- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2024-07-29T14:41:00
State Street Bank & Trust Co. will pay a $7.5 million fine to settle allegations by the Treasury Department’s Office of Foreign Assets Control (OFAC) that a subsidiary violated sanctions against Russia.
Charles River Systems, a Massachusetts-based software company that specializes in products that enable clients to communicate trading information, allegedly maintained business relationships with two Russian banks, Sberbank and VTB Bank, even after both were sanctioned in 2014 when Russia illegally annexed Crimea, according to OFAC’s enforcement release.
The agency said in a press release Friday that the apparent violations were egregious and not voluntary self-disclosed.
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
2025-01-07T16:26:00Z By Aaron Nicodemus
Nearly three years after Russia invaded Ukraine, numerous U.S. sanctions imposed on Russia-based companies connected to the war effort have made doing business in the country fraught with unseen risks, as one U.S. airplane parts distributor learned recently.
2024-10-18T18:10:00Z By Adrianne Appel
A Vietnamese alcohol company has agreed to pay $860,000 to settle allegations by the Office of Foreign Assets Control that its business with North Korea involved U.S. financial institutions.
2024-07-24T15:50:00Z By Aaron Nicodemus
Financial institutions holding Russian sovereign assets that have not reported them to the Treasury Department’s Office of Foreign Assets Control are now required to do so by Aug. 2.
2025-04-18T17:45:00Z By Oscar Gonzalez
The U.S. Consumer Financial Protection Bureau continues to unravel amid pressure from Trump administration officials to shutter the agency. Not only has the agency informed its employees that it will no longer be a watchdog for the financial services industry, it has also laid off employees despite court orders blocking ...
2025-04-15T07:30:00Z By Aaron Nicodemus
The Consumer Financial Protection Bureau dropped yet another consumer protection lawsuit against a bank or fintech provider since Donald Trump was sworn in as president in January. This time, it was with Comerica Bank.
2025-04-11T08:00:00Z By Adrianne Appel
Block Inc., maker of the popular Cash App, has been hit with a $40 million fine by New York for its alleged failure to report suspicious activity. The move marks the latest in a string of recent state and federal enforcement actions against the company.
Site powered by Webvision Cloud