Sanctions


columnist dale

Opinion

Top-of-mind takeaways from TPRM Summit

2024-06-17T21:11:00+01:00By

Top-of-mind issues addressed at Compliance Week’s Third-Party Risk Management & Oversight Summit, held June 3-4 in Atlanta, included safe deployment of artificial intelligence, assessing vendor viability and sustainability, understanding the role of procurement in risk ranking, the intersection (or lack thereof) between data privacy and cybersecurity, and many others.

FinTech

News Brief

Evolve Bank ordered by Fed to address AML, sanctions lapses

2024-06-14T20:37:00+01:00By

The Federal Reserve Board ordered an Arkansas bank that partnered with numerous financial technology companies to correct deficiencies in its anti-money laundering, sanctions, risk management, and consumer compliance programs.

Sanctions compliance TPRM

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Panelists break down robust sanctions landscape at TPRM Summit

2024-06-12T02:35:00+01:00By

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.

Flex

News Brief

Flex says no action by OFAC into possible sanctions violations

2024-05-20T17:48:00+01:00By

Flex disclosed in a public filing the Office of Foreign Assets Control is taking no action into potential sanctions violations the global manufacturer voluntarily self-disclosed in 2019.

DXC Technology

News Brief

​DXC Technology says no penalties on self-disclosed Russian sanctions matter

2024-05-20T15:21:00+01:00By

IT services company DXC Technology disclosed it received word from the Office of Foreign Assets Control and Bureau of Industry and Security that it won’t be penalized regarding potential Russian sanctions/export control violations it voluntarily self-disclosed in 2022.

Russian money

News Brief

Treasury details oligarch-tied Russia sanctions evasion scheme

2024-05-15T20:56:00+01:00By

Three Russia-based companies and an individual were designated by the U.S. Treasury Department for trying to recapture more than $1.5 billion in frozen shares owned by a previously sanctioned Russian oligarch using a complex evasion scheme.

U.S. sanctions

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Questions abound on foreign aid bill change to sanctions violations lookbacks

2024-05-02T15:06:00+01:00By

Tucked deep inside the $95 billion foreign aid bill recently passed by Congress was a provision that will allow the Office of Foreign Assets Control to look back 10 years to investigate potential violations of U.S. sanctions, rather than five years.

Iran flag

News Brief

OFAC fines SCG Chemicals unit $20M over Iran sanctions violations

2024-04-22T16:49:00+01:00By

A subsidiary of Thailand-based SCG Chemicals Co. agreed to pay a $20 million fine to the Office of Foreign Assets Control over “egregious” violations of sanctions against Iran.

Israel

News Brief

OFAC sanctions Israeli entities funding West Bank settler violence

2024-04-22T16:00:00+01:00By

The Office of Foreign Assets Control sanctioned two Israeli entities for establishing fundraising campaigns for extremists fomenting violence in the West Bank.

Treasury

News Brief

Treasury kicks off new wave of Iran sanctions

2024-04-18T21:20:00+01:00By

The Treasury Department announced new sanctions against Iran, with Treasury Secretary Janet Yellen promising “further actions in the days and weeks ahead” following the Middle East nation’s attack on Israel.

Treasury

News Brief

U.S., U.K. ban new Russian metal imports

2024-04-15T15:38:00+01:00By

The U.S. Treasury Department, in coordination with the United Kingdom, is clamping down harder on Russia’s ability to wage war against Ukraine by banning the import of Russian-origin aluminum, copper, and nickel.

Commerce Department

News Brief

BIS rule expands export control restrictions on OFAC sanctioned

2024-03-22T15:57:00+00:00By

The Bureau of Industry and Security adopted a final rule to extend its export restrictions across more entities and individuals designated under certain sanctions programs maintained by the Office of Foreign Assets Control.

EFG International

News Brief

EFG International settles Cuba, blocked persons U.S. sanctions case

2024-03-14T21:46:00+00:00By

Swiss-based global private banking group EFG International agreed to pay more than $3.7 million as part of a settlement with the Office of Foreign Assets Control addressing apparent violations of U.S. sanctions against Cuba and two blocked individuals.

Zoetis

News Brief

Zoetis says no action from OFAC in Iran sanctions matter

2024-02-14T15:53:00+00:00By

Zoetis, a developer and manufacturer of vaccines and medicines for animals, disclosed it was informed by the Office of Foreign Assets Control that it won’t face enforcement for potential violations of Iran sanctions uncovered during an acquisition integration.

Israel

News Brief

FinCEN alert flags Israeli extremists fomenting violence in West Bank

2024-02-02T18:27:00+00:00By

The Financial Crimes Enforcement Network issued an alert addressing the financing of Israeli extremist settler violence against Palestinians in the West Bank.

dinar_iraq_web

News Brief

Treasury cites Iraqi bank, owner over terrorist financing concerns

2024-01-29T21:44:00+00:00By

Al-Huda Bank faces severance from the U.S. financial system for being a conduit of terrorist financing, according to the Financial Crimes Enforcement Network, while its owner, Hamad al-Moussawi, was sanctioned by the Office of Foreign Assets Control.

Computer hacked

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OFAC official urges company transparency on ransomware events

2024-01-19T21:59:00+00:00By

Despite its reputation as a fierce enforcer of sanctions, the Office of Foreign Assets Control has a softer side and wants to help companies that are hit with ransomware attacks, according to the agency’s senior compliance officer.

ICBC

News Brief

ICBC fined $32M by NYDFS, Fed over compliance lapses

2024-01-19T18:43:00+00:00By

The Industrial and Commercial Bank of China and its New York branch agreed to pay $32.4 million in penalties levied by two regulators for failing to address compliance failures and for the unauthorized disclosure of confidential supervisory information to an overseas regulator.

Genesis_Web

News Brief

Genesis Global Trading fined $8M by NYDFS over AML, cyber lapses

2024-01-16T18:24:00+00:00By

Virtual currency brokerage firm Genesis Global Trading agreed to pay an $8 million penalty levied by the New York State Department of Financial Services for alleged compliance failures that left it vulnerable to illicit activity and cybersecurity threats.

Binance crypto

News Brief

​Binance.US names new chief compliance officer

2024-01-04T15:03:00+00:00By

Cryptocurrency trading platform Binance.US, an affiliate independent of its embattled parent company, announced the appointment of Lesley O’Neill as chief compliance officer.

Russia sanctions

News Brief

PURE Insurance to pay $466K in OFAC sanctions case

2023-12-22T15:10:00+00:00By

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.

Binance

Premium

Top ethics and compliance failures of 2023

2023-12-14T15:00:00+00:00By

A virtual currency exchange that sought to mislead regulators, banks failing after ignoring obvious risks, and a manufacturer that sold millions of its products in violation of U.S. export controls are among those that make up CW’s list of the biggest ethics and compliance fails of 2023.

Digital crypto

News Brief

CoinList to pay $1.2M to settle Crimea sanctions violations

2023-12-13T21:35:00+00:00By

Virtual currency exchange CoinList Markets agreed to pay more than $1.2 million to settle allegations from the Office of Foreign Assets Control that it violated U.S. sanctions by processing transactions for customers located in the Crimea region of Ukraine.

U.K. business

News Brief

New U.K. office eyeing 2024 to enforce trade sanctions

2023-12-13T17:19:00+00:00By

The U.K. government is set to establish a new agency to enforce trade sanctions and provide compliance guidance to businesses regarding the country’s sanctions regimes.

Discover Financial Services

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Five compliance triumphs from 2023

2023-12-13T15:00:00+00:00By

A financial services giant’s compliance mea culpa that could serve to benefit the rest of the profession, a chemical company’s praised FCPA settlement, and an example of the value of whistleblowers highlight CW’s annual list of laudable ethics and compliance moments.

Russia sanctions

News Brief

New OFAC sanctions target international Russia supporters

2023-12-12T20:23:00+00:00By

More than 150 new designations implemented by the Office of Foreign Assets Control continue U.S. efforts to crack down on entities and individuals supporting Russia from outside the country.

Shipping boat

News Brief

U.S. agencies issue ‘know your cargo’ transport compliance note

2023-12-11T19:27:00+00:00By

Five agencies of the U.S. government combined to issue best practices guidance for entities in the maritime and other transportation industries to help reduce risk of sanctions and export control violations and evasion efforts.

Nasdaq

News Brief

OFAC: Nasdaq to pay $4M over ex-subsidiary’s Iran sanctions lapses

2023-12-11T16:43:00+00:00By

Nasdaq agreed to pay more than $4 million as part of a settlement with the Office of Foreign Assets Control addressing apparent Iran sanctions violations at the stock exchange operator’s former Armenian subsidiary.

Digital data

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Survey: Companies bullish on new tech amid enhanced sanctions scrutiny

2023-12-05T16:00:00+00:00By

Emerging technologies like automation and generative AI are on the radar as difference-makers for businesses serious about keeping pace with increasing regulatory scrutiny toward third-party due diligence and sanctions compliance, a survey conducted by Compliance Week and Certa found.

Binance crypto

Premium

Binance’s compliance past, future detailed

2023-11-29T21:55:00+00:00By

There are a slew of compliance lessons to be learned from the $4.3 billion settlement that Binance, the world’s largest cryptocurrency exchange, reached with the U.S. government.

certa thumbnail

Resource

Survey Report: Companies bullish on new tech amid enhanced sanctions scrutiny

2023-11-27T14:36:00+00:00Provided by

If sanctions are the top enforcement priority for the Department of Justice, companies have got the message, according to a recent study.

Russia sanctions

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No clear path for leniency for U.K. firms navigating Russian sanctions

2023-11-22T16:08:00+00:00By

U.K. companies might be wary of informing regulators they have potentially violated sanctions against Russia over fears they could be publicly criticized for even minor breaches.

Binance

News Brief

Binance pleads guilty, fined $4.3B over widespread U.S. law violations

2023-11-21T23:38:00+00:00By

Federal agencies hit Binance with more than $4.3 billion in penalties and imposed multiple compliance monitorships on the virtual currency exchange as punishment for its repeated and intentional violations of U.S. anti-money laundering laws, sanctions, and other regulations.

DOJ building

Premium

DOJ official: People ‘drawing the right conclusions’ on national security focus

2023-11-06T23:09:00+00:00By

Christian Nauvel, deputy chief counsel for corporate enforcement in the Department of Justice’s National Security Division, said the agency’s focus on national security is “top of mind at the highest levels” and that enforcement numbers are set to increase.

Sanctions

News Brief

DaVinci Payments to pay $206K over OFAC sanctions lapses

2023-11-06T20:25:00+00:00By

DaVinci Payments, a financial services firm which manages prepaid reward card programs, agreed to pay approximately $206,000 as part of a settlement with the Office of Foreign Assets Control addressing alleged sanctions violations across four countries.

Treasury

News Brief

OFAC sanctions more investment entities linked to Hamas

2023-10-27T15:36:00+01:00By

The Treasury Department’s Office of Foreign Assets Control imposed a second round of sanctions on investment entities believed to be funding the terrorist organization Hamas.

Israel

News Brief

FinCEN alert flags Hamas terrorist financing indicators

2023-10-23T16:49:00+01:00By

The Financial Crimes Enforcement Network issued an alert warning financial institutions to be vigilant toward identifying funding streams supporting Hamas in its attacks against Israel.

Venezuelaprotest

News Brief

Treasury eases Venezuela sanctions amid electoral progress

2023-10-20T12:28:00+01:00By

The U.S. Treasury Department dialed back certain of its sanctions against Venezuela after the latter’s government and an opposition faction agreed to work together toward the prospect of a presidential election in 2024.

Wise Payments

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Naming and shaming? Fair approach? Expert views mixed on OFSI’s Wise Payments case

2023-09-28T19:14:00+01:00By

The recent decision by the U.K. Office of Financial Sanctions Implementation to disclose details of how Wise Payments failed to stop an individual from obtaining cash while subject to Russian sanctions has ignited debate about whether the agency is taking the right enforcement approach.

3M_Web

News Brief

3M to pay $9.6M over Iran sanctions lapses

2023-09-22T18:34:00+01:00By

The Office of Foreign Assets Control ordered multinational conglomerate 3M to pay more than $9.6 million over apparent Iran sanctions violations by its subsidiary and a U.S. employee of a separate subsidiary.

Iran flag

News Brief

Emigrant Bank to pay $32K in Iran sanctions case

2023-09-22T16:01:00+01:00By

New York-based Emigrant Bank agreed to pay nearly $32,000 as part of a settlement with the Office of Foreign Assets Control addressing apparent sanctions violations regarding an account it maintained for a pair of Iranian residents.

Board table

Premium

DOJ official: Compliance must have ‘prominent seat’ at M&A decision table

2023-09-21T20:38:00+01:00By

The Department of Justice is gearing up to provide more guidance on voluntary self-disclosures in the mergers and acquisitions space and the role compliance should play.

SEC building

News Brief

SEC: Investment adviser to sanctioned Russian oligarch failed to register

2023-09-19T20:42:00+01:00By

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.

Russia sanctions

News Brief

New OFAC sanctions expand clamps on Russia tech supply chain

2023-09-14T19:17:00+01:00By

The Office of Foreign Assets Control widened its area of focus to disrupt Russia’s technology supply chain with new sanctions announced against entities in Finland and Turkey.

DOJ

News Brief

DOJ appoints leaders for corporate enforcement program

2023-09-12T16:51:00+01:00By

The Department of Justice announced new positions in its National Security Division to support the agency’s crackdown on sanctions evasion, export control violations, and other forms of economic crime.

Russia sanctions

News Brief

FinCEN analysis: Trends in Russia export control evasion attempts

2023-09-11T16:51:00+01:00By

Analysis of suspicious activity reports by the Financial Crimes Enforcement Network indicates nearly $1 billion in suspicious activity in cases of suspected evasion of Russia-related export controls.

Oil barrels

News Brief

Greek shipper fined $2.5M in Iranian oil smuggling case

2023-09-08T17:55:00+01:00By

Empire Navigation pleaded guilty to violating the International Emergency Economic Powers Act by carrying nearly 1 million barrels of Iranian oil from the sanctioned Islamic Revolutionary Guard Corps to another country.

Wise Payments

News Brief

Wise Payments cited for Russia sanctions breaches in landmark OFSI action

2023-08-31T15:09:00+01:00By

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.

columnist dale

Opinion

Whistleblower goes above, beyond in Construction Specialties OFAC case

2023-08-22T16:23:00+01:00By

The impact of “see something, say something” was on display as part of Construction Specialties’ settlement with the Office of Foreign Assets Control for apparent Iran sanctions violations.

iran_sanctions_web

News Brief

Construction Specialties to pay $660K in Iran sanctions case

2023-08-17T20:11:00+01:00By

Construction Specialties agreed to pay more than $660,000 in a settlement with the Office of Foreign Assets Control regarding three apparent sanctions violations in Iran carried out by “rogue employees” of its Middle Eastern affiliate.