- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2023-02-24T16:45:00
The Treasury Department’s Office of Foreign Assets Control (OFAC) marked the one-year anniversary of Russia’s invasion of Ukraine by unveiling 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.
OFAC on Friday announced new sanctions against 22 individuals and 83 entities, taken in coordination with its allies and G7 partners.
“Sanctioned actors have been known to turn to smaller banks as well as wealth management firms in an attempt to evade sanctions as Russia seeks new ways to access the international financial system,” the agency stated in a press release.
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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.
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.
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.
The Treasury Department’s Office of Foreign Assets Control sanctioned nearly 50 entities connected with so-called “shadow banking” networks that help Iran’s military evade U.S. sanctions and to sell the country’s oil and petrochemical products.
The Treasury Department’s Office of Foreign Assets Control and Secretary Janet Yellen announced sanctions Thursday against the top leaders of La Nueva Familia Michoacana drug cartel over the illicit trafficking of synthetic opioid fentanyl in the United States.
Sanctions compliance officers face myriad challenges as complex geopolitical situations heighten risks worldwide, experts discussed during Compliance Week’s Third-Party Risk Management & Oversight Summit.
