Phillips India to pay $333K in North Korea sanctions case
Tobacco company Godfrey Phillips India agreed to pay $332,500 to the Office of Foreign Assets Control to settle charges it violated U.S. sanctions by involving U.S. banks and bank personnel in payments for shipments to North Korea.
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Article
FATF classifies Myanmar as high risk for money laundering, terrorist financing
The Financial Action Task Force designated Myanmar as a high-risk jurisdiction with “significant strategic deficiencies” regarding its anti-money laundering, countering the financing of terrorism, and financing of proliferation prevention efforts.
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Article
Tango Card to pay $116K for e-gift card sanction violations
Tango Card, a supplier and distributor of electronic rewards, agreed to pay approximately $116,000 as part of a settlement with the Office of Foreign Assets Control for apparent sanctions violations related to its issuance of e-gift cards.
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Article
Toll Holdings to pay $6.1M for widespread sanctions violations
Toll Holdings, an international freight forwarding and logistics company, has agreed to remit more than $6.1 million as part of a settlement with the Office of Foreign Assets Control resolving nearly 3,000 apparent violations of Iran, North Korea, and Syria sanctions.
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Article
TD Bank fined $105K for North Korea sanctions violations
TD Bank, N.A. agreed to pay approximately $105,000 as part of a settlement with OFAC for “multiple sanctions compliance breakdowns” that contributed to more than 1,000 apparent violations of North Korean sanctions regulations.
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Article
OFAC Director Andrea Gacki dishes advice on mitigating sanctions risk
OFAC Director Andrea Gacki shares insights about her organization’s latest sanctions enforcement priorities, its expectations of sanctions compliance programs, and how to mitigate sanctions risk.
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Article
BitPay fined $507K for digital currency sanctions violations
The Office of Foreign Assets Control reached a $507,375 settlement with digital currency platform BitPay for lapses in its sanctions compliance procedures that led to 2,102 apparent violations of multiple sanctions programs.
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Article
Cigarette filter maker agrees to first-ever U.S.-North Korea sanctions DPA
A cigarette filter maker has entered into the first-ever U.S.-North Korea DPA with the Justice Department for sanctions violations and agreed to pay a fine of $665,112 to the Treasury Department’s Office of Foreign Assets Control.
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Article
Study: Post-financial crisis fines against financial institutions hit $36B
Global fines and penalties against financial institutions hit $36 billion last year, as ramifications from the financial crisis continue to reverberate throughout the financial services industry, according to a new report.
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Blog
Treasury targets Russian shipping companies
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today announced that it has targeted Russian shipping firms for violating North Korea-related United Nations Security Council Resolutions.
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Blog
Advisory warns companies about sanctions evasion tactics used by North Korea
The U.S. government has issued an advisory highlighting the sanctions evasion tactics used by North Korea that could expose companies—including manufacturers, buyers, and service providers—to compliance risks under U.S. or United Nations sanctions authorities.
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Blog
State Department finds human rights abuses at Chol Hyun Construction
Compliance and risk practitioners, beware: A new report from the U.S. Department of State detailing aspects of the human rights situation in North Korea has listed Chol Hyun Construction as a company that practices state-sponsored slavery.