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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Neil Hodge2023-09-28T19:14:00
The recent decision by a U.K. regulator to disclose details of how a payments firm failed to stop an individual from obtaining cash while subject to Russian sanctions has ignited debate about whether the agency is taking the right enforcement approach.
Under the Economic Crime (Transparency and Enforcement) Act 2022, the U.K.’s Office of Financial Sanctions Implementation (OFSI) gained a “disclosure enforcement power” allowing it to publish details of financial sanctions breaches—including the person/entity who committed the breaches—in cases where it decided the occurrence of noncompliance was not serious enough to justify a civil penalty.
On Aug. 31, OFSI used this power for the first time to provide details of a “moderately severe” breach—the withdrawal of just 250 pounds (U.S. $305) from a business account with Wise Payments held by a company owned or controlled by a person designated under Russian sanctions.
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2023-12-13T17:19:00Z By Kyle Brasseur
The U.K. government is set to establish a new agency to enforce trade sanctions and provide compliance guidance to businesses regarding the country’s sanctions regimes.
2023-11-22T16:08:00Z By Neil Hodge
U.K. companies might be wary of informing regulators they have potentially violated sanctions against Russia over fears they could be publicly criticized for even minor breaches.
2023-08-31T15:09:00Z By Kyle Brasseur
U.K.-based foreign exchange service Wise Payments was cited for breaching the country’s sanctions levied against Russia as part of the Office of Financial Sanctions Implementation’s first use of its disclosure enforcement powers acquired last year.
2024-07-02T20:35:00Z By Adrianne Appel
Three former executives of Chicago-based Outcome Health, a healthcare technology company, were sentenced for misleading an auditor, clients, lenders, and investors about a scheme to sell $45 million in overbilled advertisements.
2024-07-02T14:42:00Z By Adrianne Appel
A home health company operating in Indiana, Ohio, and Texas agreed to pay nearly $4.5 million to settle allegations it filed false claims by giving sports tickets and other kickbacks to assisted living facilities in exchange for referrals.
2024-07-02T13:50:00Z By Aaron Nicodemus
Crypto-friendly Silvergate Bank will pay a total of $63 million penalties to California and the Federal Reserve Board to settle charges that its anti-money laundering program failed to properly monitor over $1 trillion worth of customer transactions.
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