Sanctions


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.

WorldBankGroup

World Bank debars Kalpataru Power Transmission for fraud

2020-10-07T19:14:00+01:00By

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

2020-10-02T18:10:00+01:00By

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.

Iran

Keysight Technologies to pay $473K for sanctioned dealings in Iran

2020-09-25T15:58:00+01:00By

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

2020-09-18T16:36:00+01:00By

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.

Delaware

OFAC-Delaware sanctions pact more than meets the eye

2020-09-11T17:33:00+01:00By

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.

Nailedit1200x800

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

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

2020-09-10T18:11:00+01:00By

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.

CSIWeb managing sanctions cover img

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.

UKfinanceplan

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?

RussiaJusticeFeature

Curtiss-Wright reports possible Russia sanctions violation

2020-08-24T16:54:00+01:00By

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.

Sanctions

OFAC announces rare sanctions enforcement against individual

2020-08-12T16:58:00+01:00By

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.

ChinaUS

Treasury sanctions 11 individuals for undermining Hong Kong’s autonomy

2020-08-10T18:47:00+01:00By

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

2020-08-04T16:23:00+01:00By

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.

Sanctions

Whitford to pay $824K for sanctioned dealings in Iran

2020-07-29T16:27:00+01:00By

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.

HumanRights

New U.K. regime targets human rights abusers

2020-07-21T16:18:00+01:00By

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.

NKoreaSanctions

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

2020-07-17T15:39:00+01:00By

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

Amazon pays $135K to settle OFAC screening violations

2020-07-08T16:38:00+01:00By

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.

AdobeStock_251448179

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

2020-06-23T15:32:00+01:00By

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.