All OFAC articles – Page 10
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Blog
NY Regulator Blocks Promontory from Bank Consulting
New York’s Department of Financial Services Department will deny Promontory Financial Group access to confidential supervisory bank information, a move that prevents it from engaging in regulatory work with financial institutions the state regulator oversees. The action follows a report critical of work the consultant did for British bank ...
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Blog
$1.45B Commerzbank Settlement Hits AML Controls
Germany-based Commerzbank and its U.S. branch, Commerz New York, will pay a total of $1.45 billion in penalties to resolve criminal charges for violations of the International Emergency Economic Powers Act and the Bank Secrecy Act. The settlement provides a litany of lessons on the importance of implementing proper anti-money ...
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Article
Cracking Open the Cuba Market
Image: U.S. companies eager to do business in Cuba face a long road in front of them, including a bewildering maze of compliance reviews and certifications before they can transact one dollar of trade. Revival of banking processes alone will be subject to a “blindingly deep amount of regulation and ...
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Blog
Treasury Issues Amendments to Cuba Sanctions
The Department of the Treasury’s Office of Foreign Assets Control and the Department of Commerce today published amendments to the Cuban Assets Control Regulations to implement policy changes announced by the President last month. The newly revised regulations, in part, allow a number of activities related to telecommunications, financial services, ...
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Blog
OFAC Introduces New Sanctions List Format
As part of an effort to better assist screening programs and create a global sanctions list, the Treasury Department has announced a new format for its Specially Designated Nationals and Blocked Persons List. The new format was developed with the United Nations and the Wolfsberg Group of International Banks and ...
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Blog
ESCO Pays $2 Million for Cuba Sanctions Violations
ESCO, a maker of metal parts for the mining, oil and gas, construction and other industries, today reached a $2 million settlement with the Treasury Department’s Office of Foreign Assets Control for violations of the Cuban Assets Control Regulations. According to OFAC, ESCO appeared to have violated these reegulations when ...