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OFAC

Articles

Recent OFAC Settlements with Non-Financial Companies and Lessons Learned

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.

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Maritime Shipping Compliance Guidance Focuses on Automatic Identification Systems

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

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Treasury’s new OFAC Compliance Framework to Encourage Level Playing Field Across Industries

May 17, 2019 By: Anna Sayre, Head of Legal Content, ACSS

On May 2, 2019, following an official announcement by Under Secretary of the Treasury for Terrorism and Financial Intelligence during the American Bankers Association/American Bar Association Conference on December 3, the Office of Foreign Assets Control (OFAC)released its much-anticipated Framework for OFAC Compliance Commitments delineating the key elements that it considers to be essential to an effective sanctions compliance program (SCP).

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US Treasury Requests Further Funds Increase For Sanctions, Terrorism, and OFAC IT Infrastructure

May 2, 2019 By: Anna Sayre, Head of Legal Content, ACSS

Regulators at the U.S. Treasury have signalled their top priorities for the year, and it doesn’t look good for sanctions violators. The Treasury’s Office of Terrorism and Financial Intelligence (TFI)’s new budget proposal calls for a substantial increase in funds to both fight terror and enhance sanctions policy enforcement.

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