- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2022-10-19T16:55:00
A small Puerto Rican bank was found to have violated U.S. sanctions against Venezuela by the Treasury Department’s Office of Foreign Assets Control (OFAC) for allowing three unlicensed transactions on a blocked account.
Nodus International Bank engaged in three transactions totaling $50,271 with blocked accounts controlled by a person added to OFAC’s List of Specially Designated Nationals and Blocked Persons in 2017, according to the agency’s enforcement release published Tuesday. The transactions were completed by Nodus without receiving a license from OFAC to deal in blocked accounts, as required. The bank’s sanctions compliance officer notified senior bank officials of this requirement, but the advice was not heeded, OFAC said.
Nodus’s violations were self-reported. OFAC determined the harm caused was not significant, and the bank implemented remediations because of the incident. As a result, the agency decided to issue a finding of violation but no fine.
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
The U.S. Treasury Department dialed back certain of its sanctions against Venezuela after the latter’s government and an opposition faction agreed to work together toward the prospect of a presidential election in 2024.
What is compliance resiliency, and why is it crucial for your organization to have it? Recent enforcement examples demonstrate why mapping out a clear business continuity plan can help thwart a risky management reshuffle.
Tobacco company Godfrey Phillips India agreed to pay $332,500 to the Office of Foreign Assets Control to settle charges it violated U.S. sanctions by involving U.S. banks and bank personnel in payments for shipments to North Korea.
USAA Federal Savings Bank has been hit with its third cease and desist order from the Treasury Department’s Office of the Comptroller of the Currency in the past five years for failing to correct unsafe and unsound banking practices.
Becton Dickinson medical device company will pay $175 million for “repeatedly” misleading investors about its Alaris infusion pump, a product the company knew was flawed and was sold without the required patient-safety approvals, the Securities and Exchange Commission said.
The Securities and Exchange Commission charged bankrupt fashion retailer Express with failing to disclose nearly $1 million in perks to a former chief executive, but did not levy a financial penalty thanks to its cooperation, the SEC said.
