Myanmar
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Wake Up To Sanctions
SanctionsAlert.com Sanctions Round Up
May 30, 2018
FinCEN CDD Rule Comes into Effect; FFIEC Issues Guidance for Compliance Suites, including for OFAC Officers
On May 11, 2018, exactly two years after being issued, the Financial Crimes Enforcement Network (“FinCEN”)’s implemented its new Customer Due Diligence (CDD) Rule. This CDD rule enhances CDD requirements and also adds a new requirement for financial institutions to identify, and verify the identity of, the beneficial owners of certain legal entity customers.
OFAC Compliance Officers should take notice, as US Treasury expects financial institutions to use beneficial ownership information not only to comply with AML requirements, but also for compliance with the OFAC regulations.
Myanmar opened up, but record on human rights, corruption and money laundering is mixed
November 29, 2016
By: Anna Sayre, Legal Content Writer, SanctionsAlert.com
Despite the October lifting of US sanctions, tensions in Myanmar have intensified and corruption, human rights and money laundering remain a volatile issue. Extreme caution in business relations is still needed. (more…)
US sanctions on Myanmar lifted, but other restrictions remain
November 11, 2016
By: Anna Sayre, Legal Content Writer, SanctionsAlert.com
On October 7, 2016, President Obama issued an executive order terminating the Myanmar (also known as Burma) sanctions program and revoking the executive orders imposing sanctions against the Southeast Asian country. This formally concluded US economic sanctions against Myanmar nearly 20 years after their inception. (more…)
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