Cross-Sector Conference in New York Engages Top Experts to Reveal the Trends in Sanctions and Export Controls Risk Management and Enforcement

October 13, 2017

Whether you work at a financial institution or corporation, sanctions compliance comes with a host of risks that require well-developed processes to address them. Such risks were the subject of the inaugural SanctionsAlert.com Sanctions Risk Management Symposium, co-hosted with Compliance Week and Financial Research Associates,which took place in New York last month. Sanctions compliance professionals and experts from companies representing different industries– such as Uber, Standard Chartered Bank, ZTE, AXA Group, Google, and others – gathered in NYC to exchange ideas and discuss their favored processes for mitigating the risks associated with sanctions and export controls. (more…)

Wake Up To Sanctions: SanctionsAlert.com Sanctions Round Up

October 6, 2017

US Substantially Increases Sanctions against North Korea to include Non-U.S. Persons

On September 20, 2017, the U.S. President signed Executive Order (E.O.) 13810 imposing additional sanctions against North Korea targeting trade and financial transactions.This move closely compliments the September 11 resolution by the United Nations Security Council on imposing sanctions on North Korea’s textile and oil industry.

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OFAC Shortens New Debt Maturity Periods under Russian Financial and Energy Sectoral Sanctions

By Peter Jeydel on September 29, 2017

OFAC today revised its Ukraine/Russia-related sectoral sanctions directives prohibiting US person dealings in new debt or new equity of listed Russian financial institutions and new debt of listed Russian energy companies (in both cases, these prohibitions continue to apply to the “interests in property” of the listed entities, meaning any entity 50% or more owned by them). OFAC took this step pursuant to a statutory mandate in the Countering Russian Influence in Europe and Eurasia Act of 2017 (CRIEEA).  See our advisory on CRIEEA.  The changes made today are as follows (and as expected based on the statutory mandate): (more…)

SanctionsAlert.com Sanctions Round Up

Sanctions as an Anti-Corruption Tool: South Sudanese Corrupt PEPs Slapped with OFAC Designations
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. (more…)

SanctionsAlert.com 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: (more…)