Sanctions Risk Management Conference

How to stay compliant with OFAC and out of trouble

NYC | October 15 – 16, 2018

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News

OFAC $5M Fine Against JPMC Partially Due To Failure in Properly Screening Clients’ Pooling Accounts

October 29, 2018
By: Scott Nance*

In order to optimize interest and improve liquidity for their clients, financial institutions frequently maintain so-called ‘pooling accounts’, in which funds from many different accounts are combined. Funds in such accounts may belong to multiple persons or belong to only one person, but are often used to make payments to a number of other parties on a periodic basis. Pooled accounts are often used to settle balances between these different entities. read more…

OFAC Fines Epsilon $1.5 Million: Four Lessons for U.S. Exporters With Products In Iran

October 3, 2018
By: SanctionsAlert.com

On September 13, 2018, Epsilon Electronics Inc, a car audio and video equipment manufacturer, agreed to pay the U.S. Treasury’s Office of Foreign Assets Control (OFAC) $1,500,000 to settle a case related to alleged violations of the Iranian Transactions and Sanctions Regulations.

The case, which is a culmination of a 2014 penalty notice and two court cases, contains four vital lessons for U.S. exporters whose products may be found in Iran. read more…

Wake Up To Sanctions

SanctionsAlert.comSummer Sanctions Round Up
September 5, 2018

U.S. Cracks Down on Russia with Global Magnitsky Regulations and New Sanctions

As of June 29,2018, the Global Magnitsky Sanctions Regulations (31 CFR part 583) took effect on the Federal Register. These regulations implement the Global Magnitsky Human Rights Accountability Act (or U.S. Global Magnitsky Act) as well as Executive Order 13818 of December 20, 2017.

read more…

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