All Sanctions articles – Page 9
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ArticleGrowing list of companies halting Russian operations
As the Russia-Ukraine crisis unfolds, companies around the world have announced changes to their supply chains to reduce their footprint in Russia. Compliance Week looks at how businesses across multiple industries are responding.
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ArticleTop 10 reasons to attend Compliance Week 2022
A keynote with two SEC commissioners; interactive sessions on global sanctions, ESG, and ethical leadership; and a new conference location and format highlight Dave Lefort’s list of reasons to be excited for CW’s first in-person event in nearly three years.
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ArticleFinCEN warns financial institutions of Russian sanctions evasion
The Financial Crimes Enforcement Network issued guidance highlighting the types of red flags financial institutions should be looking for to detect potential Russian sanctions evasion attempts.
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ArticleDOJ establishes task force to ensure compliance with Russia sanctions
Attorney General Merrick Garland announced the formation of an interagency task force designed to ensure sanctions and other actions implemented by the U.S. government against Russia and its officials are fully enforced.
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ArticleU.S. turns up heat on Russian banking system with new sanctions
The U.S. Department of the Treasury announced expanded sanctions against Russia affecting 80 percent of all banking assets in the country following its further invasion of Ukraine.
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ArticleWhat sanctions on Russia mean for U.S. companies
The first wave of sanctions imposed on Russia and its financial sector aren’t expected to result in any immediate implications for U.S. companies or their global supply chains. With matters escalating, that could quickly change, according to sanctions experts.
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ArticleSojitz Hong Kong subsidiary fined $5.2M for violating Iran sanctions
Sojitz HK agreed to pay approximately $5.2 million for violations of U.S. sanctions against Iran that occurred when rogue employees deliberately misled company executives and compliance regarding the true origin of goods worth more than $75 million.
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ArticleSupply chains brace for Uyghur Forced Labor Prevention Act
President Joe Biden signed into law a measure that introduces a U.S. import ban on goods mined, produced, or manufactured wholly or in part from the Xinjiang Uyghur Autonomous Region of China through forced labor.
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ArticleAirbnb subsidiary to remit $91K for Cuba sanctions violations
Airbnb Payments, a registered money services business and wholly owned subsidiary of Airbnb, will remit $91,172.29 for apparent violations of sanctions against Cuba, OFAC announced.
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ArticleTD Bank fined $105K for North Korea sanctions violations
TD Bank, N.A. agreed to pay approximately $105,000 as part of a settlement with OFAC for “multiple sanctions compliance breakdowns” that contributed to more than 1,000 apparent violations of North Korean sanctions regulations.
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ArticleWhat it takes to work in sanctions compliance
Sanctions compliance veteran Visar Jaha explores for the ICA what it takes to be a successful in ensuring compliance with sanctions regimes within a firm.
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ArticleIgnoring compliance, Mashreqbank fined $100M for Sudan sanctions violations
The New York State Department of Financial Services fined United Arab Emirates-based Mashreqbank $100 million for violating now-repealed Sudanese sanctions regulations and for having in place an inadequate compliance program.
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ArticleTreasury ransomware response: More sanctions, updated FinCEN guidance
The U.S. Treasury continued its crackdown on facilitators of ransomware payments, sanctioning a second virtual currency exchange and its affiliates and updating FinCEN guidance to help make financial institutions more aware of related red flags.
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ArticleTreasury issues 5 recommendations for modernizing U.S. sanctions
The U.S. Department of the Treasury issued a series of recommendations as to how to “adapt and modernize” the government’s use of sanctions to enhance their effectiveness in supporting national security objectives.
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ArticleFinCEN report: Ransomware SARs surge past 2020 totals
A Financial Crimes Enforcement Network report on financial trends in Bank Secrecy Act data found a greater number of SARs related to ransomware filed between January and June 2021 than during all of 2020.
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ArticleSchlumberger subsidiary to pay $1.4M for Russian sanctions violations
A Houston-based subsidiary of oilfield services company Schlumberger has been fined approximately $1.4 million by the Office of Foreign Assets Control for selling goods to a Russian-based energy firm that was under U.S. sanctions.
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ArticleTreasury sanctions virtual currency exchange as part of ransomware response
The U.S. Department of the Treasury announced “robust actions” to counter ransomware, including blocking the assets of a Russian virtual currency exchange that has facilitated payments for at least eight ransomware variants.
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ArticleNord Stream 2 a study in sanctions complexity
The construction of Nord Stream 2 and the accompanying geopolitics at play illustrate how difficult it can be for compliance to respond to evolving sanctions risks.
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ArticleNewTek fined $189K over Iran sanctions violations
NewTek, a Texas-based company that develops 3D animation hardware and software, has agreed to pay $189,483 to settle OFAC allegations it knowingly violated U.S. sanctions against Iran.
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ArticleRomanian bank penalized over Iran and Syria sanctions lapses
The Office of Foreign Assets Control fined Romania-based First Bank and its U.S. parent company JC Flowers & Co. $862,318 as part of a settlement for First Bank’s processing of transactions in apparent violation of Iran and Syria sanctions.