Money transfer services company Payoneer will pay $1.4 million to resolve 2,260 apparent violations of U.S. sanctions in a settlement with the Department of the Treasury’s Office of Foreign Assets Control.
Dubai and U.S. subsidiaries of Swedish manufacturer Alfa Laval will settle OFAC charges they violated U.S. sanctions when they shipped storage tank cleaning units to an Iranian company.
Calling it the “single largest action targeting corruption to date,” the Office of Foreign Assets Control sanctioned three prominent Bulgarian individuals along with their network of 64 companies for their “extensive roles” in corruption in Bulgaria.
The constantly changing sanctions landscape is much easier to navigate with a proper understanding of risk exposure. Here’s where firms can get started.
German software company SAP SE agreed to pay more than $8 million in combined penalties issued by three U.S. agencies after admitting to committing numerous violations of sanctions against Iran.
The Office of Foreign Assets Control announced a $34,329 settlement with MoneyGram Payment Systems for apparent violations of multiple sanctions programs, including the processing of transactions involving Syria.
The United Kingdom has in place a new global anti-corruption sanctions regime, and the government is wasting no time enforcing it, imposing its first wave of sanctions against 22 individuals.
The Office of Foreign Assets Control announced a $435,003 settlement with manufacturer Alliance Steel for apparent sanctions violations related to the company’s importation of engineering services from Iran.
The Treasury Department announced sanctions against Russia implemented under an executive order from President Joe Biden in response to the SolarWinds hack and alleged election interference by the country.
The United States Trade Representative is seeking public comment on the potential implementation of tariffs of up to 25 percent on a long list of goods by six U.S. trading partners, including the United Kingdom.
Companies should prepare for more U.S. sanctions to be levied against China and Russia under the Biden administration, two former financial crime regulators predicted at Compliance Week’s Financial Crimes virtual event.
Italian company Nordgas, a producer and seller of components for gas boiler systems and applications, has agreed to pay $950,000 for apparent sanctions violations related to the sale of air pressure switches in Iran.
Ohio-based manufacturer UniControl will pay $216,464 for apparent U.S. sanctions violations that occurred when its European trade partners re-exported its products to Iran.
Revised guidance by the U.K. Office of Financial Sanctions Implementation suggests the agency might be strengthening its current enforcement stance as it pertains to breaches of financial sanctions.
Coinbase disclosed certain of its transactions are “under review” by the Office of Foreign Assets Control for potential violations of U.S. sanctions laws. Fellow cryptocurrency platforms BitGo and BitPay have each been fined by the regulator in the last three months.
OFAC Director Andrea Gacki shares insights about her organization’s latest sanctions enforcement priorities, its expectations of sanctions compliance programs, and how to mitigate sanctions risk.
Baker Hughes is being investigated by the SEC related to “books and records and internal controls regarding sales of its products and services in projects impacted by U.S. sanctions.”
The Office of Foreign Assets Control reached a $507,375 settlement with digital currency platform BitPay for lapses in its sanctions compliance procedures that led to 2,102 apparent violations of multiple sanctions programs.
Adhesive manufacturing company H.B. Fuller said in a regulatory filing it received a “cautionary letter” from the Office of Foreign Assets Control concerning possible economic sanctions dealings in Iran.
Janet Yellen takes over as leader of a Treasury Department with a lot on its plate, including studying the effects of climate change on the economy, unwinding Trump administration sanctions, revamping the Bank Secrecy Act, and more.
A November executive order by former President Donald Trump banning U.S. investment in companies with ties to the Chinese military has proven difficult for compliance officers to navigate after taking effect earlier this month.
The Office of Foreign Assets Control announced a $1.02 million settlement with paper products manufacturer PT Bukit Muria Jaya for lapses in its compliance procedures that led to 28 apparent violations of North Korea sanctions.
The Department of the Treasury’s Office of Foreign Assets Control designated more than a dozen new sanctions aimed to impact the revenue production of the Iranian metals sector.
The Office of Foreign Assets Control settled with a French bank for processing payments on behalf of sanctioned Syrian financial institutions that were followed by corresponding funds transfers through the U.S. financial system.
The Office of Foreign Assets Control announced an approximately $99,000 settlement with digital asset platform BitGo for lapses in its sanctions compliance procedures that led to 183 apparent violations of multiple sanctions programs.
The Office of Foreign Assets Control announced a $650,000 settlement with a Saudi Arabian bank for apparent violations of sanctions against Sudan and Syria related to transactions that took place via the U.S. financial system.
Danske Bank received a no-action letter from the U.S. Department of the Treasury’s Office of Foreign Assets Control regarding an investigation at the bank’s infamous Estonian branch.
Experts believe President-elect Joe Biden will likely take his time before making big moves to unwind the dizzying array of sanctions levied by his predecessor, President Donald Trump.
Airbnb said in a regulatory filing that it has been in discussions with the Office of Foreign Assets Control regarding user activity on its platform that may be in violation of U.S. sanctions laws.
Risk and compliance leaders in financial services should download this e-Book from CW and WorkFusion for better “Know Your Customer” oversight.
The U.S. Department of the Treasury’s Office of Foreign Assets Control assessed a $4.1 million fine against Berkshire Hathaway for “egregious” violations of sanctions against Iran committed by a subsidiary in Turkey.
The United Kingdom has become the second country behind the United States to issue guidance for companies in the maritime shipping industry helping them ferret out suspicious or illicit practices used by those hoping to evade sanctions.
The World Bank announced the debarment of India-based Kalpataru Power Transmission for 12 months and one day for fraudulent practices connected to power development projects in the Democratic Republic of the Congo and Egypt.
Generali Global Assistance has agreed to pay approximately $5.9 million for violating U.S. sanctions. The action comes a week after OFAC amended its Cuban Assets Control Regulations.
Keysight Technologies, a successor entity to Anite Finland, has reached a $473,157 settlement with the U.S. Department of the Treasury’s Office of Foreign Assets Control regarding subsidiary dealings in the sanctioned country of Iran.
The alleged actions of an export compliance official are at the heart of “egregious” apparent OFAC sanctions violations by New York-based Comtech Telecommunications Corp. and its wholly owned subsidiary regarding sales in Sudan.
As the state home to nearly 70 percent of Fortune 500 companies, the Delaware Department of Justice’s Memorandum of Understanding with OFAC represents a significant milestone for U.S. sanctions enforcement.
JPMorgan Chase, Danske Bank, Deutsche Bank, and Bank of America all either “Nailed It” or “Failed It” this week.
Deutsche Bank Trust Company Americas has reached a pair of settlements with the Office of Foreign Assets Control totaling $583,100 for apparent violations of Ukraine-related sanctions.
Regardless of industry, companies have ample growth opportunities in today’s global economy—but with that growth comes an increasingly complex landscape of rules, regulations and compliance pitfalls.
Can the United Kingdom play with the big boys when it comes to issuing its own sanctions, and what do compliance professionals need to know as Brexit’s start date looms closer?
A North Carolina manufacturer that traces its origins back to the Wright brothers may have violated sanctions by doing business with two longtime customers purchased by a blacklisted Russian company.
The Office of Foreign Assets Control announced a $5,000 settlement with a U.S. person for apparent sanctions violations—a reminder the regulator can pursue enforcement against individuals in addition to companies.
The U.S. Department of the Treasury announced sanctions against 11 individuals for “undermining Hong Kong’s autonomy and restricting the freedom of expression or assembly of the citizens of Hong Kong.”