by Maryam Liaqat | Mar 9, 2017 | Articles |
March 9, 2017
By: Anna Sayre, Legal Content Writer, SanctionsAlert.com
On January 30, 2017, the New York State Department of Financial Services (DFS), NY’s financial watchdog, as well as the Financial Conduct Authority (FCA), financial services regulator in the UK,ordered Deutsche Bank to pay $425 million and £163 million, respectively, for violations of anti-money laundering regulations and continual, wide spread compliance failures. The so-called ‘mirror trading” scheme, involving the German lender’s Moscow, London and New York offices,resulted in $10 billion being transferred out of Russia. (more…)
by Saskia Rietbroek | Dec 20, 2016 | Articles |
December 19, 2016
By: Anna Sayre, Legal Content Writer, SanctionsAlert.com
Companies, individuals, and financial institutions may receive monetary penalties under civil law when breaching financial sanctions under a new proposal by the UK government that could shape the future of financial sanctions enforcement.
Calling for responses to a consultation document by January 26, 2017, the UK Office of Financial Sanctions Implementation (OFSI) has said the planned changes will allow “more flexible, effective and proportionate set of enforcement measures”. (more…)
by Mamta Borkar | Oct 24, 2016 | Articles |
October 24, 2016
By: Daniel Calloway, Legal Content Writer, SanctionsAlert.com
On September 13, 2016, Pan American Seed Company, a US-based producer of flower seeds, agreed to pay over $4,000,000 to settle potential civil liability for alleged violations of the Iranian Transactions and Sanctions Regulations.
The settlement comes after the Office of Foreign Assets Control (OFAC) – the US Treasury’s agency tasked with US sanctions administration and enforcement – allegations that PanAm Seed, indirectly exported flower seeds to two Iranian distributors on 48 separate occasions. (more…)
by Saskia Rietbroek | Oct 15, 2016 | Articles |
October 15, 2016
By: Dan Calloway, Legal Content Writer, SanctionsAlert.com
The Obama administration sent a message this summer that it was taking a more aggressive stance on medical tech firms as it reached its second consecutive and record settlement with a company for exporting medical-use products to sanctioned countries. (more…)
by Saskia Rietbroek | Sep 6, 2016 | Articles |
Date: September 6, 2016
By: Daniel Calloway, SanctionsAlert.com
In September of 2015, ex-CEO of Arc Electronics Inc., Alexander Fishenko, plead guilty to a 19 count indictment which included charges of the illegal export of microelectronics, money laundering, wire fraud, obstruction of justice, and acting as an unregistered agent of the Russian government. Unlike many cases in the banking sector, where no executives have been accused of wrongdoing after violation of US sanctions laws, Mr. Fishenko, on July 21, 2016, was sentenced by a New York federal judge to 10 years in prison for his crimes. (more…)
