Financial Sector


The SEC’s Office of Global Security Risk adds an extra layer of teeth against sanctions violations

Date: September 1, 2016
By: Anna Sayre, Legal Content Writer, SanctionsAlert.com

 The global risk environment has changed dramatically in recent times, and continues to change almost daily as we learn of new or possible global threats of terrorist activity. The regulator of the securities industry, the US Securities and Exchange Commission ((SEC) plays an important role to protect against a possible terrorist attack. The SEC’s Office of Global Security Risk (OGSR), in operation since 2005, provides an extra layer of protection against such risks by monitoring disclosures related to business activities involving US sanctioned countries, as well as prompting further information regarding those disclosures (or lack thereof) from companies in the US and abroad.


Reviews by bank examiners may result in action by OFAC

Date: August 17, 2016

 The US Treasury Department’s Office of Foreign Assets Control (OFAC) plays, arguably, the biggest role in implementation and enforcement of US sanctions. All US persons, including US financial institutions, must comply with OFAC regulations. Despite this fact, OFAC does not specifically require that financial institutions set up policies or programs to ensure compliance with sanctions laws. OFAC simply requires that financial institutions do not break the laws that it administers. Nevertheless, the potential consequences of not having a comprehensive sanctions compliance policy should not be taken lightly. (more…)

Deutsche Bank Settles OFAC Violations with $258 Million Payment, Monitor and Termination of Employees

Author: Bruce Zagaris
Date: January 8, 2015

On November 4, 2015, the New York State Department of Financial Services (NYDFS) and the U.S. Department of the Treasury entered into a settlement agreement with Deutsche Bank.1 Deutsche Bank agreed to pay an overall $258 million penalty, including $200 million to the NYDFS and $58 million to the Federal Reserve. Deutsche Bank (DB) agreed to have NYDFS appoint an independent monitor for one year and to fire six employees the NYDFS has said were involved in the misconduct.2 (more…)

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