News and analysis for the well-informed compliance or audit exec.
Annual Membership best value
Subscribe now for $365
Our lowest price ($1 per day) for one year.
- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Neil Hodge2023-11-22T16:08:00
U.K. companies might be wary of informing regulators they have potentially violated sanctions against Russia over fears they could be publicly criticized for even minor breaches.
Legal and compliance experts assumed minor infractions of the rules would not likely be punishable as companies prepared to conduct more detailed background checks.
However, the Office of Financial Sanctions Implementation’s (OFSI) decision in August to call out payments firm Wise Payments for failing to prevent a designated customer from withdrawing just 250 pounds (U.S. $312) from a cash machine has led some experts to raise questions about the U.K.’s regulatory approach.
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.
Annual Membership best value
Subscribe now for $365
Our lowest price ($1 per day) for one year.
2023-12-13T17:19:00Z By Kyle Brasseur
The U.K. government is set to establish a new agency to enforce trade sanctions and provide compliance guidance to businesses regarding the country’s sanctions regimes.
2023-12-12T20:23:00Z By Kyle Brasseur
More than 150 new designations implemented by the Office of Foreign Assets Control continue U.S. efforts to crack down on entities and individuals supporting Russia from outside the country.
2023-11-06T23:09:00Z By Aaron Nicodemus
Christian Nauvel, deputy chief counsel for corporate enforcement in the Department of Justice’s National Security Division, said the agency’s focus on national security is “top of mind at the highest levels” and that enforcement numbers are set to increase.
2024-06-26T14:37:00Z By Aaron Nicodemus
The Treasury Department’s Office of Foreign Assets Control sanctioned nearly 50 entities connected with so-called “shadow banking” networks that help Iran’s military evade U.S. sanctions and to sell the country’s oil and petrochemical products.
2024-06-21T16:37:00Z By Jeff Dale
The Treasury Department’s Office of Foreign Assets Control and Secretary Janet Yellen announced sanctions Thursday against the top leaders of La Nueva Familia Michoacana drug cartel over the illicit trafficking of synthetic opioid fentanyl in the United States.
2024-06-12T02:35:00Z By Jeff Dale
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.
Site powered by Webvision Cloud