Middle East

 

Global sanctions

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U.K., EU enforcement regimes set to escalate, but critics question sanctions’ effectiveness

2024-12-04T16:32:00+00:00By

With a new political regime ready to take over in the U.S., the effectiveness of sanctions against malign foreign actors like Russia, North Korea, and Iran have come into question. While the European Union and U.K. have increased sanctions pressure, critics have publicly asked: Is it enough?

iran_sanctions_web

Opinion

German firm Aiotec to pay $14.5M to settle Iran sanctions violation

2024-12-03T21:32:00+00:00By

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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Top E&C fails of 2024: Boeing, TD Bank, RTX/Raytheon on compliance naughty list

2024-11-27T15:09:00+00:00By

The biggest Compliance Fails of 2024 show the real-world consequences of noncompliance for the companies that faltered, but also for their customers and their employees.

iran_sanctions_web

News Brief

MetLife subsidiary fined $178K by OFAC for issuing premiums to Iran-controlled entities

2024-11-18T20:43:00+00:00By

A subsidiary of MetLife will pay more than $178,000 for violating U.S. sanctions on Iran when it provided insurance policies to entities in the United Arab Emirates owned or controlled by Iran.

ChinaUS

News Brief

DOJ proposes rule that would block sale of Americans’ personal data to Chinese, Russian firms

2024-10-22T14:37:00+01:00By

The Department of Justice (DOJ) has proposed a new rule that would regulate the use of Americans’ personal information by foreign companies and foreign persons in six “countries of concern,” prohibiting and restricting the sale of data to thwart the use of data for cyber-enabled activities, espionage, coercion, influence and ...

Raytheon

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Raytheon parent RTX settles false claims, defective pricing, Qatar FCPA violations for $950M

2024-10-17T17:01:00+01:00By

The other shoe finally dropped for Raytheon and parent company RTX, as two U.S. regulators announced nearly $1 billion in penalties to settle defective pricing in defense contracts, false claims related to inflated prices on government contracts, and bribes paid to government officials in Qatar that violated the FCPA.

Blog

Bybit appoints legal, compliance chief

2024-10-03T16:42:00+01:00By

Cryptocurrency exchange Bybit announced the appointment of Robert MacDonald as the new chief legal & compliance officer.

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New U.K. enforcement body piles pressure on sanctions evaders

2024-10-03T16:02:00+01:00By

Global sanctions rules are increasing rapidly, as are tools to detect and punish those who break them. In response, the U.K. government is creating a new Office of Trade Sanctions Implementation to investigate and penalize those who break sanctions rules.

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How lax compliance led three defense companies to give military secrets to U.S. adversaries

2024-09-24T15:10:00+01:00By

There are dozens of ways foreign countries can get their hands on U.S. military secrets, including cyberhacking, espionage, theft, and more. But one increasingly concerning way has been through unintentional disclosures by trusted defense contractors, including Boeing, 3D Systems Corp., and RTX Corp., parent company of Raytheon.

Raytheon

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Raytheon parent to pay $200M in fines, remediation over export control violations

2024-09-05T12:00:00+01:00By

RTX Corp., the parent company of Raytheon, agreed to pay $200 million in fines and remediation to address hundreds of export control violations that led to the disclosure of sensitive military secrets.

AI_Cybersecurity

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AI can help reel in ‘unsustainable’ breach costs, IBM report finds

2024-08-01T21:51:00+01:00By

The global average cost of a data breach jumped to an all-time high for the second year in a row, but companies can reel in the ballooning drag on profits by adopting artificial intelligence, according to an IBM report.

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News Brief

OFAC sanctions entities providing electronic components for Iranian weapons

2024-07-31T14:40:00+01:00By

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.

Raytheon

News Brief

Raytheon parent reserves $1.24B over improper payments, export control violations

2024-07-26T19:18:00+01:00By

RTX Corp., the parent company of Raytheon, disclosed in a public filing it has reserved $1.24 billion to resolve legacy legal matters with the Department of Justice, Securities and Exchange Commission, and Department of State.

Diversity

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Survey tackles aligning cross-generational views of ethics in the workplace

2024-07-22T16:04:00+01:00By

Companies may need to examine employees by age group to find out how likely some workers might be to ditch compliance to complete tasks.

Israel

News Brief

FinCEN updates red flags to watch for in thwarting West Bank settler violence

2024-07-15T16:45:00+01:00By

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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Q&A: Seaco general counsel, compliance head on environmental regulations

2024-07-03T18:17:00+01:00By

Dominic Buckwell, general counsel and compliance head at global marine container leasing company Seaco, discussed key themes including anti-money laundering, sanctions, and why the industry needs common environmental reporting standards.

Turkey flag

News Brief

FATF removes Jamaica, Türkiye from watchlist; adds Monaco, Venezuela

2024-07-01T15:58:00+01:00By

Jamaica and Türkiye made “significant progress” addressing deficiencies in their anti-money laundering/countering the financing of terrorism (AML/CFT) programs, warranting their removal from the Financial Action Task Force’s grey list.

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News Brief

OFAC sanctions nearly 50 entities for ‘shadow banking’ benefiting Iranian military

2024-06-26T14:37:00+01:00By

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.

Financial Crimes 2024 Axelrod

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BIS’s Axelrod makes plea to financial services: ‘We want to work with you’

2024-06-12T21:47:00+01:00By

Matthew Axelrod, assistant secretary for export enforcement at the Bureau of Industry and Security, addressed efforts to reach financial services firms, working with the Financial Crimes Enforcement Network, and more during his fireside chat at CW’s Financial Crimes Summit.

Sanctions compliance TPRM

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Panelists break down robust sanctions landscape at TPRM Summit

2024-06-12T02:35:00+01:00By

Sanctions compliance officers face myriad challenges as complex geopolitical situations heighten risks worldwide, experts discussed during Compliance Week’s Third-Party Risk Management & Oversight Summit.

Airbus

News Brief

Airbus U.S. unit dinged by BIS for antiboycott violations

2024-06-04T17:20:00+01:00By

Satellite communications company Airbus DS Government Solutions received a reduced penalty from the Bureau of Industry and Security for admitting self-disclosed violations of antiboycott regulations.

Iran flag

News Brief

FinCEN warns financial institutions on Iran-backed terrorist organizations

2024-05-08T20:47:00+01:00By

The Financial Crimes Enforcement Network advised financial institutions in detecting illicit transactions related to Iran-backed terrorist organizations.

Iran flag

News Brief

OFAC fines SCG Chemicals unit $20M over Iran sanctions violations

2024-04-22T16:49:00+01:00By

A subsidiary of Thailand-based SCG Chemicals Co. agreed to pay a $20 million fine to the Office of Foreign Assets Control over “egregious” violations of sanctions against Iran.

Israel

News Brief

OFAC sanctions Israeli entities funding West Bank settler violence

2024-04-22T16:00:00+01:00By

The Office of Foreign Assets Control sanctioned two Israeli entities for establishing fundraising campaigns for extremists fomenting violence in the West Bank.

Treasury

News Brief

Treasury kicks off new wave of Iran sanctions

2024-04-18T21:20:00+01:00By

The Treasury Department announced new sanctions against Iran, with Treasury Secretary Janet Yellen promising “further actions in the days and weeks ahead” following the Middle East nation’s attack on Israel.

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News Brief

Ford to pay $365M in DOJ deal for evading customs tariffs

2024-03-12T19:33:00+00:00By

Ford Motor Co. agreed to pay $365 million to settle charges levied by the Department of Justice that the automaker purposefully dodged import duties for years by mislabeling and undervaluing hundreds of thousands of cargo vans it brought into the United States from Turkey.

Blog

OKX adds chief legal officer to Turkey board

2024-03-01T12:24:00+00:00By

OKX, a Web3 technology company and cryptocurrency exchange, announced Chief Legal Officer Mauricio Beugelmans was appointed as a member of the OKX Turkey board.

Kenya flag

News Brief

FATF adds Kenya, Namibia to AML/CFT watchlist; UAE, Uganda removed

2024-02-26T20:14:00+00:00By

Kenya was one of two African countries included in the Financial Action Task Force’s latest update to its list of jurisdictions under increased monitoring for money laundering and terrorist financing, while the United Arab Emirates was among four countries removed.

Raytheon

News Brief

Raytheon parent discloses indications of improper payments in Middle East

2024-02-08T19:46:00+00:00By

RTX Corp., parent company of aerospace and defense giant Raytheon, disclosed an internal investigation launched into potential improper payments in connection with contracts in the Middle East found indications of misconduct.

Israel

News Brief

FinCEN alert flags Israeli extremists fomenting violence in West Bank

2024-02-02T18:27:00+00:00By

The Financial Crimes Enforcement Network issued an alert addressing the financing of Israeli extremist settler violence against Palestinians in the West Bank.

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News Brief

Treasury cites Iraqi bank, owner over terrorist financing concerns

2024-01-29T21:44:00+00:00By

Al-Huda Bank faces severance from the U.S. financial system for being a conduit of terrorist financing, according to the Financial Crimes Enforcement Network, while its owner, Hamad al-Moussawi, was sanctioned by the Office of Foreign Assets Control.

Accounting fraud

News Brief

SEC fines UAE-based Brooge Energy $5M in fraud case

2023-12-22T17:00:00+00:00By

Brooge Energy agreed to pay $5 million in a settlement with the Securities and Exchange Commission resolving fraud charges related to a scheme to inflate revenues.

Discover Financial Services

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Five compliance triumphs from 2023

2023-12-13T15:00:00+00:00By

A financial services giant’s compliance mea culpa that could serve to benefit the rest of the profession, a chemical company’s praised FCPA settlement, and an example of the value of whistleblowers highlight CW’s annual list of laudable ethics and compliance moments.

Nasdaq

News Brief

OFAC: Nasdaq to pay $4M over ex-subsidiary’s Iran sanctions lapses

2023-12-11T16:43:00+00:00By

Nasdaq agreed to pay more than $4 million as part of a settlement with the Office of Foreign Assets Control addressing apparent Iran sanctions violations at the stock exchange operator’s former Armenian subsidiary.

Blog

Pure Harvest names chief sustainability officer

2023-11-20T16:36:00+00:00By

Agribusiness Pure Harvest Smart Farms appointed Josef Schmidhuber as chief sustainability officer.

Sanctions

News Brief

DaVinci Payments to pay $206K over OFAC sanctions lapses

2023-11-06T20:25:00+00:00By

DaVinci Payments, a financial services firm which manages prepaid reward card programs, agreed to pay approximately $206,000 as part of a settlement with the Office of Foreign Assets Control addressing alleged sanctions violations across four countries.

Treasury

News Brief

OFAC sanctions more investment entities linked to Hamas

2023-10-27T15:36:00+01:00By

The Treasury Department’s Office of Foreign Assets Control imposed a second round of sanctions on investment entities believed to be funding the terrorist organization Hamas.

Israel

News Brief

FinCEN alert flags Hamas terrorist financing indicators

2023-10-23T16:49:00+01:00By

The Financial Crimes Enforcement Network issued an alert warning financial institutions to be vigilant toward identifying funding streams supporting Hamas in its attacks against Israel.

Cybersecurity

News Brief

UAE joins pact with U.S. on cybersecurity cooperation

2023-10-17T22:12:00+01:00By

The United States and United Arab Emirates finalized an agreement to work together to safeguard the financial sector from cyberattacks.

Albemarle

News Brief

Albemarle to pay $218M in FCPA settlements with DOJ, SEC

2023-09-29T15:11:00+01:00By

Chemical company Albemarle was assessed penalties totaling more than $218 million as part of settlements with the Department of Justice and Securities and Exchange Commission addressing alleged violations of the Foreign Corrupt Practices Act across a handful of foreign countries.

3M_Web

News Brief

3M to pay $9.6M over Iran sanctions lapses

2023-09-22T18:34:00+01:00By

The Office of Foreign Assets Control ordered multinational conglomerate 3M to pay more than $9.6 million over apparent Iran sanctions violations by its subsidiary and a U.S. employee of a separate subsidiary.

Iran flag

News Brief

Emigrant Bank to pay $32K in Iran sanctions case

2023-09-22T16:01:00+01:00By

New York-based Emigrant Bank agreed to pay nearly $32,000 as part of a settlement with the Office of Foreign Assets Control addressing apparent sanctions violations regarding an account it maintained for a pair of Iranian residents.

Russia sanctions

News Brief

New OFAC sanctions expand clamps on Russia tech supply chain

2023-09-14T19:17:00+01:00By

The Office of Foreign Assets Control widened its area of focus to disrupt Russia’s technology supply chain with new sanctions announced against entities in Finland and Turkey.

Russia sanctions

News Brief

FinCEN analysis: Trends in Russia export control evasion attempts

2023-09-11T16:51:00+01:00By

Analysis of suspicious activity reports by the Financial Crimes Enforcement Network indicates nearly $1 billion in suspicious activity in cases of suspected evasion of Russia-related export controls.

Oil barrels

News Brief

Greek shipper fined $2.5M in Iranian oil smuggling case

2023-09-08T17:55:00+01:00By

Empire Navigation pleaded guilty to violating the International Emergency Economic Powers Act by carrying nearly 1 million barrels of Iranian oil from the sanctioned Islamic Revolutionary Guard Corps to another country.

columnist dale

Opinion

Whistleblower goes above, beyond in Construction Specialties OFAC case

2023-08-22T16:23:00+01:00By

The impact of “see something, say something” was on display as part of Construction Specialties’ settlement with the Office of Foreign Assets Control for apparent Iran sanctions violations.

iran_sanctions_web

News Brief

Construction Specialties to pay $660K in Iran sanctions case

2023-08-17T20:11:00+01:00By

Construction Specialties agreed to pay more than $660,000 in a settlement with the Office of Foreign Assets Control regarding three apparent sanctions violations in Iran carried out by “rogue employees” of its Middle Eastern affiliate.

News Brief

Neogen discloses avoided OFAC fine in Iran sanctions probe

2023-08-16T16:32:00+01:00By

Neogen Corp. disclosed the Office of Foreign Assets Control concluded a probe into potential sanctions violations regarding transactions by the food and animal safety company with parties in Iran without issuing a fine.

freedom_holdings_web

News Brief

Short seller accuses Freedom Holding Corp. of ‘brazen’ sanctions evasion

2023-08-15T20:59:00+01:00By

Freedom Holding Corp. was accused of “brazen sanctions evasion,” along with openly flouting anti-money laundering and know your customer regulations, as part of an investigative report published by short seller Hindenburg Research.

California flag

News Brief

CCPA first state privacy law deemed adequate by Dubai financial hub

2023-08-10T16:52:00+01:00By

The Dubai International Financial Centre announced the California Consumer Privacy Act passes muster, allowing compliant California businesses to be the first permitted to transfer data with the DIFC without additional contractual measures.