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
Quad/Graphics Inc. agreed Thursday to pay the SEC nearly $10 million to settle violations of the Foreign Corrupt Practices Act for long-running bribery schemes and cover-ups in Peru and China.
The Sussex, Wisconsin print and digital marketing company disgorged $6.9… Continue Reading
Société Générale SA resolved U.S. trade sanction violations Monday by entering into two deferred prosecution agreements and paying $1.34 billion in penalties to federal and state authorities.
Paris-based SocGen — the third biggest French bank — admitted that it violated sanctions on Cuba, Iran, and Sudan.… Continue Reading
The Securities and Exchange Commission said Tuesday that oil services company Weatherford International paid a $140 million penalty to settle charges that it inflated earnings by using deceptive income tax accounting. … Continue Reading
Federal and New York authorities said Wednesday that Deutsche Bank will pay $258 million and fire six senior employees to resolve investigations into thousands of illegal transactions with customers in Iran, Libya, Syria, Myanmar, and Sudan.… Continue Reading
French bank Crédit Agricole will pay $787 million and hire an independent monitor after violating U.S. sanctions against Sudan, Iran, Myanmar, and Cuba between 2003 and 2008.
The bank will also fire a managing director involved in the violations of U.S.… Continue Reading
Zurich-based UBS AG agreed to pay just over $1.7 million to resolve civil allegations that it processed 222 transactions for a client that apparently violated U.S. anti-terrorism sanctions.
“Multiple business lines and personnel within UBS, including supervisory and management staff within the bank’s compliance department, had actual knowledge of the conduct that led to the apparent violations,” the U.S.… Continue Reading
Paris-based BNP Paribas S.A. was sentenced Friday for processing billions of dollars of transactions through the U.S. financial system on behalf of Sudanese, Iranian and Cuban entities subject to U.S. economic sanctions. … Continue Reading
PayPal will pay $7.7 million to settle charges by the U.S. Treasury Department’s Office of Foreign Assets Control that it violated trade sanctions against Iran, Sudan, and Cuba.
EBay owns PayPal but plans to spin off the electronic payments firm sometime this year.… Continue Reading
The DOJ and Commerce Department said Wednesday a unit of Paris-based Schlumberger Ltd. has agreed to plead guilty and pay a $232.7 million penalty for conspiracy to violate trade sanctions with Iran and Sudan.… Continue Reading
Prosecutors in Switzerland searched the offices of HSBC’s private bank in Geneva Wednesday as part of an investigation into money laundering.
The Geneva prosecutor’s office said it opened a criminal inquiry into possible money laundering against HSBC Private Bank (Suisse).… Continue Reading