All Treasury Department articles – Page 5
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ArticleEven with divided Congress, Wall Street should brace for Biden presidency
Should Republicans hold on to their majority in the Senate, President-elect Joe Biden could still find ways to pass sweeping economic legislation during his first term.
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Article
Travel service company to pay $6M for violating Cuba sanctions
Generali Global Assistance has agreed to pay approximately $5.9 million for violating U.S. sanctions. The action comes a week after OFAC amended its Cuban Assets Control Regulations.
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ArticleTreasury sanctions 11 individuals for undermining Hong Kong’s autonomy
The U.S. Department of the Treasury announced sanctions against 11 individuals for “undermining Hong Kong’s autonomy and restricting the freedom of expression or assembly of the citizens of Hong Kong.”
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ArticleRegulators skew virtual with summer events calendar
Despite the coronavirus pandemic throwing a wrench into the events industry, U.S. regulators are still planning Webinars and other opportunities this summer to engage with the public.
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ArticleAICPA calls for IRS to provide tax relief during coronavirus pandemic
AICPA seeks extended filing deadlines to reassure clients struggling with uncertainty during coronavirus pandemic.
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Article
Compliance best practices for ever-evolving Iran sanctions
A new executive order issued in January places additional sanctions on a much broader portion of Iran’s economy and, from a compliance and risk management standpoint, puts a broader range of companies in the crosshairs of U.S. enforcement.
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ArticleTreasury sanctions Rosneft subsidiary for Venezuelan ties
The Department of the Treasury’s Office of Foreign Assets Control has sanctioned a subsidiary of Russian state-run oil company Rosneft for operating in the oil sector of the Venezuelan economy.
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ArticleTreasury Secretary sets goal for cryptocurrency regulation
Taking into account the Trump administration’s trade concerns involving cryptocurrencies, the Treasury Department has announced it will roll out new regulations later this year.
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ArticleEagle Shipping settles ‘egregious’ OFAC case for $1.1M
Eagle Shipping International will make a handful of enhancements to its compliance controls as part of a $1.125 million settlement with the Department of the Treasury’s Office of Foreign Assets Control.
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ArticleTreasury finalizes rules impacting foreign investments in U.S.
The Treasury Department is disseminating two rules implementing the Foreign Investment Risk Review Modernization Act of 2018 to help balance national security with the importance of foreign investments in the U.S. economy.
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ArticleStudy: Spike in OFAC sanctions pose compliance challenges
Some companies might scramble to comply with more—and sometimes quickly shifting—sanctions requirements as the U.S. government chalks up record enforcement levels.
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ArticleOFAC: Apple shows ‘reckless disregard’ for sanctions in ‘non-egregious’ violation
The Treasury Department’s Office of Foreign Assets Control had harsh words for Apple’s sanctions compliance program in announcing a not-so-hefty $466,912 settlement with the technology giant.
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Article
OFAC amends Cuban Assets Control Regulations
The Treasury Department’s Office of Foreign Assets Control announced amendments to the Cuban Assets Control Regulations to further implement President Trump’s June 2017 National Security Presidential Memorandum.
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Article
Expedia settles with Treasury for violations of U.S. sanctions on Cuba
Expedia Group has agreed to pay more than $325,000 to resolve allegations that it violated U.S. sanctions on Cuba, the Treasury Department announced.
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Article
Treasury issues Finding of Violation to State Street subsidiary
The U.S. Treasury Department has found that State Street Bank and Trust violated Iranian Transactions and Sanctions Regulations.
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ArticleU.S., U.K. launch Financial Innovation Partnership
A newly formalized partnership between the United States and United Kingdom aims to embolden innovation in financial services.
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ArticleStandard Chartered Bank to pay $1.1B for sanctions violations
Standard Chartered Bank, a U.K.-based financial institution, will pay a total of $1.1 billion in a global settlement for sanctions violations.
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ArticleRegulators give nod to AI, emerging tech for AML programs
Federal bank regulators are encouraging banks to use artificial intelligence and other emerging technologies to bolster their AML compliance programs. In doing so, new guidance addresses an evolving liability and enforcement posture.
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BlogOFAC takes action against ‘vast network’ of ‘Specially Designated Global Terrorists’
The U.S. Department of Treasury’s Office of Foreign Assets Control on Oct. 16 took action against a vast network of Iranian entities for providing financial support to the Basij Resistance Force, a paramilitary force that recruits, trains, and deploys child soldiers.
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Blog
Treasury releases third report on regulatory overhaul
The Treasury Department has released its third report of regulatory recommendations, this time looking at the framework for the asset management and insurance industries.