We see it every year: A new edition of a corruption ranking is released, and the first thing people ask is which countries have moved up or down in ranking. It is common knowledge among compliance officers that a country’s position on such an index is just a starting point for a thorough corruption risk assessment, but there is still a danger that nuances will get lost in the high-level presentation of the data.… 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
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 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
Insurance giant American International Group agreed to pay the Office of Foreign Assets Control about $149,000 to settle 555 “apparent violations” of OFAC sanctions against Iran, Sudan, and Cuba.
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
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
The Treasury Department’s Office of Foreign Assets Control won’t impose more fines on Schlumberger for “knowingly and willfully” violating the Iran and Sudan sanctions.
In March, a unit of Paris-based Schlumberger Ltd.… Continue Reading
Last week OFAC — the Office of Foreign Assets Control — issued its 23rd report to congress detailing blocked assets in the U.S. belonging to terrorist organizations and state sponsors of terrorism.… 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