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Risks and Controls

Articles

The Complexities of Sanctions Compliance Risk in the Shipping Industry

August 01, 2019 By: Natasha Bright, Reporter ACSS

Complying with sanctions regulations associated with the maritime shipping industry involves many factors. Similar to the compliance environment with all sectors, a risk assessment includes answering the who, where, when, why, what and how questions. However, with shipping, the answers to those questions are not easily captured in a single dimension.

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World Bank Group: The Forgotten Sanctions Players in the International Arena

January 9, 2019 By: Alex Haines, Outer Temple Chambers*

Most compliance officers are familiar with sanctions imposed by the UN, EU, US, Canada, and other countries. These international organizations and states impose targeted financial sanctions– such as asset freezes, arms embargoes and travel bans – in order to achieve a desired outcome. A lesser known form of sanctions is one that belongs to Multilateral Development Banks (MDB) like the World Bank Group.

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Bank of China Order Confirms U.S. Regulators Are Willing to Take a Tough Line On Sanctions Missteps

August 16, 2018
By: Anna Sayre, Legal Content Writer, SanctionsAlert.com

After conducting a supervisory examination of its compliance program, the Office of the Comptroller of the Currency (OCC) has issued a $12.5 million fine and a Consent Order requiring Bank of China’s New York Branch to fulfill certain requirements within 90 days, some very far-reaching.

The Order, imposed by the OCC in April 2018, not only details shortcomings found in the Bank Secrecy Act/anti-money laundering (BSA/AML) compliance program of one of the world’s biggest lenders, but also enterprise-wide deficiencies in its Office of Foreign Assets Control (OFAC) compliance requirements.

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