The Treasury Department’s Office of Foreign Assets Control (OFAC) added four individuals to the list of Russians subject to travel bans and asset freezes under the Magnitsky Act. Two of the Russians named Monday hold top posts in Russia-controlled Chechnya.… Continue Reading
Run-amok compliance officers cost Bank of Tokyo Mitsubishi $315 million for sanctions report whitewash
The New York State Department of Financial Services (DFS) Tuesday levied $315 million in penalties against Bank of Tokyo Mitsubishi UFJ (BTMU) for misleading regulators regarding its transactions with Iran, Sudan, Myanmar, and other sanctioned entities.… Continue Reading
The United States government has imposed tough long-term trade sanctions on Iran because of its nuclear program. But our policy makers want Iranian citizens to have access to the Internet, mobile phones, chat services, and other social media.… Continue Reading
The Treasury Department’s Office of Foreign Assets Control (OFAC) issued Directives 1 through 4 on September 12 pursuant to Executive Order 13662 (March 20, 2014), “Blocking Property of Additional Persons Contributing to the Situation in Ukraine.”
Bank of America Corp’s banking unit agreed to pay $16.6 million to resolve allegations that it processed hundreds of transactions for drug traffickers who are subject to U.S. sanctions, the U.S. Treasury Department said Thursday.… Continue Reading
The U.S. Treasury named eight individuals and 20 entities Thursday connected to Jorge Fadlallah Cheaitelly as designated narcotics traffickers pursuant to the Foreign Narcotics Kingpin Designation Act (Kingpin Act).
The designated individuals are presumed to provide support to Cheaitelly, the leader of a Panama-based drug-trafficking and money-laundering organization that operates around the globe.… Continue Reading
The U.S. Treasury Department announced its settlement with the Dutch company CWT B.V., fining it nearly $6 million for apparent violations of U.S. trade sanctions against Cuba.
CWT is the parent of the Carlson Wagonlit Travel group that operates around the world.… Continue Reading
The U.S. Treasury’s Office of Foreign Asset Control (OFAC) designated three people and a business Thursday for sanctions for facilitating public corruption and threatening Zimbabwe’s democratic institutions.… Continue Reading
Here’s what ATM-maker NCR Corporation said in its SEC filing (Form 8-K) this month about ongoing FCPA and OFAC investigations:
In 2012, NCR received anonymous allegations from a purported whistleblower regarding certain aspects of the Company’s business practices in China, the Middle East and Africa.… Continue Reading
Weatherford International agreed Tuesday to pay $152.6 million to the DOJ and SEC for FCPA offenses in the Middle East and Africa and violation of the Iraq oil-for-food program.
The Switzerland-based company also paid $100 million for export controls violations under the International Emergency Economic Powers Act and the Trading with the Enemy Act.… Continue Reading