Steady Increase in OFAC Enforcement; A Shift Towards Unilateral Sanctions; A New Focus on International Trade; and much more, according to Accuity.
February 3, 2020 By: Anna Sayre, CSS, Director of Content, ACSS
The global sanctions landscape is in a constant state of flux. From the U.S.’ stern outlook on Iran to the E.U.’s ever-tightening sanctions on Russia, our current global climate is ripe for sanctions shifts and new enforcement actions. In fact, 2019 saw the biggest uptick in OFAC cases since 2014, and the number of individual U.S. sanctions cases last year has tripled since the previous year. (more…)
January 25, 2020 By: Natasha Bright, ACSS Reporter
The U.S. Office of Foreign Assets Control had a very busy year. The agency handed out a record $1.28 billion in penalties in 26 settlements. The enforcement actions provide insight into what was top of mind for the agency and offer clues to companies on how to strengthen their compliance programs. (more…)
December 2, 2019 By: Natasha Bright, ACSS Reporter
The past year has seen a flurry of new regulations, laws, and guidance documents on cryptocurrencies. The Office of Foreign Assets Control (OFAC), the European Union (EU), the Financial Action Task Force (FATF), and various other governments are actively trying to regulate the space.
November 4, 2019 By: Thomas Nollner*
A commonly held misconception within the sanctions industry is that Office of Foreign Assets Control (OFAC) sanctions programs only apply to financial institutions. Recent large civil liability settlements between OFAC and several large banking companies support this misconception. As published in the international press, Standard Chartered Bank reached a settlement agreement with OFAC in April 2019 for an apparent violation by paying OFAC $639 million; Societé Génerale S.A. in November 2018 reached a settlement agreement for the same type of apparent violation by paying OFAC $53 million; and J.P. Morgan Chase in October 2018 paid $5 million to OFAC for an apparent violation.
June 21, 2019 By: Natasha Bright, Reporter ACSS
Compliance with sanctions isn’t just a bank issue. In the past year, the Office of Foreign Assets Control has begun to focus on industries outside the financial sector including those involved in shipping. Sanctions related to Iran, North Korea and Venezuela have increased pressure on maritime trade businesses including shipping companies, insurance companies, commodities traders, associated financial institutions, and others. In response, organizations are looking for guidance and solutions to adapt to the rapidly evolving and complex compliance landscape
May 30, 2019 By: Glenda Juliano, CAMS
Restrictions apply to entities owned 50 percent or more, individually or in aggregate by one or more persons on the SDN or SSI List.