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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Adrianne Appel2023-03-13T19:27:00
Swedbank said it expects to pay 40 million Swedish krona (U.S. $3.7 million) as part of a settlement with the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) related to apparent sanctions violations.
Swedbank acknowledged the provision in a press release Friday. It said OFAC’s investigation related to “historical shortcomings” but did not specify whether the settlement will address its self-disclosure to the regulator previously announced in March 2020.
Then, the bank said Clifford Chance, a law firm it hired to investigate its anti-money laundering (AML) weaknesses, flagged about $4.8 million in transactions that could be subject to U.S. sanctions.
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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.
2023-06-20T19:00:00Z By Jeff Dale
Swedbank Latvia agreed to pay more than $3.4 million to resolve apparent U.S. sanctions violations in the Crimea region of Ukraine, the Office of Foreign Assets Control announced.
2023-03-30T21:05:00Z By Aaron Nicodemus
Wells Fargo will pay nearly $98 million to settle charges a subsidiary facilitated more than $532 million worth of prohibited transactions in violation of sanctions against Iran, Syria, and Sudan.
2022-03-15T14:40:00Z By Kyle Brasseur
The Estonian branch of Swedbank has been summoned for interrogation as part of a probe into suspected money laundering and other criminal activities.
2024-12-20T17:39:00Z By Aaron Nicodemus
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.
2024-12-18T18:08:00Z By Adrianne Appel
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.
2024-12-17T20:57:00Z By Adrianne Appel
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.
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