All Sanctions articles
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News BriefU.S. Appeals Court ruling in Tornado Cash case opens door for AML regulatory unwind
In striking down penalties against cryptocurrency mixer Tornado Cash for violating U.S. sanctions, a federal appeals court may have started to chip away at anti-money laundering regulations established by Democrats even before President-elect Donald Trump takes office.
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News BriefTrump names Scott Bessent to be Treasury secretary, with a clear deregulation agenda
Hedge fund manager Scott Bessent, named by Donald Trump on Friday as his nominee for Treasury Secretary, has a clear mandate to deregulate the financial markets should he take the helm.
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News BriefMetLife subsidiary fined $178K by OFAC for issuing premiums to Iran-controlled entities
A subsidiary of MetLife will pay more than $178,000 for violating U.S. sanctions on Iran when it provided insurance policies to entities in the United Arab Emirates owned or controlled by Iran.
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News BriefU.K. sanctions 56 entities connected to Russia’s 'war machine'
The U.K. has issued 56 new sanctions against entities and individuals involved with Russia’s war effort, including several private mercenary groups operating in Africa that are connected to the Kremlin.
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Basic PageVietnamese business pays $860K for violating U.S. sanctions on North Korea
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.
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PremiumNew U.K. enforcement body piles pressure on sanctions evaders
Global sanctions rules are increasing rapidly, as are tools to detect and punish those who break them. In response, the U.K. government is creating a new Office of Trade Sanctions Implementation to investigate and penalize those who break sanctions rules.
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News BriefStarling Bank fined $38.5M for repeatedly onboarding high-risk customers
The U.K.’s Financial Conduct Authority fined Starling Bank, Britain’s first digital bank, nearly 29 million pounds (U.S. $38.5 million) for repeated failures related to onboarding high-risk customers.
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News BriefWells Fargo agrees with OCC to shore up BSA/AML, sanctions program deficiencies
The Treasury Department’s Office of the Comptroller of the Currency ordered Wells Fargo to make “comprehensive corrective actions” to its Bank Secrecy Act/anti-money laundering and U.S. sanctions programs, along with receive permission from the OCC to offer new products and services or enter new geographic markets with “medium or high” ...
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PremiumReport: U.K. sanctions enforcement against Russia lacking since invasion of Ukraine
Sanctions imposed against Russia following the 2022 invasion of Ukraine are being undermined by the U.K.’s poor track record of enforcement, according to a report by campaign group Spotlight on Corruption.
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News BriefFed orders Customers Bank to improve AML, sanctions compliance
Pennsylvania-based Customers Bancorp avoided a fine but was ordered to revamp and strengthen its anti-money laundering, sanctions, and Bank Secrecy Act compliance programs after finding “significant deficiencies,” the Federal Reserve Board announced.
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PremiumQ&A: Paxful CCO on ramping up compliance after BSA failures
Manfred Bekeris, chief compliance officer at cypto peer-to-peer network Paxful, sat down with Compliance Week to talk about joining the company shortly before its former chief operating officer and co-founder pled guilty to violating the Bank Secrecy Act.
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News BriefWells Fargo discloses AML, sanctions programs under investigation
Wells Fargo disclosed in a public filing its anti-money laundering and sanctions programs are under investigation, adding to the already long list of compliance issues plaguing the bank.
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News BriefOFAC sanctions entities providing electronic components for Iranian weapons
Five individuals and seven entities in Iran, China, and Hong Kong have been targeted for U.S. sanctions by the Treasury Department’s Office of Foreign Assets Control for helping to obtain components used in Iran’s missles and drones.
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News BriefFCA wants input on how Consumer Duty overlaps with existing rules
The U.K. Financial Conduct Authority is asking for input on which of its existing rules for financial services overlap with the year-old consumer duty rule, with an eye toward streamlining and simplifying both rule packages.
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PremiumTreasury official slams Florida ‘anti-woke’ law for ‘undermining’ BSA compliance
Brian Nelson, Treasury Department under secretary for terrorism and financial intelligence, warned in a letter that Florida’s “anti-woke” banking bill may “materially undermine” financial institutions’ compliance with federal AML/CFT laws and U.S. sanctions.
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News BriefState Street to pay $7.5M to settle Russia sanctions violations by subsidiary
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 that a subsidiary violated sanctions against Russia.
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PremiumRisk visibility striking fear in companies onboarding new customers
A lack of risk visibility is causing companies to reject customers–and potentially lose money–over fears they might be in danger of violating rules around anti-money laundering and sanctions regulations.
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News BriefOFAC sets Aug. 2 deadline for firms to report Russian sovereign assets
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.
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News BriefFinCEN updates red flags to watch for in thwarting West Bank settler violence
The Treasury Department’s Financial Crimes Enforcement Network updated an alert first issued in February warning financial institutions of Israeli extremists fomenting violence in the West Bank.
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News BriefDOJ latest agency to charge crypto platform BitMEX for BSA/AML failures
The parent company of crypto-trading platform BitMEX is again facing charges of violating the Bank Secrecy Act, the latest in a string of punishments against the company and its founders for failing to implement adequate know your customer and anti-money laundering programs.