Wise Payments


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


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.


News Brief

3M to pay $9.6M over Iran sanctions lapses


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


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


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


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


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


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.


News Brief

DOJ appoints leaders for corporate enforcement program


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


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


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


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


Whistleblower goes above, beyond in Construction Specialties OFAC case


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.


News Brief

Construction Specialties to pay $660K in Iran sanctions case


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.


News Brief

Neogen discloses avoided OFAC fine in Iran sanctions probe


Neogen Corp. disclosed the Office of Foreign Assets Control concluded a probe into potential sanctions violations regarding transactions by the food and animal safety company with parties in Iran without issuing a fine.


News Brief

Short seller accuses Freedom Holding Corp. of ‘brazen’ sanctions evasion


Freedom Holding Corp. was accused of “brazen sanctions evasion,” along with openly flouting anti-money laundering and know your customer regulations, as part of an investigative report published by short seller Hindenburg Research.

Belarus flag

News Brief

OFAC doubles down on sanctions against Belarusian regime


The Treasury Department’s Office of Foreign Assets Control announced expanded sanctions against the Belarusian regime three years after the country’s disputed 2020 presidential election.



Common sanctions compliance trip points from 2023 enforcement cases


Penalties against companies including British American Tobacco, Wells Fargo, and Microsoft demonstrate the multiple ways in which businesses can run afoul of U.S. sanctions—an area receiving increased scrutiny by regulators.

DOJ building

News Brief

Guidance sets self-disclosure expectations for sanctions, export control lapses


Companies seeking credit for voluntarily self-disclosing potential violations of sanctions or export control laws must be mindful of the regimes at play from agencies including the DOJ, BIS, and OFAC and their differing expectations.

Deutsche Bank

News Brief

Fed fines Deutsche Bank $186M over historic sanctions, AML lapses


The Federal Reserve Board fined Deutsche Bank $186 million regarding violations of previous consent orders addressing alleged sanctions and anti-money laundering weaknesses and control failures relating to the bank’s relationship with Danske Estonia.

TPRM sanctions panel


Potential sanctions violations: To voluntarily self-disclose or not?


The Department of Justice scrutinizing sanctions on par with how it views bribery under the Foreign Corrupt Practices Act alters the calculus of whether a company should voluntarily self-disclose potential violations, experts discussed at CW’s TPRM Summit.

Treasury Department

News Brief

OFAC head Andrea Gacki shifted to lead FinCEN


Treasury Secretary Janet Yellen announced the appointment of Andrea Gacki as director of the Financial Crimes Enforcement Network.


News Brief

G7 task force to aid crack down on corruption in Ukraine


The Group of Seven justice ministers announced a Japan-led joint task force to “help Ukraine strengthen the rule of law and fight corruption,” according to U.S. Deputy Attorney General Lisa Monaco.


News Brief

OFAC orders Swedbank Latvia to pay $3.4M over Crimea sanctions violations


Swedbank Latvia agreed to pay more than $3.4 million to resolve apparent U.S. sanctions violations in the Crimea region of Ukraine, the Office of Foreign Assets Control announced.

DXC Technology

News Brief

DXC Technology self-reports possible Russian sanctions violations


DXC Technology Company disclosed it might have violated U.S. sanctions and export controls against Russia in its sale of a Russian subsidiary.

Treasury Department

News Brief

U.S. reinvigorates anti-Russia push with new sanctions, guidance


The United States once again ratcheted up sanctions against Russia in an attempt to further choke off the funds and military supplies the country is using in its war against Ukraine.

CW2023 crowd shot


Highlights from Compliance Week 2023


Significant changes in policy and technology, in addition to fresh perspectives on tried-and-true compliance topics, highlighted the discussion at Compliance Week’s 2023 National Conference.


News Brief

Murad to pay $3.3M for ‘egregious’ Iran sanctions lapses


California-based cosmetics company Murad, a subsidiary of Unilever, agreed to pay $3.3 million as part of a settlement with the Office of Foreign Assets Control addressing apparent Iran sanctions violations over an eight-year period.

Amex GBT EIC 2023


Amex GBT navigates tricky 2022 to win Compliance Program of the Year


Going public, sanctions, a key merger. For its navigating a series of competing compliance challenges while maintaining trust with clients and travelers, American Express Global Business Travel was honored as Compliance Program of the Year at the 2023 Excellence in Compliance Awards.

Sudan money

News Brief

U.S. set to expand sanctions in Sudan


The United States is preparing to issue sanctions on individuals and entities it considers responsible for perpetrating civil unrest in Sudan.


News Brief

Crypto exchange Poloniex to pay $7.6M in OFAC sanctions case


Cryptocurrency exchange Poloniex agreed to pay nearly $7.6 million as part of a settlement with the Office of Foreign Assets Control for engaging with more than 200 customers across a handful of sanctioned regions.


News Brief

Attorney pleads guilty to aiding sanctioned Russian oligarch


New York attorney Robert Wise faces up to five years in prison after pleading guilty to making payments to maintain U.S. properties secretly owned by sanctioned Russian oligarch Viktor Vekselberg.


News Brief

British American Tobacco to pay $635M in North Korea sanctions case


British American Tobacco will pay more than $635 million to settle allegations the company violated U.S. sanctions against North Korea using a complex, yearslong scheme to import tobacco products into the country.


News Brief

Business orgs fined $84K by DOJ over sanctioned Iran dealings


Taiwan-based DES International Co. and Brunei-based Soltech Industry Co. each agreed to pay fines of $83,769 after pleading guilty to Department of Justice charges of conspiring to violate U.S. export laws and sanctions by sending U.S.-origin goods to Iran.

Russian money

News Brief

OFAC sanctions International Investment Bank over Russian ties


The International Investment Bank, a multinational development institution headquartered in Hungary, was designated by the Office of Foreign Assets Control for potentially facilitating the evasion of U.S. sanctions against Russia.


News Brief

Microsoft to pay $3.3M to settle sanctions, export control violations


Microsoft will pay more than $3.3 million to settle charges from the Office of Foreign Assets Control and Bureau of Industry and Security its subsidiaries violated sanctions laws and export controls across their dealings in four sanctioned countries and Ukraine’s Crimea region.

Venezuela flag

News Brief

Uphold HQ fined $72K in OFAC sanctions case


Uphold HQ will pay $72,230 to settle charges levied by the Office of Foreign Assets Control that it processed sanctioned transactions for persons in Iran and Cuba and government employees in Venezuela.

Wells Fargo

News Brief

Wells Fargo fined $98M for facilitating sanctions violations in Iran, Syria, Sudan


Wells Fargo will pay nearly $98 million to settle charges a subsidiary facilitated more than $532 million worth of prohibited transactions in violation of sanctions against Iran, Syria, and Sudan.


News Brief

Swedbank reserves $3.7M for OFAC settlement


Swedbank said it expects to pay 40 million Swedish krona (U.S. $3.7 million) as part of a settlement with the U.S. Treasury’s Office of Foreign Assets Control related to apparent sanctions violations.

Russia_United States

News Brief

U.S. authorities list red flags for sanction evasion by third parties


The Bureau of Industry and Security, Office of Foreign Assets Control, and Department of Justice issued guidance to highlight common methods bad actors use to evade sanctions and export controls on Russia and how to spot their use.

North Korea sanctions

News Brief

Godfrey Phillips India to pay $333K in North Korea sanctions case


Tobacco company Godfrey Phillips India agreed to pay $332,500 to the Office of Foreign Assets Control to settle charges it violated U.S. sanctions by involving U.S. banks and bank personnel in payments for shipments to North Korea.

Russia sanctions

News Brief

OFAC imposes new sanctions to mark anniversary of Russia’s Ukraine invasion


The Office of Foreign Assets Control unveiled a slew of new sanctions against financial services firms and individuals that either support Russia’s war effort or have been judged to be undermining existing U.S. sanctions.

Russia sanctions

News Brief

Treasury No. 2 warns of increased Russian sanctions enforcement


Deputy Secretary of the Treasury Wally Adeyemo said the agency is primed to step up its enforcement efforts regarding sanctions and export controls announced against Russia in the year since the country invaded Ukraine.


News Brief

Raiffeisen confirms OFAC probe into Russia, Ukraine business


Raiffeisen Bank International said it received a request for information from the Treasury Department’s Office of Foreign Assets Control regarding its business activities related to Russia and Ukraine.

Business defense


Ethical culture strengthened by 2022 challenges, survey finds


LRN’s annual ethics and compliance benchmarking report found most respondents—85 percent—said their company’s ethical culture has been strengthened, not weakened, in facing the Covid-19 pandemic, Russia’s war in Ukraine, supply chain disruptions, and more.

DOJ building

News Brief

Banks fooled in DOJ Russian yacht sanctions evasion case


The Department of Justice’s charges against a U.K. businessman and his Russian partner for evading U.S. sanctions against a Russian oligarch provide insight into how the use of shell companies, third parties, and other methods can thwart the compliance efforts of financial institutions.


News Brief

Crypto exchange Bitzlato shut down, labeled ‘money laundering concern’


The Financial Crimes Enforcement Network designated Bitzlato, a Hong Kong-registered cryptocurrency exchange, as a “primary money laundering concern” in the first use of a law that targets entities that facilitate illicit Russian financial transactions.


News Brief

Danfoss to pay $4.4M in OFAC sanctions settlement


Danish manufacturer Danfoss agreed to pay nearly $4.4 million to settle allegations a subsidiary violated U.S. sanctions by running payments from customers based in Iran, Sudan, and Syria through the foreign branch of a U.S. financial institution.

Russia sanctions


FinCEN report identifies financial trends of Russian oligarchs


The Financial Crimes Enforcement Network published an analysis of financial trends involving Russian oligarchs and how U.S. financial institutions have aided in the identification of more than $30 billion worth of sanctioned Russians’ assets.



AML 2023 preview: Regs not backing down on beneficial ownership, tech needs


Keeping up with increasingly demanding anti-money laundering expectations in 2023 will likely mean doing more with less and figuring out where and when is the best place to use technology to aid compliance, experts say.



Managing sanctions risk: Keys to successful implementation

2022-12-22T16:33:00+00:00By Holly Thomas-Wrightson, International Compliance Association

The International Compliance Association hosted a webinar looking at challenges faced by organizations regarding changes in the sanctions landscape in 2022. Holly Thomas-Wrightson offers a recap of the discussion.

Global trade


Tricky but doable: Tips for navigating sanctions in third-party relationships


Sanctions concerns don’t need to end all business relationships in high-risk regions. Experts at CW’s virtual TPRM and Oversight Summit share their experiences navigating compliance.