Apple, Inc. agreed Monday to pay $467,000 to settle violations of the Foreign Narcotics Kingpin Sanctions Regulations after its screening tool failed to detect a sanctioned company and its owner.… Continue Reading
As the leader of a private company, WeWork’s former CEO Adam Neumann clearly wasn’t subject to strong expense reporting requirements or conflicts of interest processes — he threw extravagant parties, routinely hired his family members and close friends, and engaged in numerous related-party transactions.… Continue Reading
Earlier this year the Treasury Department’s Office of Foreign Assets Control published A Framework for OFAC Compliance Commitments. It describes essential components of a sanctions compliance program (management commitment, risk assessment, internal controls, testing and auditing, and training).… Continue Reading
Two businessmen pleaded guilty in federal court in Miami to bribing a former Venezuela government minister and another official at the state-owned electric utility in exchange for $60 million in contracts for their Florida-based businesses.… Continue Reading
In the context of the Trump Administration’s “maximal pressure” approach to the U.S. sanctions against Iran, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) issued on May 3, 2019 its Framework for OFAC Compliance Commitments or OFAC Guidelines.… Continue Reading
Standard Chartered Bank agreed Tuesday to pay $657 million to the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) to resolve sanctions violations primarily related to Iran, with other violations involving current or former sanctions on Cuba, Sudan, Burma, Syria, and Zimbabwe.… Continue Reading
With the proliferation of OFAC designations of Russian businesspeople, trying to predict whether or not someone will be designated as a Specially Designated National (SDN) has become an important part of third party due diligence on Russian business partners. … Continue Reading
At the federal level in the United States, cryptocurrencies have a lot of regulators — FinCEN, OFAC, the IRS, the Commodity Futures Trading Commission (CFTC), and the SEC among them.
These regulators characterize cryptocurrencies respectively as money, property, commodities, and a security. … Continue Reading
The White House announced on May 8 that the United States would pull out of the Joint Comprehensive Plan of Action (JCPOA) and reinstate sanctions on Iran to address that country’s nuclear program.… Continue Reading
In 2015 OFAC penalized the National Bank of Pakistan for apparent violations of U.S. sanctions programs resulting from a software failure. According to OFAC, the bank’s New York branch processed wire transfers after its sanction screening tool failed to detect the name of the account — LC Air company Kyrgyztransavia — as belonging to Kyrgyz Trans Avia, a blocked entity.… Continue Reading
The Trump administration Thursday sanctioned five entities and 19 individuals for meddling in the 2016 U.S. presidential elections and for cyberattacks.
Among the entities sanctioned are Russian intelligence agencies, including the Federal Security Service, blamed for the 2014 hacking of Yahoo.… Continue Reading