- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2024-05-02T15:06:00
Tucked deep inside the $95 billion foreign aid bill recently passed by Congress was a provision that escaped notice among talk of providing military assistance to U.S. allies Ukraine, Israel, and Taiwan.
The bill (H.R.815) included a change to U.S. sanctions law: Investigators from the Treasury Department’s Office of Foreign Assets Control (OFAC) can now look back 10 years to investigate potential violations of U.S. sanctions, rather than five years.
“It really is a big change that shows that Congress is focusing on the mechanics of sanctions, for better or worse,” said Laura Deegan, counsel at law firm Miller & Chevalier who was previously a sanctions regulations advisor in OFAC’s regulatory affairs division.
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The Financial Crimes Enforcement Network advised financial institutions in detecting illicit transactions related to Iran-backed terrorist organizations.
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.
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.
Microsoft and Indeed stepped up to adopt new artificial intelligence principles put forth by President Joe Biden, while leading senators took a step toward crafting AI legislation.
The Supreme Court rejected a claim that the Consumer Financial Protection Bureau’s funding mechanism is unconstitutional, removing a legal challenge that had the potential to overturn all the agency’s regulations and enforcement actions.
The Securities and Exchange Commission will require broker-dealers and registered investment advisers to adopt written policies and procedures for handling data breaches of customer data and notify affected customers within 30 days.
