Sanctions


Sanctions

OFAC targets Mexican companies for helping Venezuelan President Maduro evade U.S. sanctions

2020-06-23T15:32:00+01:00By

The U.S. Department of the Treasury’s Office of Foreign Assets Control has blacklisted a network of Mexican individuals and companies said to be helping Venezuelan President Nicolas Maduro evade U.S. sanctions.

CSI managing sanctions

White paper: Managing Sanctions Compliance in a Global Economy Part 3

2020-06-10T09:35:00+01:00Provided by

In today’s global economy, opportunities for growth are often accompanied by an increasingly complex landscape of rules, regulations and compliance issues. Since compliance is now a component of everyday business operations, businesses must employ a strategic, holistic program with several key components, including customer risk profiling.

Shipping

Sanctions guidance: Best practices for maritime, energy, metals sectors

2020-05-15T17:27:00+01:00By

A global advisory to alert the maritime, energy, and metals sectors about common deceptive shipping practices used to evade sanctions includes seven sanctions compliance best practices to mitigate risk.

Bribery

Development bank bans Brazilian company for paying kickbacks

2020-04-27T15:46:00+01:00By

A Brazilian construction company that paid nearly $50 million in kickbacks has been banned from participating in Inter-American Development Bank-funded projects for more than two years.

Sanctions

Industrial Bank of Korea to pay $86M for sanctions compliance failures

2020-04-22T18:20:00+01:00By

The Industrial Bank of Korea and its New York branch will pay a total of $86 million to resolve charges for systemic sanctions compliance failures that allowed more than $1 billion to be illegally transferred to the government of Iran.

CSIWeb SanctionsComplThumb (002)

White paper: 2020 Sanctions Compliance Report

2020-04-08T10:16:00+01:00Provided by

What are the biggest obstacles to sanctions compliance? CSI’s 2020 Sanctions Compliance Report examines challenges and provides a resource-maximizing roadmap to help organizations implement an effective sanctions compliance program.

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.