- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Jeff Dale2024-06-12T02:35:00
Sanctions compliance officers face myriad challenges as complex geopolitical situations heighten risks worldwide, experts discussed during Compliance Week’s Third-Party Risk Management (TPRM) & Oversight Summit held in Atlanta on June 3-4.
Kristy Grant-Hart, founder and chief executive officer at Spark Compliance Consulting, kicked off the discussion with panelists Joshua Reynolds, head of solutions consulting at GAN Integrity, and Faith Graham, head of governance and TPRM at the World Bank, by breaking down the robust sanctions risk landscape.
Whether it be extended statute of limitations for sanctions violations, increased global scrutiny toward popular social media app TikTok, separate legislation to thwart Iranian petroleum allegedly being funneled through China, or the illicit trafficking of synthetic opioid fentanyl, Grant-Hart said there’s a reason sanctions compliance is considered the new Foreign Corrupt Practices Act.
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The U.S. Department of Homeland Security added three China-based entities across the seafood, aluminum, and footwear industries to the Uyghur Forced Labor Prevention Act Entity List.
IT services company DXC Technology disclosed it received word from the Office of Foreign Assets Control and Bureau of Industry and Security that it won’t be penalized regarding potential Russian sanctions/export control violations it voluntarily self-disclosed in 2022.
The Department of Homeland Security announced its largest batch of additions to the list of companies blocked under the Uyghur Forced Labor Prevention Act in the form of a sweep of the Chinese textile industry.
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.
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.
