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Wake Up To Sanctions | Second Quarter 2019 – Summer Edition Sanctions Round Up

August 05, 2019

OFAC Publishes New Framework for Compliance Commitments, Naming 5 Essential Components

On May 2, 2019, the U.S. Treasury’s Office of Foreign Assets Control (OFAC) published a Framework for OFAC Compliance Commitments “in order to provide organizations subject to U.S. jurisdiction, as well as foreign entities that conduct business in or with the United States or U.S. persons, or that use U.S.-origin goods or services, with a framework on the essential components of a sanctions compliance program”. This guidance marks the first time that OFAC has provided prescriptive guidance to companies on its views of what should be included in an effective sanctions compliance program. (more…)

Wake Up To Sanctions

SanctionsAlert.com Summer Sanctions Round Up
September 5, 2018

U.S. Cracks Down on Russia with Global Magnitsky Regulations and New Sanctions

As of June 29,2018, the Global Magnitsky Sanctions Regulations (31 CFR part 583) took effect on the Federal Register. These regulations implement the Global Magnitsky Human Rights Accountability Act (or U.S. Global Magnitsky Act) as well as Executive Order 13818 of December 20, 2017.

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Wake Up To Sanctions

SanctionsAlert.com Sanctions Round Up
May 30, 2018

FinCEN CDD Rule Comes into Effect; FFIEC Issues Guidance for Compliance Suites, including for OFAC Officers

On May 11, 2018, exactly two years after being issued, the Financial Crimes Enforcement Network (“FinCEN”)’s implemented its new Customer Due Diligence (CDD) Rule. This CDD rule enhances CDD requirements and also adds a new requirement for financial institutions to identify, and verify the identity of, the beneficial owners of certain legal entity customers.

OFAC Compliance Officers should take notice, as US Treasury expects financial institutions to use beneficial ownership information not only to comply with AML requirements, but also for compliance with the OFAC regulations.

(more…)

Wake Up To Sanctions

SanctionsAlert.com Sanctions Round Up
November 17, 2017

EU removes FARC from terrorist list; imposes first set of sanctions on Venezuela

On November 13, 2017, the E.U. removed Colombian guerilla group FARC from its terrorism sanctions list following its disarmament and re-launch as a political party. Earlier, in September 2016, the E.U.had suspended its terrorism sanctions on FARC in recognition of the peace agreement signed between FARC and the Colombian government.

(more…)

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