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News Sanctions News Round Up

August 31, 2017

NYDFS: Pakistani Bank’s OFAC Program Included Improper Inclusion of SDN’s on the Bank’s ‘Good Guy’ List

On August 24, 2017, the New York Department of Financial Services (NYDFS) – NY State’s financial regulator – announced it is seeking up to $630 million in penalties from Habib Bank for “serious deficiencies” in its AML and OFAC compliance programs. The deficiencies, identified in the “Statement of Charges”, span more than a decade. Among other things, the regulator’s investigation determined that transactions went un-reviewed because of the improper inclusion of certain individuals and transactions on the Bank’s so-called ‘good-guy’ list. Such improper inclusions comprised prohibited persons and entities identified on OFAC’s SDN List corresponding to: read more…

Sanctions as an Anti-Corruption Tool: South Sudanese Corrupt PEPs Slapped with OFAC Designations Sanctions Round Up
September 18, 2017

On September 6, 2017, pursuant to Executive Order (E.O.) 13664, OFAC added three South Sudanese officials, Malek Reuben Riak Rengu, Michael Makuei Lueth, and Paul Malong Awan, in addition to three companies owned or controlled by Riak Rengu, to the Specially Designated Nationals (SDN) List for their roles in the continued undermining of the peace, security, and stability of the country. As a result of these actions, all of the aforementioned individuals’ and entities’ assets within U.S. jurisdiction are blocked, and U.S. persons are generally prohibited from engaging in transactions with them. read more…

Upcoming Webinars

FREE! The Role and Authorities of U.S. Department of State in Sanctioning Terrorists

Date:  Thursday, October 19, 2017 Time:  12:00 PM - 01:15 PM EST The imposition of sanctions by the U.S. against terrorists, terrorist organizations, and their support structures is a powerful tool. Its effects reach far beyond the blocking of terrorist assets. Designating individuals or organizations as SDGTs, SDTs, or FTOs, denies them access to the U.S. financial system. This live webinar explains the important role of U.S. Department of State - which arguably has the greatest influence of any US department over the implementation of US sanctions policy in designating terrorists. Do you know that SDGTs and FTOs are not designated by OFAC? Instead, they are placed on the “do not touch” list by State Department. Do you know the differences in practical restrictions between Foreign Terrorist Organization (FTO), Specially Designated Global Terrorists (SDGT), and state sponsors of...

Essentials: Seven Vital Things Every Exporter (and its Bank) Needs To Know About Sanctions and Export Controls

Date:  Thursday, November 02, 2017 Time:  12:00 PM - 01:15 PM EST Export controls and trade sanctions seem to keep changing.  Yet some of the fundamentals remain the same.  This live webinar from the popular Essentials Series will cover the seven vital things every exporter needs to know about sanctions and export controls. It will also address what your banks are (or should be) considering when they decide whether to accept (or block) payment for an export transaction or agree to finance an export transaction. Questions this webinar will address: What do you need to know when you are engaging in an export? What does a bank look for when deciding whether to accept (or block) the payment? What does a bank consider before agreeing to finance an export transaction? Have there been changes regarding export documentation requirements that may affect my...

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