Amid the coming post-Covid-19 resizing wave, when chief compliance officers request bigger budgets, don’t laugh, and don’t blame them. This time, it’s OFAC’s fault.… Continue Reading
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
The U.S. Treasury Department’s Office of Foreign Assets Control Thursday imposed sanctions on five individuals, including at least three Russians, and on a Chechen group for extra-judicial killings and torturing LGBT individuals.… Continue Reading
The Treasury Department’s Office of Foreign Assets Control fined a California-based cosmetics company nearly $1 million for importing fake eyelash kits that contained materials from North Korea.… Continue Reading
The Treasury Department’s Office of Foreign Assets Control fined a Connecticut-based company Thursday for exporting paper from Canada to Sudan.
BD White Birch Investment LLC, known as White Birch USA, paid $372,465 to settle allegations that it violated U.S.… Continue Reading
The Treasury Department’s Office of Foreign Assets Control penalized Richemont North America, Inc., the owner of the Cartier luxury brand, for shipping jewelry to a Hong Kong company that OFAC had blocked.… Continue Reading
The U.S. Treasury Department’s Office of Foreign Assets Control Tuesday put more entities and individuals from China, Russia, Singapore and Namibia on the North Korea sanctions list.
OFAC said the blocked companies and people bought coal, minerals or oil from North Korea or supported its weapons programs.… Continue Reading
Last week the U.S. Treasury Department’s Office of Foreign Assets Control announced a $12 million settlement with CSE Global Limited and its subsidiary, CSE TransTel Pte. Ltd., both based in Singapore.… Continue Reading
China’s ZTE Corporation agreed Tuesday with the DOJ and two other agencies to pay $892 million for knowingly shipping dual-use telecoms equipment to Iran for six years and lying to cover up the trade offenses.… Continue Reading
The event will include presentations on OFAC regulations affecting all U.S. persons, as well as targeted reviews of sanctions concerns for new and updated OFAC programs.… Continue Reading
Houston-based driller National Oilwell Varco, Inc. reached a settlement with the DOJ, the Commerce Department, the Treasury Department’s Office of Foreign Assets Control, and U.S. Immigration and Customs Enforcement for trade sanction violations reaching back to 2002.… Continue Reading