Wake Up To Sanctions

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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Wake Up To Sanctions

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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OFSI’s New Monetary Penalties Signal a Broader and Extraterritorial Approach to U.K. Sanctions Enforcement

April 10, 2017
By: Anna Sayre, Legal Content Writer, SanctionsAlert.com

As of April 1, 2017, the U.K.’s new sanctions watchdog, Office of Financial Sanctions Implementation (OFSI) is now able to impose monetary penalties for breaches of financial sanctions. These fines can be imposed for up to £1 million or 50% of the breach, whichever is greater. (more…)

Russian ‘Mirror Trading’ Case Reveals Five Long-Running Compliance Failures at Deutsche Bank

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…)

Monetary Sanctions Consultation Released by UK’s OFSI Points to Stricter Sanctions Enforcement

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…)