In the corporate sector, executives do not remain unscathed after sanctions violations

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…)

Reviews by bank examiners may result in action by OFAC

Date: August 17, 2016

 The US Treasury Department’s Office of Foreign Assets Control (OFAC) plays, arguably, the biggest role in implementation and enforcement of US sanctions. All US persons, including US financial institutions, must comply with OFAC regulations. Despite this fact, OFAC does not specifically require that financial institutions set up policies or programs to ensure compliance with sanctions laws. OFAC simply requires that financial institutions do not break the laws that it administers. Nevertheless, the potential consequences of not having a comprehensive sanctions compliance policy should not be taken lightly. (more…)

Increase in US sanctions highlights need for compliance and enforcement awareness, with one eye on the states

Date: July 26, 2016
By: Anna Sayre, Legal Content Writer SanctionsAlert.com

In the last 20 years, the United States has exponentially increased its use of economic sanctions against foreign states. It has imposed comprehensive, or countrywide, economic sanctions, against Iran, Cuba, North Korea Syria, Sudan, as well as many targeted sanctions against individuals, firms and financial transactions of certain nations. Presently, the US has 28 sanctions regimes in place, reflecting a large increase since the 1990s. (more…)