Sanctions


StandardCharteredFeature

Standard Chartered fined $24.9M for Ukraine sanctions breaches

2020-03-31T17:19:00+01:00By

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.

Swedbank

Swedbank notifies OFAC of potential sanctions violations

2020-03-16T18:24:00+00:00By

Swedbank announced it has reported approximately $4.8 million worth of transactions that might be subject to U.S. sanctions to the Treasury Department’s Office of Foreign Assets Control.

Iran

Compliance best practices for ever-evolving Iran sanctions

2020-03-10T16:11:00+00:00By

A new executive order issued in January places additional sanctions on a much broader portion of Iran’s economy and, from a compliance and risk management standpoint, puts a broader range of companies in the crosshairs of U.S. enforcement.

50 percent rule

Q&A: Clearing up confusion with OFAC’s 50 Percent rule

2020-03-04T16:16:00+00:00By

Compliance Week spoke with Tiffany Archer, regional ethics and compliance officer and corporate counsel at Panasonic Avionics Corporation, on demystifying OFAC’s 50 Percent rule.

Refinitiv Sanctions 2020

e-Book: Regulators get tough on abuses, distribute sanctions

2020-03-04T06:05:00+00:00Provided by

ExxonMobil’s recent victory in a sanctions case could inspire others to fight back against U.S.-imposed sanctions.

Sanctions

Four ways to make sanctions more effective

2020-03-03T16:34:00+00:00By David Povey, International Compliance Association

Sanctions make an impact, but could they be better? Can they be better employed and more effective in achieving their aims?

Sanctions

SITA settles nearly 10K alleged OFAC sanctions violations for $7.8M

2020-02-26T21:31:00+00:00By

Société Internationale de Télécommunications has agreed to pay approximately $7.8 million to settle 9,256 apparent sanctions violations with the Treasury Department’s Office of Foreign Assets Control.

Oilfield

Treasury sanctions Rosneft subsidiary for Venezuelan ties

2020-02-19T19:07:00+00:00By

The Department of the Treasury’s Office of Foreign Assets Control has sanctioned a subsidiary of Russian state-run oil company Rosneft for operating in the oil sector of the Venezuelan economy.

Huawei

DOJ indictment alleges Huawei fraud, trade secrets theft

2020-02-13T21:12:00+00:00By

The Department of Justice unveiled a fresh round of allegations against Chinese tech giant Huawei, including racketeering, theft of trade secrets, and bank fraud.

Fines

Study: Post-financial crisis fines against financial institutions hit $36B

2020-02-11T19:39:00+00:00By

Global fines and penalties against financial institutions hit $36 billion last year, as ramifications from the financial crisis continue to reverberate throughout the financial services industry, according to a new report.

Brexit star

Experts weigh in on Brexit consequences for GDPR, AML, more

2020-02-10T18:40:00+00:00By

The wheels to the United Kingdom’s exit from the European Union are finally in motion, but the hard work still remains as to what kind of future trading relationship the country has with the single market.

Shipping

​Eagle Shipping settles ‘egregious’ OFAC case for $1.1M

2020-01-27T20:25:00+00:00By

Eagle Shipping International will make a handful of enhancements to its compliance controls as part of a $1.125 million settlement with the Department of the Treasury’s Office of Foreign Assets Control.

Sanctions

Park Strategies execs draw ire of OFAC in settlement

2020-01-22T18:46:00+00:00By

Park Strategies will pay a relatively tame $12,150 to settle apparent OFAC violations, though the behavior of the lobbying firm’s executives was listed as an aggravating factor in the case.

Race2020

NAVEX Global: Top 10 compliance trends for 2020

2020-01-17T19:20:00+00:00By

A recent Webinar, and complementary report, from NAVEX Global offers a look at the top 10 risk and compliance trends for 2020.

ExxonMobil

Will ExxonMobil’s victory in sanctions case mean more pushback?

2020-01-17T18:01:00+00:00By

ExxonMobil’s victory in a sanctions case before a federal court just might empower others in the regulated community to challenge the imposition of fines for alleged violations of sanctions regulations.

USIranChess

OFAC designates new sanctions against Iran’s metals industry

2020-01-13T17:24:00+00:00By

Sanctions compliance officers should be on alert following several new sanctions designated by the Office of Foreign Assets Control against Iran’s largest steel, aluminum, copper, and iron manufacturers.

Gavel

Exxon wins legal battle with OFAC over sanctions violation

2020-01-03T17:23:00+00:00By

A federal judge ruled this week Exxon will not have to pay a $2 million civil penalty levied by OFAC in 2017 for violating Ukraine-related sanctions regulations.

JusticeDepartment

DOJ revises export control and sanctions enforcement policy

2019-12-16T20:12:00+00:00By

The Department of Justice has revised its policy regarding voluntary disclosures of export control and sanctions violations.

Columnist_Hodge

WADA mess: Sports regulator’s light touch sends bad compliance message

2019-12-13T15:55:00+00:00By

One of sports’ key enforcement agencies handed out a penalty this week that sent a message no regulator wants to send: Punitive action may only come after the guilty party has already reaped the rewards.

HumanRights

Treasury sanctions 18 individuals connected to human rights abuse

2019-12-10T18:30:00+00:00By

The Office of Foreign Assets Control has added 18 individuals across six geographies to its Specially Designated Nationals list for their roles in serious human rights abuse. Six entities have also been added to the list.

ArrowsUp

Study: Spike in OFAC sanctions pose compliance challenges

2019-12-06T20:04:00+00:00By

Some companies might scramble to comply with more—and sometimes quickly shifting—sanctions requirements as the U.S. government chalks up record enforcement levels.

Apple

OFAC: Apple shows ‘reckless disregard’ for sanctions in ‘non-egregious’ violation

2019-11-26T17:11:00+00:00By

The Treasury Department’s Office of Foreign Assets Control had harsh words for Apple’s sanctions compliance program in announcing a not-so-hefty $466,912 settlement with the technology giant.

Huawei logo

Reports: Huawei dangles incentives to overcome U.S. sanctions

2019-11-13T21:21:00+00:00By

Chinese telecommunications giant Huawei is reportedly offering cash rewards to employees aiding its struggle against significant U.S. sanctions.

Refinitiv Sanctions

e-Book: Navigating the Hazardous World of Global Sanctions

2019-10-31T07:23:00+00:00Provided by

The world of global sanctions compliance is only growing more complex, not simpler. This can’t-miss e-Book, produced by Compliance Week in collaboration with Refinitiv, will help compliance officers and corporate counsel navigate through these legal and regulatory complexities.

WorldBankGroup

World Bank Group debars MTZ Equipment for fraud

2019-10-30T17:12:00+00:00By

The World Bank has imposed a 30-month debarment on Canada-based MTZ Equipment for fraudulent practices connected to Afghanistan’s On-Farm Water Management Project.

Tarriffs

USTR will soon accept tariff exclusion requests

2019-10-22T18:17:00+01:00By

The Office of the U.S. Trade Representative will begin accepting tariff exclusion requests on Oct. 31 for Chinese imports subject to an additional 15 percent tariff that took effect Sept. 1.

TerroristMoney

What banking CCOs need to know about new terrorist funding order

2019-09-13T14:42:00+01:00By

Impacted financial institutions, including cryptocurrency exchangers, may want to review know-your-customer policies and anti-money laundering compliance in light of President Trump’s executive order.

Audit

PCAOB sanctions Marcum over auditor independence issues

2019-09-11T17:59:00+01:00By

The PCAOB has settled disciplinary actions with audit firm Marcum, an affiliated firm, and its former auditor independence leader over independence violations.

ChinaUSTradeWar

How industries are responding to the escalating U.S.-China trade war

2019-09-06T15:36:00+01:00By

While the escalating tit-for-tat trade war and increasing tariff rate hikes between the U.S. and China cannot be controlled, proactive companies are learning to swing with the punches—from diversifying their supply chains to shifting their production lines elsewhere.

Ward

Bob Ward on pros of targeted sanctions

2019-07-15T15:45:00+01:00By

Bob Ward, director of trade compliance at Wesco International, explains to columnist Tom Fox the benefits of targeted sanctions and how compliance practitioners can properly respond to such.

Sanctions

Five ‘essential components’ of a sanctions compliance program

2019-07-02T19:40:00+01:00By

Chief compliance officers got some much-needed guidance on how to build a well-crafted sanctions compliance program thanks to the recent OFAC framework.

FedEx plane

FedEx sues Feds over export control burdens related to Huawei dispute

2019-06-25T18:12:00+01:00By

Shipping giant FedEx is suing the federal government in an effort to reverse what it says are impossible to achieve compliance burdens imposed by the Department of Commerce.

TornContract

SEC overturns PCAOB action stemming from financial crisis

2019-06-19T13:45:00+01:00By

The SEC has canceled sanctions imposed by the PCAOB on a now-retired KPMG auditor connected with a mortgage lender failure at the height of the financial crisis.

Expedia building

Expedia settles with Treasury for violations of U.S. sanctions on Cuba

2019-06-14T16:28:00+01:00By

Expedia Group has agreed to pay more than $325,000 to resolve allegations that it violated U.S. sanctions on Cuba, the Treasury Department announced.

CRCC building

World Bank debars China Railway Construction, two subsidiaries

2019-06-10T14:52:00+01:00By

The World Bank announced the nine-month debarment of China Railway Construction Corp. and two of its subsidiaries concerning misconduct under a highway project in Georgia.

Veolia

World Bank debars French, Brazilian subsidiaries of Veolia Water

2019-05-29T19:39:00+01:00By

The World Bank has debarred two subsidiaries of Veolia Water Technologies for fraudulent and collusive practices during a bidding process under the Río Bogotá Environmental Recuperation and Flood Control Project in Colombia.

Treasury_Department_rear_view

Treasury issues Finding of Violation to State Street subsidiary

2019-05-29T19:17:00+01:00By

The U.S. Treasury Department has found that State Street Bank and Trust violated Iranian Transactions and Sanctions Regulations.

Huaweibldg

U.S. could ban all Huawei products

2019-05-16T19:59:00+01:00By

New moves from the Commerce Department suggest a full domestic ban on products from the Chinese telecom giant Huawei are forthcoming.

WorldBank

World Bank Group debars Sieyuan Electric

2019-05-14T17:07:00+01:00By

The World Bank Group has placed a 15-month debarment on Shanghai-based Sieyuan Electric relating to fraudulent practices under the Inter-Zonal Transmission Hub Project.

BankAustria

UniCredit Group Banks to pay $1.3B for sanctions violations

2019-04-17T20:03:00+01:00By

UniCredit Group Banks will pay total financial penalties of approximately $1.3 billion for processing hundreds of millions of dollars of transactions through the U.S. financial system on behalf of an entity designated as a weapons of mass destruction proliferator and other Iranian entities subject to U.S. economic sanctions, the Department ...

StandardCharteredFeature

Standard Chartered Bank to pay $1.1B for sanctions violations

2019-04-09T20:20:00+01:00By

Standard Chartered Bank, a U.K.-based financial institution, will pay a total of $1.1 billion in a global settlement for sanctions violations.