by Maryam Liaqat | May 30, 2018 | Articles |
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.
OFAC Compliance Officers should take notice, as US Treasury expects financial institutions to use beneficial ownership information not only to comply with AML requirements, but also for compliance with the OFAC regulations.
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by Maryam Liaqat | Nov 17, 2017 | Articles |
SanctionsAlert.com Sanctions Round Up
November 17, 2017
EU removes FARC from terrorist list; imposes first set of sanctions on Venezuela
On November 13, 2017, the E.U. removed Colombian guerilla group FARC from its terrorism sanctions list following its disarmament and re-launch as a political party. Earlier, in September 2016, the E.U.had suspended its terrorism sanctions on FARC in recognition of the peace agreement signed between FARC and the Colombian government.
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by Maryam Liaqat | Jun 13, 2017 | Articles |
June 13, 2017
By Simon Hirsbrunner and Alice Lauterjung
The recently reported resignation of cement manufacturer LafargeHolcim’s CEO has thrown a spotlight on the risks of operating commercial activities in countries targeted by economic sanctions. [1] Without drawing any conclusions on the legal qualification of LafargeHolcim’s conduct in the specific circumstances, the following provides an overview of the principal issues at stake in this case. (more…)
by Maryam Liaqat | May 18, 2017 | Articles |
May 17, 2017
By: Anna Sayre, Legal Content Writer, SanctionsAlert.com
Since the international community decided to implement a plan to reduce sanctions against Iran, formally known as the Joint Comprehensive Plan of Action (JCPOA), on January 16, 2016 (“Implementation Day”), the European and U.S. regimes have become increasingly misaligned. Not surprisingly, this has led to compliance officers and other professionals having to navigate extremely treacherous waters. In a recent poll conducted by Sanctions Alert, when attendees were asked what the prospects are that U.S. sanctions will be eased in the near future, almost 90% of those polled indicated that this was either “Unlikely” or “Very Unlikely”. (more…)
by Mamta Borkar | Sep 26, 2016 | Articles |
September 26, 2016
Since the partial lifting of sanctions on January 16, 2016 (‘Implementation Day’), banking hurdles have proved to be one of the most challenging obstacles to trade with Iran. Nevertheless, Iranian banks are working hard to rejoin the international banking community. (more…)
