All Sanctions articles – Page 4
-
News BriefBusiness orgs fined $84K by DOJ over sanctioned Iran dealings
Taiwan-based DES International Co. and Brunei-based Soltech Industry Co. each agreed to pay fines of $83,769 after pleading guilty to Department of Justice charges of conspiring to violate U.S. export laws and sanctions by sending U.S.-origin goods to Iran.
-
News BriefOFAC 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 BriefMicrosoft 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 BriefUphold HQ fined $72K in OFAC sanctions case
Uphold HQ will pay $72,230 to settle charges levied by the Office of Foreign Assets Control that it processed sanctioned transactions for persons in Iran and Cuba and government employees in Venezuela.
-
News BriefWells Fargo fined $98M for facilitating sanctions violations in Iran, Syria, Sudan
Wells Fargo will pay nearly $98 million to settle charges a subsidiary facilitated more than $532 million worth of prohibited transactions in violation of sanctions against Iran, Syria, and Sudan.
-
News BriefSwedbank reserves $3.7M for OFAC settlement
Swedbank said it expects to pay 40 million Swedish krona (U.S. $3.7 million) as part of a settlement with the U.S. Treasury’s Office of Foreign Assets Control related to apparent sanctions violations.
-
News BriefU.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.
-
News BriefGodfrey Phillips India to pay $333K in North Korea sanctions case
Tobacco company Godfrey Phillips India agreed to pay $332,500 to the Office of Foreign Assets Control to settle charges it violated U.S. sanctions by involving U.S. banks and bank personnel in payments for shipments to North Korea.
-
News BriefOFAC 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.
-
News BriefTreasury 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 BriefRaiffeisen 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.
-
PremiumEthical culture strengthened by 2022 challenges, survey finds
LRN’s annual ethics and compliance benchmarking report found most respondents—85 percent—said their company’s ethical culture has been strengthened, not weakened, in facing the Covid-19 pandemic, Russia’s war in Ukraine, supply chain disruptions, and more.
-
News BriefBanks 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 BriefCrypto 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.
-
News BriefDanfoss to pay $4.4M in OFAC sanctions settlement
Danish manufacturer Danfoss agreed to pay nearly $4.4 million to settle allegations a subsidiary violated U.S. sanctions by running payments from customers based in Iran, Sudan, and Syria through the foreign branch of a U.S. financial institution.
-
ArticleFinCEN 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.
-
ArticleAML 2023 preview: Regs not backing down on beneficial ownership, tech needs
Keeping up with increasingly demanding anti-money laundering expectations in 2023 will likely mean doing more with less and figuring out where and when is the best place to use technology to aid compliance, experts say.
-
ArticleManaging sanctions risk: Keys to successful implementation
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.
-
PremiumTricky 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.
-
PremiumTop ethics and compliance failures of 2022
Businesses not taking AML requirements seriously, years of noncompliant off-channel communications catching up to financial services titans, and a manufacturing firm that shared revenue with terrorists comprise CW’s list of the biggest ethics and compliance fails of 2022.