Risks and Controls
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.
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.
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.
WMD Proliferation Detection Can Be Readily Incorporated Into Existing AML/Terrorist Financing Programs, A new Report by the Center for New American Security
November 25, 2018 By: Sanctions Alert
The proliferation of weapons of mass destruction (WMDs) is a critical threat facing the international community. As such, finding new and more effective ways of combating the proliferation of WMDs has become a major concern of the international community.
October 29, 2018 By: Scott Nance*
In order to optimize interest and improve liquidity for their clients, financial institutions frequently maintain so-called ‘pooling accounts’, in which funds from many different accounts are combined.
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.