All Sanctions articles – Page 11
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Article
OFAC closes investigation into Danske Estonia case
Danske Bank received a no-action letter from the U.S. Department of the Treasury’s Office of Foreign Assets Control regarding an investigation at the bank’s infamous Estonian branch.
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ArticleBiden will tread carefully on sanctions, seek international consensus, experts say
Experts believe President-elect Joe Biden will likely take his time before making big moves to unwind the dizzying array of sanctions levied by his predecessor, President Donald Trump.
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ArticleAirbnb in talks with OFAC regarding potential sanctions violations
Airbnb said in a regulatory filing that it has been in discussions with the Office of Foreign Assets Control regarding user activity on its platform that may be in violation of U.S. sanctions laws.
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Resourcee-Book: Financial services roadmap: Know Your Customer
Risk and compliance leaders in financial services should download this e-Book from CW and WorkFusion for better “Know Your Customer” oversight.
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ArticleBerkshire Hathaway fined $4.1M for Iran sanctions violations
The U.S. Department of the Treasury’s Office of Foreign Assets Control assessed a $4.1 million fine against Berkshire Hathaway for “egregious” violations of sanctions against Iran committed by a subsidiary in Turkey.
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Resourcee-Book: Government intensifies sanctions enforcement
The United Kingdom has become the second country behind the United States to issue guidance for companies in the maritime shipping industry helping them ferret out suspicious or illicit practices used by those hoping to evade sanctions.
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Article
World Bank debars Kalpataru Power Transmission for fraud
The World Bank announced the debarment of India-based Kalpataru Power Transmission for 12 months and one day for fraudulent practices connected to power development projects in the Democratic Republic of the Congo and Egypt.
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Article
Travel service company to pay $6M for violating Cuba sanctions
Generali Global Assistance has agreed to pay approximately $5.9 million for violating U.S. sanctions. The action comes a week after OFAC amended its Cuban Assets Control Regulations.
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Article
Keysight Technologies to pay $473K for sanctioned dealings in Iran
Keysight Technologies, a successor entity to Anite Finland, has reached a $473,157 settlement with the U.S. Department of the Treasury’s Office of Foreign Assets Control regarding subsidiary dealings in the sanctioned country of Iran.
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ArticleCompliance official key to Comtech sanctions penalty
The alleged actions of an export compliance official are at the heart of “egregious” apparent OFAC sanctions violations by New York-based Comtech Telecommunications Corp. and its wholly owned subsidiary regarding sales in Sudan.
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ArticleOFAC-Delaware sanctions pact more than meets the eye
As the state home to nearly 70 percent of Fortune 500 companies, the Delaware Department of Justice’s Memorandum of Understanding with OFAC represents a significant milestone for U.S. sanctions enforcement.
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ArticleCredit to JPMorgan Chase in this week’s banking-themed naughty/nice list
JPMorgan Chase, Danske Bank, Deutsche Bank, and Bank of America all either “Nailed It” or “Failed It” this week.
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ArticleDeutsche Bank Trust to pay $583K in Ukraine sanctions settlements
Deutsche Bank Trust Company Americas has reached a pair of settlements with the Office of Foreign Assets Control totaling $583,100 for apparent violations of Ukraine-related sanctions.
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ResourceWhite paper: Managing Sanctions Compliance in a Global Economy Part 2
Regardless of industry, companies have ample growth opportunities in today’s global economy—but with that growth comes an increasingly complex landscape of rules, regulations and compliance pitfalls.
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ArticleAssessing U.K. sanctions in a post-Brexit world
Can the United Kingdom play with the big boys when it comes to issuing its own sanctions, and what do compliance professionals need to know as Brexit’s start date looms closer?
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ArticleCurtiss-Wright reports possible Russia sanctions violation
A North Carolina manufacturer that traces its origins back to the Wright brothers may have violated sanctions by doing business with two longtime customers purchased by a blacklisted Russian company.
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ArticleOFAC announces rare sanctions enforcement against individual
The Office of Foreign Assets Control announced a $5,000 settlement with a U.S. person for apparent sanctions violations—a reminder the regulator can pursue enforcement against individuals in addition to companies.
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ArticleTreasury sanctions 11 individuals for undermining Hong Kong’s autonomy
The U.S. Department of the Treasury announced sanctions against 11 individuals for “undermining Hong Kong’s autonomy and restricting the freedom of expression or assembly of the citizens of Hong Kong.”
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ArticleU.K. issues maritime guidance for reducing sanctions risk
The United Kingdom has become just the second country to issue guidance for companies in the maritime shipping industry alerting them about common illicit and suspicious practices used to evade sanctions.
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ArticleWhitford to pay $824K for sanctioned dealings in Iran
Cookware coating manufacturer Whitford Worldwide has agreed to pay $824,314 as part of a settlement with OFAC regarding subsidiary dealings in the sanctioned country of Iran.