- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2023-11-06T23:09:00
A wave of enforcement actions from the Department of Justice (DOJ) related to national security concerns is imminent, according to experts.
Russia’s war in Ukraine, Israel’s war with Hamas, and other geopolitical events are causing a spike in sanctions levied by the United States, the United Kingdom, the European Union, and other countries. As a result, there are new sanctions nearly every month that firms must incorporate into their sanctions screening compliance programs.
Other areas of compliance feeling pressure include anti-money laundering (AML) and anti-bribery.
Christian Nauvel, deputy chief counsel for corporate enforcement in the DOJ’s National Security Division, said the agency’s focus on national security is “top of mind at the highest levels.”
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Aerospace giant Boeing will pay a $51 million civil penalty to the State Department to resolve alleged export control violations related to unauthorized transfers and retransfers of technical data to foreign-person employees and contractors.
The Financial Crimes Enforcement Network issued an alert addressing the financing of Israeli extremist settler violence against Palestinians in the West Bank.
Emerging technologies like automation and generative AI are on the radar as difference-makers for businesses serious about keeping pace with increasing regulatory scrutiny toward third-party due diligence and sanctions compliance, a survey conducted by Compliance Week and Certa found.
Gurbir Grewal, director of the Securities and Exchange Commission’s Division of Enforcement, will step down from his post Oct. 11. Grewal, who had served as the division’s director since 2021, will be replaced by Sanjay Wadhwa, currently the division’s deputy director, the SEC said.
T-Mobile, which experienced three huge data breaches in the past three years, agreed to pay $31.5 million in penalties and remediation for failing to protect millions of its customers’ personal information as part of a settlement with the Federal Communications Commission.
The U.K.’s Financial Conduct Authority fined Starling Bank, Britain’s first digital bank, nearly 29 million pounds (U.S. $38.5 million) for repeated failures related to onboarding high-risk customers.
