- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2024-05-02T15:06:00
Tucked deep inside the $95 billion foreign aid bill recently passed by Congress was a provision that escaped notice among talk of providing military assistance to U.S. allies Ukraine, Israel, and Taiwan.
The bill (H.R.815) included a change to U.S. sanctions law: Investigators from the Treasury Department’s Office of Foreign Assets Control (OFAC) can now look back 10 years to investigate potential violations of U.S. sanctions, rather than five years.
“It really is a big change that shows that Congress is focusing on the mechanics of sanctions, for better or worse,” said Laura Deegan, counsel at law firm Miller & Chevalier who was previously a sanctions regulations advisor in OFAC’s regulatory affairs division.
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.
Sanctions compliance officers face myriad challenges as complex geopolitical situations heighten risks worldwide, experts discussed during Compliance Week’s Third-Party Risk Management & Oversight Summit.
The Financial Crimes Enforcement Network advised financial institutions in detecting illicit transactions related to Iran-backed terrorist organizations.
A subsidiary of Thailand-based SCG Chemicals Co. agreed to pay a $20 million fine to the Office of Foreign Assets Control over “egregious” violations of sanctions against Iran.
Breaches of the EU’s GDPR can cost companies substantial sums and huge reputational damage. Now some are warning that the implementation of the EU’s AI Act will be just as far-reaching, and could potentially lead to similar numbers of cases.
Any product that uses AI needs to be safety assessed for its entire lifespan under new rules that went into effect recently across the EU. Experts warned companies using AI to tailor products could be classed as “manufacturers” and face the same duty of care as developed.
When lawmakers slam the U.K.’s chief financial regulator as “incompetent,” it not only opens the doors for others to pile criticism on it, but it sparks a debate about how the organization can be improved–or removed.
