All Sanctions articles – Page 3
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Article
LexisNexis Risk Solutions’ Chrisol Correia on AML, the convergence of risk intelligence
The leader of LexisNexis Risk Solutions' global anti-money laundering solutions strategy discusses trends in AML, risk management technology, and the evolution of FinTech compliance.
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Blog
OFAC fines AIG for insuring Iran, Sudan, and Cuba shipments
American International Group last month agreed to pay the Office of Foreign Assets Control $148,698 to settle potential civil liability for 555 “apparent violations” of the OFAC sanctions program for insuring Iran, Sudan, and Cuba shipments.
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Blog
ZTE accused of sending U.S. products to Iran
ZTE, a multinational telecommunications equipment and systems company, pleaded guilty to Justice Department charges it was illegally shipping U.S.-origin items to Iran.
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Blog
Sen. Brown asks Treasury to probe President’s business ties
U.S. Sen. Sherrod Brown (D-Ohio) has asked the Treasury Department to review President Trump’s investment partners and business associates to assess whether there are violations of anti-terrorist financing, sanctions, or money laundering laws.
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EC takes action against 7 member states for failing to penalise VW
Germany, Luxembourg, Spain, the United Kingdom, Greece, Lithuania, and the Czech Republic are all the latest fallout victims from VW’s Dieselgate, writes Neil Hodge.
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New sanctions, export controls guidance from DoJ
The Justice Department just made it a lot harder to get credit for voluntarily self-disclosing potential violations of sanctions and export controls. Jaclyn Jaeger reports.
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Plantronics decision calls for stricter vigilance in e-Discovery compliance
Living up to various e-Discovery requirements from different states and regulatory agencies means a comprehensive compliance digital record overhaul. David Bogoslaw reports.
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BlogPanama Papers: Mossack Fonseca linked to offshore deals in Africa
A new round of investigations on the Panama Papers conducted by the International Consortium of Investigative Journalists (ICIJ) this week revealed that Panama-headquartered law firm Mossack Fonseca established offshore companies to own, hold, or do business with petroleum, natural gas, and mining operations in 44 of Africa’s 54 countries—many of ...
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Blog
Treasury and Commerce Further Amend Cuba Sanctions Regulations
The Department of the Treasury’s Office of Foreign Assets Control and the Department of Commerce’s Bureau of Industry and Security recently published amendments to the Cuban Assets Control Regulations to further implement policy change amendments to the Cuban Assets Control Regulations laid out by the president in December 2014. These ...
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Blog
New OFAC Sanctions Rules Target Cyber-Attacks
The Treasury Department has implemented new rules that execute an executive order issued in April by President Barack Obama authorizing sanctions against countries and foreign nationals involved in cyber-attacks against U.S. citizens, companies, or government agencies. The rules formalize a strategy used to increase sanctions against North Korea in response ...
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Article
Distilling Compliance Lessons of U.S. Sanctions Laws
Crédit Agricole, fined nearly $790 million last week for violations of U.S. sanctions law, is the latest cautionary tale on this particularly nettlesome patch of corporate compliance. Penalties for sanctions lapses are surging, and the regulations themselves are growing exponentially more complicated. Sanctions compliance was a prime topic at one ...
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Article
FAQs, but Few Answers, on Iran Deal Implications
Image: Questions abound on the U.S.-Iran nuclear deal. Assuming the agreement comes into force, what does that mean for compliance officers? Nothing easy, as your sanctions effort must shift to more complex due diligence efforts. “The sanctions world is moving from an entity-based inquiry to an entity- and activity-based inquiry. ...
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Blog
NY Regulator Blocks Promontory from Bank Consulting
New York’s Department of Financial Services Department will deny Promontory Financial Group access to confidential supervisory bank information, a move that prevents it from engaging in regulatory work with financial institutions the state regulator oversees. The action follows a report critical of work the consultant did for British bank ...
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Blog
OFAC Fines Boston Firm for Contracting Iranian Developers
The Treasury Department’s Office of Foreign Assets Control has fined a Boston-area software company for violating Iranian sanctions by using Web developers from that country. The company was fined $205,650 despite protests that the amount was too high and “its lack of a compliance program and failure to implement one ...
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Article
Rule Change to Ease Export Controls in the Cloud
Image: Good news: U.S. export control regulations may finally be catching up to modern cloud computing technology, with new rules to focus on keeping sensitive data secure rather than on where the data is stored. Defense and tech companies are likely to be beneficiaries, as they could now use cloud ...
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Article
Export Control Reform Still Lags, Leaving Compliance Programs in Lurch
Image: Anyone involved in international trade might hope that one day, in the long run, export control reform will alleviate the compliance burden companies face now. In the short run, however, expect even more pain as reform ideas inch along. “This is one of the most complex and changing environments ...
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Blog
HSBC Disciplines U.S. Executive Over Compliance Attitude
HSBC has decided to reassign the Americas head of its global banking division because of the manager’s poor attitude about the bank’s compliance and audit program, according to an update from its compliance monitor. The report cited that move as one example of HSBC’s improvement on compliance, while still warning ...
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Blog
AML Efforts Face Renewed Focus on SARs, Beneficial Ownership Data
Financial institutions should prepare for even greater scrutiny on their anti-money laundering efforts. Pending legislation and rulemaking will smooth the way for regulatory probes to use beneficial ownership information, and to expand the use of Suspicious Activity Reports, regulators said this week.
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Blog
$1.45B Commerzbank Settlement Hits AML Controls
Germany-based Commerzbank and its U.S. branch, Commerz New York, will pay a total of $1.45 billion in penalties to resolve criminal charges for violations of the International Emergency Economic Powers Act and the Bank Secrecy Act. The settlement provides a litany of lessons on the importance of implementing proper anti-money ...
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Post-Investigation Follow-Up and Discipline at 3M
Image: What role should compliance officers have in investigations and discipline? How can they maintain independence during an investigation and subsequent sanctions decisions, while developing an effective strategy for what happens next? We talked to Jim Zappa, chief compliance officer at 3M Corp. about his approach. Zappa will be among ...
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