Sanctions


Bank of America

News Brief

OCC orders Bank of America to shore up BSA/AML, sanctions compliance programs

2024-12-23T19:08:00+00:00By

Bank of America avoided a monetary penalty in agreeing to settle charges with the Treasury Department’s Office of the Comptroller of the Currency but was ordered to shore up previously disclosed deficiencies in its Bank Secrecy Act/anti-money laundering (BSA/AML) and sanctions compliance programs.

iran_sanctions_web

Basic Page

Minnesota transport company hit with sanctions violations for Cuba, Iran trade

2024-12-16T19:20:00+00:00By

A Minnesota transportation company agreed to pay nearly $258,000 to settle allegations that a subsidiaries violated sanctions against Cuba and Iran more than 80 times, the U.S. Treasury Department’s Office of Foreign Assets Control said.

sanctions_screening_web

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Evolving sanctions rules make continuous screening, due diligence essential in 2025

2024-12-05T13:00:00+00:00By

The EU and U.K. have rushed to commit themselves to intensifying action on sanctions evasion after U.S. President-elect Donald Trump’s victory, but any compliance managers who believe Trump will make global sanctions compliance easier in 2025 are likely to be disappointed.

Global sanctions

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U.K., EU enforcement regimes set to escalate, but critics question sanctions’ effectiveness

2024-12-04T16:32:00+00:00By

With a new political regime ready to take over in the U.S., the effectiveness of sanctions against malign foreign actors like Russia, North Korea, and Iran have come into question. While the European Union and U.K. have increased sanctions pressure, critics have publicly asked: Is it enough?

iran_sanctions_web

Opinion

German firm Aiotec to pay $14.5M to settle Iran sanctions violation

2024-12-03T21:32:00+00:00By

German petrochemical parts supplier Aiotec agreed to pay $14.5 million to settle allegations that it engaged in a four-year conspiracy to dismantle and ship a plastics manufacturing plant owned by a U.S. company to Iran, in violation of U.S. sanctions.

Crypto coins

News Brief

U.S. Appeals Court ruling in Tornado Cash case opens door for AML regulatory unwind

2024-12-02T22:55:00+00:00By

In striking down penalties against cryptocurrency mixer Tornado Cash for violating U.S. sanctions, a federal appeals court may have started to chip away at anti-money laundering regulations established by Democrats even before President-elect Donald Trump takes office.

bessent_Treasury_web

News Brief

Trump names Scott Bessent to be Treasury secretary, with a clear deregulation agenda

2024-11-26T14:53:00+00:00By

Hedge fund manager Scott Bessent, named by Donald Trump on Friday as his nominee for Treasury Secretary, has a clear mandate to deregulate the financial markets should he take the helm.

iran_sanctions_web

News Brief

MetLife subsidiary fined $178K by OFAC for issuing premiums to Iran-controlled entities

2024-11-18T20:43:00+00:00By

A subsidiary of MetLife will pay more than $178,000 for violating U.S. sanctions on Iran when it provided insurance policies to entities in the United Arab Emirates owned or controlled by Iran.

russia-final

News Brief

U.K. sanctions 56 entities connected to Russia’s 'war machine'

2024-11-08T14:43:00+00:00By

The U.K. has issued 56 new sanctions against entities and individuals involved with Russia’s war effort, including several private mercenary groups operating in Africa that are connected to the Kremlin.

North Korea sanctions

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Vietnamese business pays $860K for violating U.S. sanctions on North Korea

2024-10-18T18:10:00+01:00By

A Vietnamese alcohol company has agreed to pay $860,000 to settle allegations by the Office of Foreign Assets Control that its business with North Korea involved U.S. financial institutions.

UK_Sanctions_web

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New U.K. enforcement body piles pressure on sanctions evaders

2024-10-03T16:02:00+01:00By

Global sanctions rules are increasing rapidly, as are tools to detect and punish those who break them. In response, the U.K. government is creating a new Office of Trade Sanctions Implementation to investigate and penalize those who break sanctions rules.

Starling_Bank_Web

News Brief

Starling Bank fined $38.5M for repeatedly onboarding high-risk customers

2024-10-02T18:22:00+01:00By

The U.K.’s Financial Conduct Authority fined Starling Bank, Britain’s first digital bank, nearly 29 million pounds (U.S. $38.5 million) for repeated failures related to onboarding high-risk customers.

Wells Fargo NY

News Brief

Wells Fargo agrees with OCC to shore up BSA/AML, sanctions program deficiencies

2024-09-13T15:37:00+01:00By

The Treasury Department’s Office of the Comptroller of the Currency ordered Wells Fargo to make “comprehensive corrective actions” to its Bank Secrecy Act/anti-money laundering and U.S. sanctions programs, along with receive permission from the OCC to offer new products and services or enter new geographic markets with “medium or high” ...

russia_UK_web

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Report: U.K. sanctions enforcement against Russia lacking since invasion of Ukraine

2024-08-28T16:03:00+01:00By

Sanctions imposed against Russia following the 2022 invasion of Ukraine are being undermined by the U.K.’s poor track record of enforcement, according to a report by campaign group Spotlight on Corruption.

Federal Reserve

News Brief

Fed orders Customers Bank to improve AML, sanctions compliance

2024-08-12T17:38:00+01:00By

Pennsylvania-based Customers Bancorp avoided a fine but was ordered to revamp and strengthen its anti-money laundering, sanctions, and Bank Secrecy Act compliance programs after finding “significant deficiencies,” the Federal Reserve Board announced.

Manfred Bekeris Web

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Q&A: Paxful CCO on ramping up compliance after BSA failures

2024-08-12T17:28:00+01:00By

Manfred Bekeris, chief compliance officer at cypto peer-to-peer network Paxful, sat down with Compliance Week to talk about joining the company shortly before its former chief operating officer and co-founder pled guilty to violating the Bank Secrecy Act.

Wells Fargo NY

News Brief

Wells Fargo discloses AML, sanctions programs under investigation

2024-08-02T19:00:00+01:00By

Wells Fargo disclosed in a public filing its anti-money laundering and sanctions programs are under investigation, adding to the already long list of compliance issues plaguing the bank.

iran_sanctions_web

News Brief

OFAC sanctions entities providing electronic components for Iranian weapons

2024-07-31T14:40:00+01:00By

Five individuals and seven entities in Iran, China, and Hong Kong have been targeted for U.S. sanctions by the Treasury Department’s Office of Foreign Assets Control for helping to obtain components used in Iran’s missles and drones.

Financial Conduct Authority

News Brief

FCA wants input on how Consumer Duty overlaps with existing rules

2024-07-30T19:11:00+01:00By

The U.K. Financial Conduct Authority is asking for input on which of its existing rules for financial services overlap with the year-old consumer duty rule, with an eye toward streamlining and simplifying both rule packages.

Brian_Nelson_web

Premium

Treasury official slams Florida ‘anti-woke’ law for ‘undermining’ BSA compliance

2024-07-29T19:00:00+01:00By

Brian Nelson, Treasury Department under secretary for terrorism and financial intelligence, warned in a letter that Florida’s “anti-woke” banking bill may “materially undermine” financial institutions’ compliance with federal AML/CFT laws and U.S. sanctions.

State Street

News Brief

State Street to pay $7.5M to settle Russia sanctions violations by subsidiary

2024-07-29T14:41:00+01:00By

State Street Bank & Trust Co. will pay a $7.5 million fine to settle allegations by the Treasury Department’s Office of Foreign Assets Control that a subsidiary violated sanctions against Russia.

RisksAhead

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Risk visibility striking fear in companies onboarding new customers

2024-07-24T17:54:00+01:00By

A lack of risk visibility is causing companies to reject customers–and potentially lose money–over fears they might be in danger of violating rules around anti-money laundering and sanctions regulations.

Russian money

News Brief

OFAC sets Aug. 2 deadline for firms to report Russian sovereign assets

2024-07-24T15:50:00+01:00By

Financial institutions holding Russian sovereign assets that have not reported them to the Treasury Department’s Office of Foreign Assets Control are now required to do so by Aug. 2.

Israel

News Brief

FinCEN updates red flags to watch for in thwarting West Bank settler violence

2024-07-15T16:45:00+01:00By

The Treasury Department’s Financial Crimes Enforcement Network updated an alert first issued in February warning financial institutions of Israeli extremists fomenting violence in the West Bank.

BitMEX

News Brief

DOJ latest agency to charge crypto platform BitMEX for BSA/AML failures

2024-07-12T16:57:00+01:00By

The parent company of crypto-trading platform BitMEX is again facing charges of violating the Bank Secrecy Act, the latest in a string of punishments against the company and its founders for failing to implement adequate know your customer and anti-money laundering programs.

Dominic_Buckwell_web1

Premium

Q&A: Seaco general counsel, compliance head on environmental regulations

2024-07-03T18:17:00+01:00By

Dominic Buckwell, general counsel and compliance head at global marine container leasing company Seaco, discussed key themes including anti-money laundering, sanctions, and why the industry needs common environmental reporting standards.

North Korea sanctions

News Brief

Mondo TV reaches $538K settlement with OFAC over N. Korea sanctions violations

2024-06-27T16:56:00+01:00By

Italy-based Mondo TV agreed to pay $538,000 to settle charges with the Treasury Department’s Office of Foreign Assets Control over 18 apparent violations of North Korea sanctions regulations.

iran_sanctions_web

News Brief

OFAC sanctions nearly 50 entities for ‘shadow banking’ benefiting Iranian military

2024-06-26T14:37:00+01:00By

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.

OCC

News Brief

OCC emphasizes compliance’s role in FI’s operational resiliency

2024-06-20T15:40:00+01:00By

Compliance departments at financial institutions must become more involved in ensuring their firm’s operational resiliency to address emerging risks, the Treasury Department’s Office of the Comptroller of the Currency said in its semi-annual risk perspective.

columnist dale

Opinion

Top-of-mind takeaways from TPRM Summit

2024-06-17T21:11:00+01:00By

Top-of-mind issues addressed at Compliance Week’s Third-Party Risk Management & Oversight Summit, held June 3-4 in Atlanta, included safe deployment of artificial intelligence, assessing vendor viability and sustainability, understanding the role of procurement in risk ranking, the intersection (or lack thereof) between data privacy and cybersecurity, and many others.

FinTech

News Brief

Evolve Bank ordered by Fed to address AML, sanctions lapses

2024-06-14T20:37:00+01:00By

The Federal Reserve Board ordered an Arkansas bank that partnered with numerous financial technology companies to correct deficiencies in its anti-money laundering, sanctions, risk management, and consumer compliance programs.

Sanctions compliance TPRM

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Panelists break down robust sanctions landscape at TPRM Summit

2024-06-12T02:35:00+01:00By

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.

Flex

News Brief

Flex says no action by OFAC into possible sanctions violations

2024-05-20T17:48:00+01:00By

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.

DXC Technology

News Brief

​DXC Technology says no penalties on self-disclosed Russian sanctions matter

2024-05-20T15:21:00+01:00By

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.

Russian money

News Brief

Treasury details oligarch-tied Russia sanctions evasion scheme

2024-05-15T20:56:00+01:00By

Three Russia-based companies and an individual were designated by the U.S. Treasury Department for trying to recapture more than $1.5 billion in frozen shares owned by a previously sanctioned Russian oligarch using a complex evasion scheme.

U.S. sanctions

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Questions abound on foreign aid bill change to sanctions violations lookbacks

2024-05-02T15:06:00+01:00By

Tucked deep inside the $95 billion foreign aid bill recently passed by Congress was a provision that will allow the Office of Foreign Assets Control to look back 10 years to investigate potential violations of U.S. sanctions, rather than five years.

Iran flag

News Brief

OFAC fines SCG Chemicals unit $20M over Iran sanctions violations

2024-04-22T16:49:00+01:00By

A subsidiary of Thailand-based SCG Chemicals Co. agreed to pay a $20 million fine to the Office of Foreign Assets Control over “egregious” violations of sanctions against Iran.

Israel

News Brief

OFAC sanctions Israeli entities funding West Bank settler violence

2024-04-22T16:00:00+01:00By

The Office of Foreign Assets Control sanctioned two Israeli entities for establishing fundraising campaigns for extremists fomenting violence in the West Bank.

Treasury

News Brief

Treasury kicks off new wave of Iran sanctions

2024-04-18T21:20:00+01:00By

The Treasury Department announced new sanctions against Iran, with Treasury Secretary Janet Yellen promising “further actions in the days and weeks ahead” following the Middle East nation’s attack on Israel.

Treasury

News Brief

U.S., U.K. ban new Russian metal imports

2024-04-15T15:38:00+01:00By

The U.S. Treasury Department, in coordination with the United Kingdom, is clamping down harder on Russia’s ability to wage war against Ukraine by banning the import of Russian-origin aluminum, copper, and nickel.

Commerce Department

News Brief

BIS rule expands export control restrictions on OFAC sanctioned entities

2024-03-22T15:57:00+00:00By

The Bureau of Industry and Security adopted a final rule to extend its export restrictions across more entities and individuals designated under certain sanctions programs maintained by the Office of Foreign Assets Control.

EFG International

News Brief

EFG International settles Cuba, blocked persons U.S. sanctions case

2024-03-14T21:46:00+00:00By

Swiss-based global private banking group EFG International agreed to pay more than $3.7 million as part of a settlement with the Office of Foreign Assets Control addressing apparent violations of U.S. sanctions against Cuba and two blocked individuals.

Zoetis

News Brief

Zoetis says no action from OFAC in Iran sanctions matter

2024-02-14T15:53:00+00:00By

Zoetis, a developer and manufacturer of vaccines and medicines for animals, disclosed it was informed by the Office of Foreign Assets Control that it won’t face enforcement for potential violations of Iran sanctions uncovered during an acquisition integration.

Israel

News Brief

FinCEN alert flags Israeli extremists fomenting violence in West Bank

2024-02-02T18:27:00+00:00By

The Financial Crimes Enforcement Network issued an alert addressing the financing of Israeli extremist settler violence against Palestinians in the West Bank.

dinar_iraq_web

News Brief

Treasury cites Iraqi bank, owner over terrorist financing concerns

2024-01-29T21:44:00+00:00By

Al-Huda Bank faces severance from the U.S. financial system for being a conduit of terrorist financing, according to the Financial Crimes Enforcement Network, while its owner, Hamad al-Moussawi, was sanctioned by the Office of Foreign Assets Control.

Computer hacked

Premium

OFAC official urges company transparency on ransomware events

2024-01-19T21:59:00+00:00By

Despite its reputation as a fierce enforcer of sanctions, the Office of Foreign Assets Control has a softer side and wants to help companies that are hit with ransomware attacks, according to the agency’s senior compliance officer.

ICBC

News Brief

ICBC fined $32M by NYDFS, Fed over compliance lapses

2024-01-19T18:43:00+00:00By

The Industrial and Commercial Bank of China and its New York branch agreed to pay $32.4 million in penalties levied by two regulators for failing to address compliance failures and for the unauthorized disclosure of confidential supervisory information to an overseas regulator.

Genesis_Web

News Brief

Genesis Global Trading fined $8M by NYDFS over AML, cyber lapses

2024-01-16T18:24:00+00:00By

Virtual currency brokerage firm Genesis Global Trading agreed to pay an $8 million penalty levied by the New York State Department of Financial Services for alleged compliance failures that left it vulnerable to illicit activity and cybersecurity threats.

Binance crypto

News Brief

​Binance.US names new chief compliance officer

2024-01-04T15:03:00+00:00By

Cryptocurrency trading platform Binance.US, an affiliate independent of its embattled parent company, announced the appointment of Lesley O’Neill as chief compliance officer.