- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Jaclyn Jaeger2019-04-09T20:20:00
Standard Chartered Bank, a U.K.-based financial institution, will pay a total of $1.1 billion in a global settlement for sanctions violations.
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The U.K. Office of Financial Sanctions Implementation hit Standard Chartered Bank for a record fine relating to loans the bank made to Russian financial institutions in violation of the EU’s sanction regime.
A new report published by the Department of the Treasury cites compliance weaknesses among the most significant illicit finance threats and vulnerabilities facing the U.S. financial system.
Financial services firm Cantor Fitzgerald will pay a $6.75 million fine to the Securities and Exchange Commission for making misleading statements regarding two special purpose acquisition companies that it controlled.
The EU and U.K. have rushed to commit themselves to intensifying action on sanctions evasion after U.S. President-elect Donald Trump’s victory, but any compliance managers who believe Trump will make global sanctions compliance easier in 2025 are likely to be disappointed.
With a new political regime ready to take over in the U.S., the effectiveness of sanctions against malign foreign actors like Russia, North Korea, and Iran have come into question. While the European Union and U.K. have increased sanctions pressure, critics have publicly asked: Is it enough?
The U.K. has issued 56 new sanctions against entities and individuals involved with Russia’s war effort, including several private mercenary groups operating in Africa that are connected to the Kremlin.
