- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Jeff Dale2023-08-15T20:59:00
Freedom Holding Corp. was accused of “brazen sanctions evasion,” along with openly flouting anti-money laundering and know your customer regulations, as part of an investigative report published by short seller Hindenburg Research on Tuesday.
Founded in 2008, Freedom was previously based in Russia until it moved its headquarters to Kazakhstan. Following Russia’s invasion of Ukraine, the financial services firm in October 2022 sold its Russian business to Maxim Povalishin, its deputy general counsel and member of the board, for approximately $140 million.
However, Freedom’s founder and chief executive, Russian-born billionaire Timur Turlov, still secretly controlled its Russian entities, according to Hindenburg’s report.
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Data center owner Equinix disclosed it launched an independent investigation to review matters referenced in a recent short seller report that also caught the attention of the Department of Justice.
The Securities and Exchange Commission announced charges against New York-based Concord Management and its owner for operating as an unregistered investment adviser to a lone client: a sanctioned Russian oligarch.
U.K.-based foreign exchange service Wise Payments was cited for breaching the country’s sanctions levied against Russia as part of the Office of Financial Sanctions Implementation’s first use of its disclosure enforcement powers acquired last year.
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.
