All Office of Foreign Assets Control articles
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News BriefFreight forwarder fined $1.6M after using OFAC-blocked Venezuelan, Iranian carriers
A Houston-based freight forwarder, Fracht FWO Inc., will pay $1.6 million for violating U.S. sanctions tied to Venezuela and Iran, according to the Treasury Department’s Office of Foreign Assets Control (OFAC). The fine comes as OFAC ramps up enforcement in recent months.
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News BriefU.S. regulators scrutinizing American companies’ transactions with Chinese firms
Recent enforcement actions by U.S. agencies overseeing customs payments and export control laws indicate increased scrutiny of business transactions between U.S. and Chinese companies.
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News BriefInteractive Brokers to pay $11.8M to settle thousands of U.S. sanction violations
A brokerage and investment firm will pay $11.8 million for providing services to individuals under U.S. sanctions, as well as people located in countries sanctioned by the U.S.
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News BriefOFAC fines Harman Industries $1.4M for violating U.S. sanctions on Iran
A Connecticut-based audio electronics company will pay a $1.4 million fine for violating U.S. sanctions, after middle managers at a foreign distributor knowingly diverted the company’s products to Iran.
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News BriefOFAC fines logistics company Key Holding $609k for violating U.S. sanctions on Cuba
A Delaware logistics company paid a $608,825 fine for violating U.S. sanctions on Cuba, a breach that the company self-disclosed to the U.S. Treasury’s Office of Foreign Assets Control (OFAC).
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News BriefVenture capital firm self-reports sanctions violations of M&A target to DOJ, receives declination
After self-reporting that a recently purchased subsidiary broke U.S. sanctions and export control laws, a Texas-based venture capital fund will receive no penalty from the U.S. Department of Justice.
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News BriefOFAC, FinCEN tighten screws on Sinaloa Cartel’s money laundering network
The Trump administration has taken two actions to attack money laundering rings operating in Mexico, highlighting the U.S. government’s focus on curbing the fentanyl trade and the illegal profits it generates.
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News BriefTreasury reversal of OFAC sanctions against Tornado Cash signals eroding AML scrutiny
The U.S. Treasury Department lifted its sanctions against cryptocurrency mixer Tornado Cash on Friday after a federal appeals court ruled in November the penalty levied by the agency’s Office of Foreign Assets Control was an overreach.
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News BriefSkyGeek dinged by OFAC for completing orders, refunds with sanctioned Russian firms
Nearly three years after Russia invaded Ukraine, numerous U.S. sanctions imposed on Russia-based companies connected to the war effort have made doing business in the country fraught with unseen risks, as one U.S. airplane parts distributor learned recently.
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News BriefMinnesota transport company hit with sanctions violations for Cuba, Iran trade
A Minnesota transportation company agreed to pay nearly $258,000 to settle allegations that a subsidiaries violated sanctions against Cuba and Iran more than 80 times, the U.S. Treasury Department’s Office of Foreign Assets Control said.
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OpinionGerman firm Aiotec to pay $14.5M to settle Iran sanctions violation
German petrochemical parts supplier Aiotec agreed to pay $14.5 million to settle allegations that it engaged in a four-year conspiracy to dismantle and ship a plastics manufacturing plant owned by a U.S. company to Iran, in violation of U.S. sanctions.
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News BriefU.S. Appeals Court ruling in Tornado Cash case opens door for AML regulatory unwind
In striking down penalties against cryptocurrency mixer Tornado Cash for violating U.S. sanctions, a federal appeals court may have started to chip away at anti-money laundering regulations established by Democrats even before President-elect Donald Trump takes office.
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News BriefVietnamese business pays $860K for violating U.S. sanctions on North Korea
A Vietnamese alcohol company has agreed to pay $860,000 to settle allegations by the Office of Foreign Assets Control that its business with North Korea involved U.S. financial institutions.
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News BriefFinCEN, OFAC sanction crypto platforms linked to Russia, cybercrime
U.S. and European law enforcement agencies have announced sanctions against two Russia-linked cryptocurrency platforms in their ongoing chase to snuff out Russian-linked financial platforms that assist cybercriminals.
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News BriefOFAC sanctions entities providing electronic components for Iranian weapons
Five individuals and seven entities in Iran, China, and Hong Kong have been targeted for U.S. sanctions by the Treasury Department’s Office of Foreign Assets Control for helping to obtain components used in Iran’s missles and drones.
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News BriefState Street to pay $7.5M to settle Russia sanctions violations by subsidiary
State Street Bank & Trust Co. will pay a $7.5 million fine to settle allegations by the Treasury Department’s Office of Foreign Assets Control that a subsidiary violated sanctions against Russia.
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News BriefOFAC sets Aug. 2 deadline for firms to report Russian sovereign assets
Financial institutions holding Russian sovereign assets that have not reported them to the Treasury Department’s Office of Foreign Assets Control are now required to do so by Aug. 2.
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News BriefFinCEN updates red flags to watch for in thwarting West Bank settler violence
The Treasury Department’s Financial Crimes Enforcement Network updated an alert first issued in February warning financial institutions of Israeli extremists fomenting violence in the West Bank.
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News BriefMondo TV reaches $538K settlement with OFAC over N. Korea sanctions violations
Italy-based Mondo TV agreed to pay $538,000 to settle charges with the Treasury Department’s Office of Foreign Assets Control over 18 apparent violations of North Korea sanctions regulations.
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News BriefOFAC sanctions nearly 50 entities for ‘shadow banking’ benefiting Iranian military
The Treasury Department’s Office of Foreign Assets Control sanctioned nearly 50 entities connected with so-called “shadow banking” networks that help Iran’s military evade U.S. sanctions and to sell the country’s oil and petrochemical products.