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).
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.
April 23, 2019 By: Scott Nance*, Principal, LC Consulting
Recent times have seen an uptick in sanctions enforcement actions, placing an onus on many compliance suites and officers to take head and build a robust sanctions compliance program.
February 4, 2019 By: Scott Nance and George Voloshin
On December 20, 2018, the Office of Foreign Assets Control (OFAC) published a penalty notice and settlement agreement with Zoltek Companies, Inc., a U.S. producer of carbon fiber. OFAC found that Zoltek had violated U.S. sanctions laws due to its Hungarian subsidiary, Zoltek ZRT, having purchased inputs from a Specially Designated National (SDN) in Belarus. Zoltek agreed to pay a substantial fine of $7,772,102 and to implement various measures to ensure it would not commit future violations.
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…)