Iran

Articles

Wake Up To Sanctions

November 19, 2018 SanctionsAlert.com Sanctions Round Up

US Imposes Sanctionson 17 Saudis for Alleged Role in Khashoggi Killing, but Prince Stays Clear

On November 15, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated Saud al-Qahtani, his subordinate Maher Mutreb, Saudi Consul General Mohammed Alotaibi, and 14 other members of an operations team for having a role in the brutal killing of Jamal Khashoggi, a Saudi journalist. Khashoggi’s killing took place in the Saudi Consulate in Istanbul shortly after he entered on October 2, 2018.

(more…)

OFAC’s $1.5M Epsilon Fine Provides Four Vital Lessons to U.S. Exporters to Iran

October 3, 2018 By: SanctionsAlert.com

On September 13, 2018, Epsilon Electronics Inc, a car audio and video equipment manufacturer, agreed to pay the U.S. Treasury’s Office of Foreign Assets Control (OFAC) $1,500,000 to settle a case related to alleged violations of the Iranian Transactions and Sanctions Regulations.

The case, which is a culmination of a 2014 penalty notice and two court cases, contains four vital lessons for U.S. exporters whose products may be found in Iran.

The September 2018 settlement is a re-consideration of a disputed penalty notice from 2014, at which time OFAC fined Epsilon $4,000,000. In the 2014 notice, OFAC alleges that from 2008 to 2012, the electronics manufacturer broke the law by selling audio and video equipment to Asra International, LLC. (more…)

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.

(more…)

U.S. Shocks the World by Withdrawing from Iran Nuclear Agreement; OFAC Issues Important Deadlines for Compliance Suites

May 9, 2018
By: Saskia Rietbroek, Principal, SanctionsAlert.com

On May 8, 2018, President Trump announced that the U.S. would be withdrawing from the Iran nuclear deal. The agreement, officially known as the Joint Comprehensive Plan of Action (JCPOA), was reached in 2015 by Iran and major world powers – U.K., China, France, Germany, Russia and the U.S (the ‘P5’) in hopes of halting Iran’s nuclear capabilities. The decision to withdraw leaves the JCPOA in tatters and creates a host of new challenges for sanctions compliance officers worldwide.

“It has turned my world upside down,” says a compliance officer from an international insurance company.

The U.S. government says it will restore the strict sanctions it imposed on Iran before the 2015 deal and is considering new penalties. It is important to note that the JCPOA is not a treaty, but rather a political arrangement put into force largely through presidential executive orders, which the President can revoke without the approval of Congress. (more…)

The Complexities of Dealing with Iranian Business Counterparts – Tips and Practicalities

January 8, 2018

Since the implementation of the Joint Comprehensive Plan of Action, or JCPOA, in early 2016, the international community’s plan to slowly ease sanctions against Iran has led to banks and financial institutions becoming increasingly unsure about which transactions are allowed and which are still too risky to undertake. As such, compliance officers and other professionals have had to navigate extremely treacherous waters. (more…)

UPDATE: Congress Passes Sweeping Iran, Russia, and North Korea Sanctions Legislation

By Alexis Early*
July 27, 2017

On July 27, the Senate passed 98-2 the Countering America’s Adversaries Through Sanctions Act (HR 3364), which previously passed the House 419-3 on July 25, setting up a showdown with President Trump. This bill is an omnibus of three separate sanctions measures: the Countering Iran’s Destabilizing Activities Act (“CIDAA”), the Countering Russian Influence in Europe and Eurasia Act (“CRIEEA”), and the North Korean Interdiction and Modernization of Sanctions Act (“NKIMSA”).

(more…)

Page 1 of 4

Become a Member

Access our innovative members-only resources and tools to further your sanctions skills.
Join Today or Create an Online Account

Follow us on Twitter

Learn About OFAC Essentials Certificate

Enhance your knowledge about this powerful agency, its regulations and how to comply, with our OFAC Essentials Certificate Program.
Learn More

Need Help?

Didn’t find what you were looking for? Let us know how we can help.

Call us by phone +1-305 433 7187, send an email or chat with us.