Middle East

 

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.

ford_web

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.

dinar_iraq_web

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.

ESG

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KPMG survey: ESG-related concerns in M&A derailing deals

2023-08-09T16:56:00+01:00By

Material findings related to environmental, social, and governance due diligence have disrupted mergers and acquisitions, forcing companies in the United States and abroad to back out of deals, according to a study from KPMG.

Dubai

News Brief

Dubai financial regulator fines Mirabaud unit $3M for weak AML controls

2023-08-03T19:23:00+01:00By

A Middle Eastern unit of international banking group Mirabaud was ordered to pay a $3 million fine for inadequate anti-money laundering controls by the Dubai Financial Services Authority.

United Arab Emirates

News Brief

UAE approves plan to establish AML prosecutor

2023-07-31T16:06:00+01:00By

The United Arab Emirates has moved forward with plans to establish federal prosecution entities specializing in economic crimes and money laundering.

BAT_web

Premium

Common sanctions compliance trip points from 2023 enforcement cases

2023-07-31T16:00:00+01:00By

Penalties against companies including British American Tobacco, Wells Fargo, and Microsoft demonstrate the multiple ways in which businesses can run afoul of U.S. sanctions—an area receiving increased scrutiny by regulators.

Blog

Rapyd names chief compliance officer

2023-07-20T19:53:00+01:00By

Fintech company Rapyd announced the appointment of Shlomit Wagman as global chief regulation and compliance officer.

AIMaze

Premium

Kroll survey: Firms rapidly adopting AI tools for financial crime compliance

2023-06-29T15:04:00+01:00By

A new survey of senior leaders and risk professionals from around the world found more than half the respondents have turned to artificial intelligence technology to address a perceived rise in financial crime risks, although most solutions are still rather new.

Blog

Monday.com promotes general counsel to chief people and legal officer

2023-06-08T16:30:00+01:00By

Software developer monday.com announced the promotion of General Counsel Shiran Nawi to chief people and legal officer.

Treasury Department

News Brief

U.S. reinvigorates anti-Russia push with new sanctions, guidance

2023-05-22T19:40:00+01:00By

The United States once again ratcheted up sanctions against Russia in an attempt to further choke off the funds and military supplies the country is using in its war against Ukraine.

Unilever

News Brief

Murad to pay $3.3M for ‘egregious’ Iran sanctions lapses

2023-05-19T15:16:00+01:00By

California-based cosmetics company Murad, a subsidiary of Unilever, agreed to pay $3.3 million as part of a settlement with the Office of Foreign Assets Control addressing apparent Iran sanctions violations over an eight-year period.

Poloniex

News Brief

Crypto exchange Poloniex to pay $7.6M in OFAC sanctions case

2023-05-02T16:15:00+01:00By

Cryptocurrency exchange Poloniex agreed to pay nearly $7.6 million as part of a settlement with the Office of Foreign Assets Control for engaging with more than 200 customers across a handful of sanctioned regions.

News Brief

Business orgs fined $84K by DOJ over sanctioned Iran dealings

2023-04-20T16:34:00+01:00By

Taiwan-based DES International Co. and Brunei-based Soltech Industry Co. each agreed to pay fines of $83,769 after pleading guilty to Department of Justice charges of conspiring to violate U.S. export laws and sanctions by sending U.S.-origin goods to Iran.

Ericsson

Premium

Ericsson’s sordid affair with DOJ raises questions on DPAs, transparency

2023-04-19T13:16:00+01:00By

A critical examination of Ericsson’s 2019 deferred prosecution agreement and the Department of Justice’s determination the company breached the agreement raises questions regarding the overall lack of accountability in the corruption scheme.

Microsoft

News Brief

Microsoft to pay $3.3M to settle sanctions, export control violations

2023-04-06T21:19:00+01:00By

Microsoft will pay more than $3.3 million to settle charges from the Office of Foreign Assets Control and Bureau of Industry and Security its subsidiaries violated sanctions laws and export controls across their dealings in four sanctioned countries and Ukraine’s Crimea region.

Venezuela flag

News Brief

Uphold HQ fined $72K in OFAC sanctions case

2023-03-31T19:51:00+01:00By

Uphold HQ will pay $72,230 to settle charges levied by the Office of Foreign Assets Control that it processed sanctioned transactions for persons in Iran and Cuba and government employees in Venezuela.

Wells Fargo

News Brief

Wells Fargo fined $98M for facilitating sanctions violations in Iran, Syria, Sudan

2023-03-30T21:05:00+01:00By

Wells Fargo will pay nearly $98 million to settle charges a subsidiary facilitated more than $532 million worth of prohibited transactions in violation of sanctions against Iran, Syria, and Sudan.

Ericsson

News Brief

Ericsson to pay $207M for breaches of 2019 DPA over FCPA violations

2023-03-03T19:53:00+00:00By

Swedish telecommunications company Ericsson agreed to pay nearly $207 million following two breaches of its 2019 deferred prosecution agreement with U.S. authorities.

Johnson & Johnson

News Brief

J&J unit to pay $9.75M to settle kickback suit

2023-01-24T18:47:00+00:00By

A Johnson & Johnson medical device subsidiary admitted to providing thousands of dollars in equipment as kickbacks to an orthopedic surgeon as part of a $9.75 million settlement reached with the Department of Justice.

Danfoss

News Brief

Danfoss to pay $4.4M in OFAC sanctions settlement

2023-01-03T19:23:00+00:00By

Danish manufacturer Danfoss agreed to pay nearly $4.4 million to settle allegations a subsidiary violated U.S. sanctions by running payments from customers based in Iran, Sudan, and Syria through the foreign branch of a U.S. financial institution.