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Editors

Harry Cassin
Publisher and Editor

Andy Spalding
Senior Editor

Jessica Tillipman
Senior Editor

Bill Steinman
Senior Editor

Richard L. Cassin
Editor at Large

Elizabeth K. Spahn
Editor Emeritus

Cody Worthington
Contributing Editor

Julie DiMauro
Contributing Editor

Thomas Fox
Contributing Editor

Marc Alain Bohn
Contributing Editor

Bill Waite
Contributing Editor

Shruti J. Shah
Contributing Editor

Russell A. Stamets
Contributing Editor

Richard Bistrong
Contributing Editor

Eric Carlson
Contributing Editor

These ‘mistakes’ are behind most OFAC violations

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

Wisconsin marketing firm pays $10 million to resolve FCPA offenses

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 million and prejudgment interest of about $960,000, and agreed to pay a civil penalty of $2 million.… Continue Reading

SocGen pays $1.3 billion to resolve sanction offenses

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

U.S. to ZTE: Hire American compliance officers

Commerce Secretary Wilbur Ross said a deal the Administration has reached with China’s ZTE to restore its U.S. trading rights includes creating a new compliance department that’s staffed with American compliance officers.… Continue Reading

Compliance department errors cost UBS $1.7 million in OFAC fines

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