Financial Crimes 2024 Axelrod


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


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


Panelists break down robust sanctions landscape at TPRM Summit


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.

DXC Technology

News Brief

​DXC Technology says no penalties on self-disclosed Russian sanctions matter


IT services company DXC Technology disclosed it received word from the Office of Foreign Assets Control and Bureau of Industry and Security that it won’t be penalized regarding potential Russian sanctions/export control violations it voluntarily self-disclosed in 2022.

Russian money

News Brief

Treasury details oligarch-tied Russia sanctions evasion scheme


Three Russia-based companies and an individual were designated by the U.S. Treasury Department for trying to recapture more than $1.5 billion in frozen shares owned by a previously sanctioned Russian oligarch using a complex evasion scheme.


News Brief

U.S., U.K. ban new Russian metal imports


The U.S. Treasury Department, in coordination with the United Kingdom, is clamping down harder on Russia’s ability to wage war against Ukraine by banning the import of Russian-origin aluminum, copper, and nickel.

CW2024 leadership panel


CW2024 leadership panel on navigating scrutiny, prep for more change


The global political landscape should be high on the risk radar of compliance officers in 2024, according to compliance leaders speaking at Compliance Week’s 2024 National Conference, along with increased regulatory scrutiny toward forced labor, ESG, and M&A.

Commerce Department

News Brief

BIS rule expands export control restrictions on OFAC sanctioned


The Bureau of Industry and Security adopted a final rule to extend its export restrictions across more entities and individuals designated under certain sanctions programs maintained by the Office of Foreign Assets Control.

Russia sanctions

News Brief

PURE Insurance to pay $466K in OFAC sanctions case


Insurance organization Privilege Underwriters Reciprocal Exchange agreed to pay $466,200 as part of a settlement with the Office of Foreign Assets Control addressing alleged sanctioned transactions on behalf of designated Ukrainian-Russian oligarch Viktor Vekselberg.

Digital crypto

News Brief

CoinList to pay $1.2M to settle Crimea sanctions violations


Virtual currency exchange CoinList Markets agreed to pay more than $1.2 million to settle allegations from the Office of Foreign Assets Control that it violated U.S. sanctions by processing transactions for customers located in the Crimea region of Ukraine.

U.K. business

News Brief

New U.K. office eyeing 2024 to enforce trade sanctions


The U.K. government is set to establish a new agency to enforce trade sanctions and provide compliance guidance to businesses regarding the country’s sanctions regimes.

Russia sanctions

News Brief

New OFAC sanctions target international Russia supporters


More than 150 new designations implemented by the Office of Foreign Assets Control continue U.S. efforts to crack down on entities and individuals supporting Russia from outside the country.

Russia sanctions


No clear path for leniency for U.K. firms navigating Russian sanctions


U.K. companies might be wary of informing regulators they have potentially violated sanctions against Russia over fears they could be publicly criticized for even minor breaches.

DOJ building


DOJ official: People ‘drawing the right conclusions’ on national security focus


Christian Nauvel, deputy chief counsel for corporate enforcement in the Department of Justice’s National Security Division, said the agency’s focus on national security is “top of mind at the highest levels” and that enforcement numbers are set to increase.

Wise Payments


Naming and shaming? Fair approach? Expert views mixed on OFSI’s Wise Payments case


The recent decision by the U.K. Office of Financial Sanctions Implementation to disclose details of how Wise Payments failed to stop an individual from obtaining cash while subject to Russian sanctions has ignited debate about whether the agency is taking the right enforcement approach.

SEC building

News Brief

SEC: Investment adviser to sanctioned Russian oligarch failed to register


The Securities and Exchange Commission announced charges against New York-based Concord Management and its owner for operating as an unregistered investment adviser to a lone client­­: a sanctioned Russian oligarch.

Russia sanctions

News Brief

New OFAC sanctions expand clamps on Russia tech supply chain


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


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.

Wise Payments

News Brief

Wise Payments cited for Russia sanctions breaches in landmark OFSI action


U.K.-based foreign exchange service Wise Payments was cited for breaching the country’s sanctions levied against Russia as part of the Office of Financial Sanctions Implementation’s first use of its disclosure enforcement powers acquired last year.


News Brief

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


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.

Belarus flag

News Brief

OFAC doubles down on sanctions against Belarusian regime


The Treasury Department’s Office of Foreign Assets Control announced expanded sanctions against the Belarusian regime three years after the country’s disputed 2020 presidential election.



Common sanctions compliance trip points from 2023 enforcement cases


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.


News Brief

G7 task force to aid crack down on corruption in Ukraine


The Group of Seven justice ministers announced a Japan-led joint task force to “help Ukraine strengthen the rule of law and fight corruption,” according to U.S. Deputy Attorney General Lisa Monaco.

File transfer hack


Shades of SolarWinds in lessons from MOVEit hack


A ransomware attack affecting some of the U.K.’s largest corporations has highlighted once again how exposed organizations can be if the levels of cybersecurity used by their third parties are not as strong as expected.

DXC Technology

News Brief

DXC Technology self-reports possible Russian sanctions violations


DXC Technology Company disclosed it might have violated U.S. sanctions and export controls against Russia in its sale of a Russian subsidiary.

Treasury Department

News Brief

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


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.

News Brief

Attorney pleads guilty to aiding sanctioned Russian oligarch


New York attorney Robert Wise faces up to five years in prison after pleading guilty to making payments to maintain U.S. properties secretly owned by sanctioned Russian oligarch Viktor Vekselberg.

Russian money

News Brief

OFAC sanctions International Investment Bank over Russian ties


The International Investment Bank, a multinational development institution headquartered in Hungary, was designated by the Office of Foreign Assets Control for potentially facilitating the evasion of U.S. sanctions against Russia.


News Brief

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


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.


News Brief

Flutter Entertainment to pay $4M for legacy FCPA violations


Ireland-based gaming and sports betting company Flutter Entertainment will pay a $4 million fine to resolve SEC charges payments made to Russian consultants by a company it acquired violated the Foreign Corrupt Practices Act.

Russia_United States

News Brief

U.S. authorities list red flags for sanction evasion by third parties


The Bureau of Industry and Security, Office of Foreign Assets Control, and Department of Justice issued guidance to highlight common methods bad actors use to evade sanctions and export controls on Russia and how to spot their use.

Russia sanctions

News Brief

OFAC imposes new sanctions to mark anniversary of Russia’s Ukraine invasion


The Office of Foreign Assets Control unveiled a slew of new sanctions against financial services firms and individuals that either support Russia’s war effort or have been judged to be undermining existing U.S. sanctions.

Russia sanctions

News Brief

Treasury No. 2 warns of increased Russian sanctions enforcement


Deputy Secretary of the Treasury Wally Adeyemo said the agency is primed to step up its enforcement efforts regarding sanctions and export controls announced against Russia in the year since the country invaded Ukraine.


News Brief

Raiffeisen confirms OFAC probe into Russia, Ukraine business


Raiffeisen Bank International said it received a request for information from the Treasury Department’s Office of Foreign Assets Control regarding its business activities related to Russia and Ukraine.

DOJ building

News Brief

Banks fooled in DOJ Russian yacht sanctions evasion case


The Department of Justice’s charges against a U.K. businessman and his Russian partner for evading U.S. sanctions against a Russian oligarch provide insight into how the use of shell companies, third parties, and other methods can thwart the compliance efforts of financial institutions.


News Brief

Crypto exchange Bitzlato shut down, labeled ‘money laundering concern’


The Financial Crimes Enforcement Network designated Bitzlato, a Hong Kong-registered cryptocurrency exchange, as a “primary money laundering concern” in the first use of a law that targets entities that facilitate illicit Russian financial transactions.

Russia sanctions


FinCEN report identifies financial trends of Russian oligarchs


The Financial Crimes Enforcement Network published an analysis of financial trends involving Russian oligarchs and how U.S. financial institutions have aided in the identification of more than $30 billion worth of sanctioned Russians’ assets.



Managing sanctions risk: Keys to successful implementation

2022-12-22T16:33:00+00:00By Holly Thomas-Wrightson, International Compliance Association

The International Compliance Association hosted a webinar looking at challenges faced by organizations regarding changes in the sanctions landscape in 2022. Holly Thomas-Wrightson offers a recap of the discussion.

Global trade


Tricky but doable: Tips for navigating sanctions in third-party relationships


Sanctions concerns don’t need to end all business relationships in high-risk regions. Experts at CW’s virtual TPRM and Oversight Summit share their experiences navigating compliance.

Julius Baer


FCA fines Julius Baer subsidiary $21.5M for bribery scheme


Julius Baer International will pay more than £18 million (U.S. $21.5 million) to settle charges laid by the U.K. Financial Conduct Authority for paying bribes to generate business with a Russian oil company.



SolarWinds under SEC probe for handling of 2020 cyberattack


SolarWinds revealed the Securities and Exchange Commission is examining cybersecurity disclosures and public statements the company and its executives made after its massive 2020 data breach caused by hackers backed by the Russian government.

Steel factory


OFAC designates steel giant MMK in latest Russian sanctions


The Office of Foreign Assets Control designated Magnitogorsk Iron and Steel Works, one of the world’s largest steel-producing companies, as part of its latest round of sanctions against Russia in response to the country’s invasion of Ukraine.



SEC questioned Citi for additional info on Russia exposure


The Securities and Exchange Commission recently posed a series of probing questions to Citigroup seeking to understand the impact of Russia’s invasion of Ukraine on the bank’s exposure in Russia.

Russia sanctions


FinCEN/BIS alert flags Russia export control evasion indicators


The Financial Crimes Enforcement Network and Bureau of Industry and Security warned financial institutions to be on the lookout for new and novel ways individuals and entities in Russia and Belarus are attempting to evade export controls.

Treasury Department


Treasury considering rule to address AML ‘loopholes’ in private investment


The Treasury Department is considering rulemaking that would seek to mitigate the growing risk sanctioned Russian oligarchs and politicians will attempt to use “hedge funds, private equity firms, and investment advisers to hide their assets.”

Global business


Best practices, common pitfalls in working in high-risk countries


A panel of compliance professionals discussed the increasingly relevant topic of working in high-risk countries, sharing their experiences and lessons learned at Compliance Week’s National Conference in Washington, D.C.

Treasury Department


New sanctions add ban on U.S. accounting, management consulting work in Russia


The Treasury Department unveiled a host of new sanctions against Russian and Belarusian individuals and banks, in addition to a ban on U.S.-based accounting, management consulting, and trust and corporate formation services to any person located in the Russian Federation.



Cost of business? EU energy firms weigh bypassing Russian sanctions to secure gas


Russia’s squeeze on European energy companies to pay for gas in rubles might be about to pay off as some of the continent’s largest suppliers appear to be working out sanctions-compliant solutions to secure gas flows.

Shadow business


Why beneficial ownership is crucial in supporting current sanctions

2022-05-03T20:02:00+01:00By Jason Morris, International Compliance Association

To ensure Russian money is controlled, and for sanctions to work, it is imperative the beneficial owners of sanctioned firms are identified. But determining beneficial owners is not always straightforward.

Department of Justice


‘The new FCPA’: Monaco stresses sanctions as top DOJ commitment


As part of a discussion at an industry event, Deputy Attorney General Lisa Monaco reiterated the Justice Department will prioritize the enforcement of sanctions the United States has placed on Russia following its invasion of Ukraine.

Tyler Hand


CW National 2022 Q&A: Tyler Hand on working in high-risk countries


Tyler Hand, chief compliance officer at Western Union, previews his panel titled, “The Fast-Evolving Risk Working in High-Risk Countries—Experiences and Lessons Learned,” at CW’s National Conference in Washington, D.C. from May 16-18.