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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Adrianne Appel2024-01-19T21:59:00
Despite its reputation as a fierce enforcer of sanctions, the Treasury Department’s Office of Foreign Assets Control (OFAC) has a softer side and wants to help companies that are hit with ransomware attacks, according to the agency’s senior compliance officer.
“We’re here to help you comply with the regulations we’re enforcing,” said Kristen Berg during a session Thursday at the Securities Docket’s Incident Response Forum Ransomware event. “We’re not looking to play ‘gotcha.’ We’re looking to provide guidance and help.”
In September 2021, OFAC released a ransomware advisory to highlight the sanctions risks associated with ransom payments. The Treasury prohibits U.S. individuals and companies from engaging in transactions with sanctioned persons, businesses, or entities, including ransom payments.
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News and analysis for the well-informed compliance or audit exec.
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2024-05-20T17:48:00Z By Jeff Dale
Flex disclosed in a public filing the Office of Foreign Assets Control is taking no action into potential sanctions violations the global manufacturer voluntarily self-disclosed in 2019.
2024-02-29T16:46:00Z By Kyle Brasseur
The Treasury Department announced its success using artificial intelligence to track down instances of check fraud—a potential preview of the results that might come if the agency applies AI in other enforcement-related circumstances.
2024-01-09T18:09:00Z By Aaron Nicodemus
A new report from the Financial Industry Regulatory Authority provides observations from examiners on emerging issues affecting the industry, including surveilling potential use of off-channel communications by employees, crypto-asset developments, cybersecurity trends, and more.
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.
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