- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2021-03-05T14:38:00
Coinbase disclosed certain of its transactions are “under review” by the Office of Foreign Assets Control for potential violations of U.S. sanctions laws. Fellow cryptocurrency platforms BitGo and BitPay have each been fined by the regulator in the last three months.
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Cryptocurrency exchange Poloniex agreed to pay nearly $7.6 million as part of a settlement with the Office of Foreign Assets Control for engaging with more than 200 customers across a handful of sanctioned regions.
Coinbase is the subject of a class-action lawsuit alleging cybersecurity failures at the cryptocurrency exchange are to blame for customer accounts losing thousands of dollars in crypto, with the company not doing enough to prevent further thefts.
The New York State Department of Financial Services has initiated an investigation into cryptocurrency exchange platform Coinbase relating to its compliance program.
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.
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.
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.
