OFAC Director Andrea Gacki dishes advice on mitigating sanctions risk


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

Baker Hughes facing sanctions-related SEC probe


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.”


BitPay fined $507K for digital currency sanctions violations


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.

Iran flag

H.B. Fuller avoids fine in OFAC Iran sanctions probe


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

Treasury under Yellen to prioritize climate change, sanctions, AML reform


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.


Parting gift: New Trump sanctions against China complex for compliance


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.

North Korea sanctions

OFAC fines Indonesian manufacturer $1M in North Korea sanctions case


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.


OFAC targets Iran metals sector with new 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.


OFAC fines French bank UBAF $8.6M for Syria-related sanctions violations


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.


BitGo fined $99K for digital currency sanctions violations


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.


OFAC fines Saudi bank for Sudan/Syria sanctions violations


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.


OFAC closes investigation into Danske Estonia case


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.


Biden will tread carefully on sanctions, seek international consensus, experts say


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 in talks with OFAC regarding potential sanctions violations


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.


e-Book: Financial services roadmap: Know Your Customer

2020-10-28T07:23:00+00:00Provided by

Risk and compliance leaders in financial services should download this e-Book from CW and WorkFusion for better “Know Your Customer” oversight.

Berkshire Hathaway

Berkshire Hathaway fined $4.1M for Iran sanctions violations


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.

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e-Book: Government intensifies sanctions enforcement

2020-10-21T05:04:00+01:00Provided by

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.


World Bank debars Kalpataru Power Transmission for fraud


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.

United States Cuba

Travel service company to pay $6M for violating Cuba sanctions


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 to pay $473K for sanctioned dealings in Iran


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.

Telecom satellite

Compliance official key to Comtech sanctions penalty


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.


OFAC-Delaware sanctions pact more than meets the eye


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.


Credit to JPMorgan Chase in this week’s banking-themed naughty/nice list

2020-09-10T21:14:00+01:00By Compliance Week

JPMorgan Chase, Danske Bank, Deutsche Bank, and Bank of America all either “Nailed It” or “Failed It” this week.


Deutsche Bank Trust to pay $583K in Ukraine sanctions settlements


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.

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White paper: Managing Sanctions Compliance in a Global Economy Part 2

2020-09-09T11:01:00+01:00Provided by

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.


Assessing U.K. sanctions in a post-Brexit world

2020-08-26T18:09:00+01:00By David Povey, International Compliance Association

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?


Curtiss-Wright reports possible Russia sanctions violation


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.


OFAC announces rare sanctions enforcement against individual


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.


Treasury sanctions 11 individuals for undermining Hong Kong’s autonomy


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.”

Shipping boat

U.K. issues maritime guidance for reducing sanctions risk


The United Kingdom has become just the second country to issue guidance for companies in the maritime shipping industry alerting them about common illicit and suspicious practices used to evade sanctions.


Whitford to pay $824K for sanctioned dealings in Iran


Cookware coating manufacturer Whitford Worldwide has agreed to pay $824,314 as part of a settlement with OFAC regarding subsidiary dealings in the sanctioned country of Iran.


New U.K. regime targets human rights abusers


The United Kingdom issued its first wave of sanctions this month under a new regime targeting those who commit human rights abuses, with the promise of many more sanctions to come.


Cigarette filter maker agrees to first-ever U.S.-North Korea sanctions DPA


A cigarette filter maker has entered into the first-ever U.S.-North Korea DPA with the Justice Department for sanctions violations and agreed to pay a fine of $665,112 to the Treasury Department’s Office of Foreign Assets Control.


Amazon pays $135K to settle OFAC screening violations


Amazon will pay approximately $135,000 as part of a settlement with the Office of Foreign Assets Control regarding apparent sanctions violations derived from deficient screening processes.


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


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.


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


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.


Development bank bans Brazilian company for paying kickbacks


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.


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


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.

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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.


Standard Chartered fined $24.9M for Ukraine sanctions breaches


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 notifies OFAC of potential sanctions violations


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.


Compliance best practices for ever-evolving Iran sanctions


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.