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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Neil Hodge2023-09-28T19:14:00
The recent decision by a U.K. regulator to disclose details of how a payments firm 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.
Under the Economic Crime (Transparency and Enforcement) Act 2022, the U.K.’s Office of Financial Sanctions Implementation (OFSI) gained a “disclosure enforcement power” allowing it to publish details of financial sanctions breaches—including the person/entity who committed the breaches—in cases where it decided the occurrence of noncompliance was not serious enough to justify a civil penalty.
On Aug. 31, OFSI used this power for the first time to provide details of a “moderately severe” breach—the withdrawal of just 250 pounds (U.S. $305) from a business account with Wise Payments held by a company owned or controlled by a person designated under Russian sanctions.
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2023-12-13T17:19:00Z By Kyle Brasseur
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.
2023-11-22T16:08:00Z By Neil Hodge
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.
2023-08-31T15:09:00Z By Kyle Brasseur
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.
2024-07-26T19:18:00Z By Jeff Dale
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.
2024-07-26T15:51:00Z By Aaron Nicodemus
The U.K. Financial Conduct Authority issued a fine of $4.5 million (3.5 million pounds) against a U.K.-based subsidiary of crypto platform Coinbase for providing services to high-risk customers in violation of FCA rules.
2024-07-26T13:36:00Z By Adrianne Appel
Admera Health agreed to pay more than $5.5 million to resolve allegations first brought by two whistleblowers that it paid kickbacks to third-party contractors, the Department of Justice said.
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