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Risks and Controls

Articles

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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Seven Reasons Why Compliance Suites Should Treat Sanctions As Distinct from AML

July 7, 2018
By: SanctionsAlert.com

In recent times, the implementation of economic sanctions has been the go-to method for governments to put pressure on those countries that do not adhere to international standards. The implementation of economic sanctions as a leveraging tool has grown exponentially in the last decade and, as a result, given rise to a myriad of new rules and regulations that compliance suites must follow or suffer the consequences.

Nevertheless, despite this influx of new sanctions-based requirements, many compliance suites still continue to embedsanctions into their overall Anti-Money Laundering (AML)programs.

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