An Independent Source of Knowledge
Delivering Vital Compliance Training Worldwide
June 15, 2018
By: Keith Preble and Dr. Bryan R. Early*
The main goal of imposing sanctions on a target country or entity has always been to disrupt the target’s commercial relationships and make it costlier for them to do business. Governments try to achieve this goal by imposing administrative and criminal penalties for individuals and entities that violate their sanctions. read more…
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. read more…
U.S. Shocks the World by Withdrawing from Iran Nuclear Agreement; OFAC Issues Important Deadlines for Compliance Suites
May 9, 2018
By: Saskia Rietbroek, Principal, SanctionsAlert.com
On May 8, 2018, President Trump announced that the U.S. would be withdrawing from the Iran nuclear deal. The agreement, officially known as the Joint Comprehensive Plan of Action (JCPOA), was reached in 2015 by Iran and major world powers – U.K., China, France, Germany, Russia and the U.S (the ‘P5’) in hopes of halting Iran’s nuclear capabilities. The decision to withdraw leaves the JCPOA in tatters and creates a host of new challenges for sanctions compliance officers worldwide.
“It has turned my world upside down,” says a compliance officer from an international insurance company.
The U.S. government says it will restore the strict sanctions it imposed on Iran before the 2015 deal and is considering new penalties. It is important to note that the JCPOA is not a treaty, but rather a political arrangement put into force largely through presidential executive orders, which the President can revoke without the approval of Congress. read more…
OFAC Enforcement Actions: Trends and Analysis
Preparing for a Regulatory Examination of Your Financial Institution’s OFAC Program
Beyond List Matching: Compliance with Sectoral Sanctions
EU and U.K. Sanctions Update: The Potential Effects of Brexit on U.K. Sanctions Law and How Compliance Officers Can Prepare For the Switch
Interactive Sanctions Map
OFAC Enforcement Actions Database
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Announcing the first ever Sanctions Technology Taskforce!
SanctionsAlert.com is proud to launch its groundbreaking Sanctions Technology Taskforce (or STTF). This committee, consisting of consultants and compliance practitioners as well as technology companies, will share and discuss modern trends and best practices in cutting-edge tech advancements for the sanctions community. This will include a monthly Tech Column of latest developments, an annual Best Practices Book, quarterly Tech Webinars addressing the latest in sanctions technology, and much more!
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- CELEX:02002R0881-20170917: Council Regulation (EC) No 881/2002 of 27 May 2002 imposing certain specific restrictive measures directed against certain persons and entities associated with the ISIL (Da’esh) and Al-Qaida organisations