All OFAC articles – Page 7
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ArticleKeysight Technologies to pay $473K for sanctioned dealings in Iran
Keysight Technologies, a successor entity to Anite Finland, has reached a $473,157 settlement with the U.S. Department of the Treasury’s Office of Foreign Assets Control regarding subsidiary dealings in the sanctioned country of Iran.
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ArticleCompliance official key to Comtech sanctions penalty
The alleged actions of an export compliance official are at the heart of “egregious” apparent OFAC sanctions violations by New York-based Comtech Telecommunications Corp. and its wholly owned subsidiary regarding sales in Sudan.
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ArticleOFAC-Delaware sanctions pact more than meets the eye
As the state home to nearly 70 percent of Fortune 500 companies, the Delaware Department of Justice’s Memorandum of Understanding with OFAC represents a significant milestone for U.S. sanctions enforcement.
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ArticleDeutsche Bank Trust to pay $583K in Ukraine sanctions settlements
Deutsche Bank Trust Company Americas has reached a pair of settlements with the Office of Foreign Assets Control totaling $583,100 for apparent violations of Ukraine-related sanctions.
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ArticleCurtiss-Wright reports possible Russia sanctions violation
A North Carolina manufacturer that traces its origins back to the Wright brothers may have violated sanctions by doing business with two longtime customers purchased by a blacklisted Russian company.
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ArticleOFAC announces rare sanctions enforcement against individual
The Office of Foreign Assets Control announced a $5,000 settlement with a U.S. person for apparent sanctions violations—a reminder the regulator can pursue enforcement against individuals in addition to companies.
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ArticleTreasury sanctions 11 individuals for undermining Hong Kong’s autonomy
The U.S. Department of the Treasury announced sanctions against 11 individuals for “undermining Hong Kong’s autonomy and restricting the freedom of expression or assembly of the citizens of Hong Kong.”
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ArticleWhitford to pay $824K for sanctioned dealings in Iran
Cookware coating manufacturer Whitford Worldwide has agreed to pay $824,314 as part of a settlement with OFAC regarding subsidiary dealings in the sanctioned country of Iran.
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ArticleCigarette 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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ArticleAmazon pays $135K to settle OFAC screening violations
Amazon will pay approximately $135,000 as part of a settlement with the Office of Foreign Assets Control regarding apparent sanctions violations derived from deficient screening processes.
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ArticleOFAC targets Mexican companies for helping Venezuelan President Maduro evade U.S. sanctions
The U.S. Department of the Treasury’s Office of Foreign Assets Control has blacklisted a network of Mexican individuals and companies said to be helping Venezuelan President Nicolas Maduro evade U.S. sanctions.
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Libra adds former FinCEN head as general counsel
Fledgling digital currency group the Libra Association announced the appointment of former FinCEN and OFAC Director Robert Werner as general counsel.
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ArticleSanctions guidance: Best practices for maritime, energy, metals sectors
A global advisory to alert the maritime, energy, and metals sectors about common deceptive shipping practices used to evade sanctions includes seven sanctions compliance best practices to mitigate risk.
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ArticleDOJ indicts Venezuela President Maduro, others in regime
The DOJ unsealed indictments against Venezuelan President Nicolás Maduro and several high-ranking former and current members of his regime for alleged drug trafficking and money laundering crimes, as well as violations of the FCPA.
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ArticleSwedbank notifies OFAC of potential sanctions violations
Swedbank announced it has reported approximately $4.8 million worth of transactions that might be subject to U.S. sanctions to the Treasury Department’s Office of Foreign Assets Control.
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ArticleCompliance best practices for ever-evolving Iran sanctions
A new executive order issued in January places additional sanctions on a much broader portion of Iran’s economy and, from a compliance and risk management standpoint, puts a broader range of companies in the crosshairs of U.S. enforcement.
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ArticleQ&A: Clearing up confusion with OFAC’s 50 Percent rule
Compliance Week spoke with Tiffany Archer, regional ethics and compliance officer and corporate counsel at Panasonic Avionics Corporation, on demystifying OFAC’s 50 Percent rule.
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Resourcee-Book: Regulators get tough on abuses, distribute sanctions
ExxonMobil’s recent victory in a sanctions case could inspire others to fight back against U.S.-imposed sanctions.
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ArticleSITA settles nearly 10K alleged OFAC sanctions violations for $7.8M
Société Internationale de Télécommunications has agreed to pay approximately $7.8 million to settle 9,256 apparent sanctions violations with the Treasury Department’s Office of Foreign Assets Control.
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ArticleTreasury sanctions Rosneft subsidiary for Venezuelan ties
The Department of the Treasury’s Office of Foreign Assets Control has sanctioned a subsidiary of Russian state-run oil company Rosneft for operating in the oil sector of the Venezuelan economy.