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Enforcement

Articles

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…)

Increase in US sanctions highlights need for compliance and enforcement awareness, with one eye on the states

Date: July 26, 2016
By: Anna Sayre, Legal Content Writer SanctionsAlert.com

In the last 20 years, the United States has exponentially increased its use of economic sanctions against foreign states. It has imposed comprehensive, or countrywide, economic sanctions, against Iran, Cuba, North Korea Syria, Sudan, as well as many targeted sanctions against individuals, firms and financial transactions of certain nations. Presently, the US has 28 sanctions regimes in place, reflecting a large increase since the 1990s. (more…)

Growing personal liability for compliance officers for regulatory lapses may be invading C Suite

Date: April 20, 2016

The crackdown by regulators worldwide to hold individuals accountable for the regulatory failings of the financial institutions where they work is gaining momentum. Regulators are increasingly emphasizing the importance of imposing liability on individuals who work at financial institutions at all levels, especially when their misconduct is intentional and knowingly carried out. (more…)

Growing personal liability for compliance officers for regulatory lapses may be invading C Suite

Date: April 20, 2016

The crackdown by regulators worldwide to hold individuals accountable for the regulatory failings of the financial institutions where they work is gaining momentum. Regulators are increasingly emphasizing the importance of imposing liability on individuals who work at financial institutions at all levels, especially when their misconduct is intentional and knowingly carried out. (more…)

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