Sanctions


U.S. sanctions

Treasury issues 5 recommendations for modernizing U.S. sanctions

2021-10-19T16:49:00+01:00By

The U.S. Department of the Treasury issued a series of recommendations as to how to “adapt and modernize” the government’s use of sanctions to enhance their effectiveness in supporting national security objectives.

Hacker

FinCEN report: Ransomware SARs surge past 2020 totals

2021-10-18T20:45:00+01:00By

A Financial Crimes Enforcement Network report on financial trends in Bank Secrecy Act data found a greater number of SARs related to ransomware filed between January and June 2021 than during all of 2020.

Schlumberger truck

Schlumberger subsidiary to pay $1.4M for Russian sanctions violations

2021-09-28T20:28:00+01:00By

A Houston-based subsidiary of oilfield services company Schlumberger has been fined approximately $1.4 million by the Office of Foreign Assets Control for selling goods to a Russian-based energy firm that was under U.S. sanctions.

Treasury Department

Treasury sanctions virtual currency exchange as part of ransomware response

2021-09-21T20:43:00+01:00By

The U.S. Department of the Treasury announced “robust actions” to counter ransomware, including blocking the assets of a Russian virtual currency exchange that has facilitated payments for at least eight ransomware variants.

Nord Stream 2

Nord Stream 2 a study in sanctions complexity

2021-09-20T16:40:00+01:00By Jake Plenderleith, International Compliance Association

The construction of Nord Stream 2 and the accompanying geopolitics at play illustrate how difficult it can be for compliance to respond to evolving sanctions risks.

Iran flag

NewTek fined $189K over Iran sanctions violations

2021-09-10T14:51:00+01:00By

NewTek, a Texas-based company that develops 3D animation hardware and software, has agreed to pay $189,483 to settle OFAC allegations it knowingly violated U.S. sanctions against Iran.

Global sanctions

Romanian bank penalized over Iran and Syria sanctions lapses

2021-08-30T16:53:00+01:00By

The Office of Foreign Assets Control fined Romania-based First Bank and its U.S. parent company JC Flowers & Co. $862,318 as part of a settlement for First Bank’s processing of transactions in apparent violation of Iran and Syria sanctions.

Sudan money

OFAC fines Bank of China $2.3M for Sudan sanctions violations

2021-08-27T15:27:00+01:00By

The Office of Foreign Assets Control announced Bank of China’s U.K. arm agreed to pay $2.3 million to settle its potential civil liability for processing transactions in apparent violation of now-repealed Sudan sanctions regulations.

Money laundering

Pandemic not slowing rising AML fine totals, report says

2021-08-25T18:31:00+01:00By

Kroll’s latest annual enforcement review identified $2.2 billion in AML fines in 2020 compared to $444 million in 2019. The first six months of 2021 indicate a similar pace to last year.

Sanctions

OFAC fines Payoneer $1.4M for sanctions violations

2021-07-26T20:09:00+01:00By

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.

Alfa Laval

Alfa Laval subsidiaries fined $430K for Iran sanctions violations

2021-07-20T17:56:00+01:00By

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.

Bulgaria

OFAC bills Bulgarian sanctions as ‘single largest action targeting corruption’

2021-06-03T18:15:00+01:00By

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.

Sanctions

Tips for keeping pace with ever-evolving sanctions

2021-05-05T15:27:00+01:00By Teodora Harrop, International Compliance Association

The constantly changing sanctions landscape is much easier to navigate with a proper understanding of risk exposure. Here’s where firms can get started.

SAP

SAP to pay over $8M for admitted Iran sanctions violations

2021-04-30T18:09:00+01:00By

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.

MoneyGram

MoneyGram plagued by tech, human error in OFAC sanctions settlement

2021-04-30T15:46:00+01:00By

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.

Londoncrop

U.K. rolls out new anti-corruption sanctions regime

2021-04-27T17:13:00+01:00By

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.

Steel manufacturing

Alliance Steel to pay $435K for Iran sanctions lapses

2021-04-20T18:05:00+01:00By

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.

Russia_United States

U.S. sanctions Russia over SolarWinds hack

2021-04-15T19:52:00+01:00By

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.

USTR

USTR threatens tariffs on 6 trade partners in response to digital taxes

2021-04-14T16:08:00+01:00By

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.

China Russia

China, Russia to face more sanctions under Biden, experts say

2021-03-30T18:36:00+01:00By

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.

Boiler systems

OFAC fines Nordgas $950K for Iran sanctions violations

2021-03-29T19:09:00+01:00By

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.

Iran flag

OFAC fines UniControl $216K for Iran sanctions violations

2021-03-16T16:34:00+00:00By

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.

Sanctions

U.K. sanctions body signals tougher enforcement with new guidance

2021-03-12T19:31:00+00:00By

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

​OFAC crypto crackdown: Coinbase disclosures under review

2021-03-05T14:38:00+00:00By

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.

Sanctions

OFAC Director Andrea Gacki dishes advice on mitigating sanctions risk

2021-03-03T22:13:00+00:00By

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

2021-03-01T21:13:00+00:00By

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

BitPay fined $507K for digital currency sanctions violations

2021-02-23T16:52:00+00:00By

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

2021-02-01T19:05:00+00:00By

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

2021-01-26T21:26:00+00:00By

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.

ChinaUS

Parting gift: New Trump sanctions against China complex for compliance

2021-01-20T22:04:00+00:00By

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

2021-01-15T19:21:00+00:00By

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.

Iran

OFAC targets Iran metals sector with new sanctions

2021-01-06T18:49:00+00:00By

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.

Syria

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

2021-01-05T17:28:00+00:00By

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

BitGo fined $99K for digital currency sanctions violations

2020-12-31T15:12:00+00:00By

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.

Sanctions

OFAC fines Saudi bank for Sudan/Syria sanctions violations

2020-12-29T15:57:00+00:00By

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

OFAC closes investigation into Danske Estonia case

2020-12-21T19:39:00+00:00By

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.

Sanctions

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

2020-11-23T16:28:00+00:00By

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

Airbnb in talks with OFAC regarding potential sanctions violations

2020-11-17T18:54:00+00:00By

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.

WorkFusion-12-04-20-KYC

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

2020-10-21T16:59:00+01:00By

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.

bvd sanctions cover img

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.