All OFAC articles – Page 10
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Article
OFAC amends Cuban Assets Control Regulations
The Treasury Department’s Office of Foreign Assets Control announced amendments to the Cuban Assets Control Regulations to further implement President Trump’s June 2017 National Security Presidential Memorandum.
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ArticleFive ‘essential components’ of a sanctions compliance program
Chief compliance officers got some much-needed guidance on how to build a well-crafted sanctions compliance program thanks to the recent OFAC framework.
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Article
Expedia settles with Treasury for violations of U.S. sanctions on Cuba
Expedia Group has agreed to pay more than $325,000 to resolve allegations that it violated U.S. sanctions on Cuba, the Treasury Department announced.
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Article
Treasury issues Finding of Violation to State Street subsidiary
The U.S. Treasury Department has found that State Street Bank and Trust violated Iranian Transactions and Sanctions Regulations.
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Article
UniCredit Group Banks to pay $1.3B for sanctions violations
UniCredit Group Banks will pay total financial penalties of approximately $1.3 billion for processing hundreds of millions of dollars of transactions through the U.S. financial system on behalf of an entity designated as a weapons of mass destruction proliferator and other Iranian entities subject to U.S. economic sanctions, the Department ...
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Article
Descartes, Kharon partner on sanctions risk intelligence
Software as a service (SaaS) solutions provider Descartes Systems Group has integrated research company Kharon’s sanctions ownership data into its screening solution.
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Blog
U.S. Treasury sanctions Petroleos de Venezuela
The Department of the Treasury’s Office of Foreign Assets Control has designated Venezuelan state-owned oil company Petroleos de Venezuela under Executive Order 13850 for operating in the oil sector of the Venezuelan economy.
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BlogTreasury lifts sanctions on Rusal, En+, ESE
The U.S. Department of Treasury announced that it has lifted sanctions on three companies controlled by Russian oligarch Oleg Deripaska: power company EuroSibEnergo, aluminum producer UC Rusal, and Rusal’s parent company, En+ Group. Following this news, En+ Group announced an overhaul of its board of directors.
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Article
OFAC to lift sanctions on three Russian companies
The U.S. Department of the Treasury’s Office of Foreign Assets Control notified Congress on Dec. 19 of its intention to lift sanctions imposed on three Russian companies.
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Blog
Bitcoin ‘addresses’ added to sanctions screening
For the first time, the Treasury Department has added digital currency identifiers on its sanctions blacklist. It has also drafted new guidance on how those transactions should be identified and reported.
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BlogOFAC takes action against ‘vast network’ of ‘Specially Designated Global Terrorists’
The U.S. Department of Treasury’s Office of Foreign Assets Control on Oct. 16 took action against a vast network of Iranian entities for providing financial support to the Basij Resistance Force, a paramilitary force that recruits, trains, and deploys child soldiers.
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Blog
OFAC sanctions Iraq-based money services business
The U.S. Department of the Treasury’s Office of Foreign Assets Control imposed sanctions on Afaq Dubai, an Iraq-based money services business that has been moving money for the Islamic State of Iraq and Syria (ISIS).
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Blog
Treasury targets Russian shipping companies
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today announced that it has targeted Russian shipping firms for violating North Korea-related United Nations Security Council Resolutions.
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Blog
OFAC eases sanctions on Sudan; terrorism concerns persist
The Trump administration has dropped most of the U.S. sanctions targeting Sudan, also removing it from the list of nations targeted by a controversial travel ban. The White House stopped short, however, of removing the war-torn country from its terrorism watch list.
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Blog
OFAC: Ericsson settlement agreement imparts sanctions compliance lessons
In its first enforcement action of 2018, the U.S. Treasury Department’s Office of Foreign Assets Control on June 6 reached a $145,893 settlement agreement with Swedish telecom company Ericsson for violating Sudanese sanctions regulations.
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Article
Compliance considerations of Iran sanctions
President Trump’s recent decision to withdraw the U.S. from the Iran nuclear deal will not only have severe sanctions implications for foreign subsidiaries of U.S. parent companies, but will also negatively impact EU firms.
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Article
Compliance considerations for doing business in Sudan
The United States might have lifted sanctions against Sudan, but companies looking to do business there need to understand the many serious compliance hurdles that still exist.
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Blog
Exxon to challenge OFAC over Russia sanctions
The Treasury Department’s Office of Foreign Assets Control has slapped ExxonMobil with a $2 million civil penalty for violating Ukraine-related sanctions regulations, an action that Exxon is legally challenging.
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Blog
OFAC fines AIG for insuring Iran, Sudan, and Cuba shipments
American International Group last month agreed to pay the Office of Foreign Assets Control $148,698 to settle potential civil liability for 555 “apparent violations” of the OFAC sanctions program for insuring Iran, Sudan, and Cuba shipments.
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Blog
Mega Bank fined $180 million for AML violations
The New York Department of Financial Services has ordered Mega International Commercial Bank of Taiwan to pay a $180 million penalty and install an independent monitor for violating New York’s anti-money laundering laws. Jaclyn Jaeger reports.