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. (more…)

FREE! The Blocking Statute: Protecting E.U. Companies From the Effects of Extra-Territorial Application of U.S. Sanctions Against Iran

Upcoming Webinar

Upcoming Webinar

FREE! The Blocking Statute: Protecting E.U. Companies From the Effects of Extra-Territorial Application of U.S. Sanctions Against Iran

Date: Thursday, November 15, 2018

Time: 10:00 AM – 11:15 AM EST | 03:00 PM – 04:15 PM London
04:00 PM – 05:15 PM Amsterdam

Eventbrite - Protecting EU Companies From the Effects of Extra-Territorial Application of U.S. Sanctions Against Iran

On May 8, 2018, President Trump’s announced that the U.S. would be withdrawing from the Iran nuclear deal. Following this decision, E.U. leaders agreed to activate the so-called Blocking Regulation, which bans European companies, under threat of punishment, from complying with U.S. sanctions against Iran.

This discrepancy between U.S. and E.U. regimes severely complicate matters for financial institutions and companies looking to comply with sanctions against Iran. Furthermore, there is little to no guidance on this from the regulators.

In this SanctionsAlert.com webinar, our expert speakers will discuss the vital elements of the E.U. Blocking Statute as well as how to best deal with the discrepancy between E.U. and U.S. rules in order to stay compliant.

You will learn:

  • The history of the E.U.Blocking Statute;
  • What the amendment to the Annex of the Blocking Statute means in practice (de facto perspective) as opposed to what it means in law (de jure perspective);
  • The clawback provision of the Blocking Statute;
  • The catch-22 companies can find themselves in as a result of the renewed US sanctions and the Blocking Statute; and
  • The extent to which the Blocking Statute is a political statement as opposed to an effective tool which E.U. companies can rely on.
Eventbrite - Protecting EU Companies From the Effects of Extra-Territorial Application of U.S. Sanctions Against Iran

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Certificate of Attendance

If you participate in the live webinar, you will receive a Certificate of Attendance, which you can use to show you meet your government-required training duties.

Alex Haines
UK Barrister
Outer Temple Chambers

Alex Haines specialises in the sanctions regimes of International Financial Institutions (IFIs) and Multilateral Development Banks (MDBs), and the institutional law of international organisations more generally. He regularly appears and litigates before international tribunals and bodies around the world, including Washington DC, New York City, London, Geneva and Manila. The cases he has been instructed in have involved more than 25 international organisations, including the World Bank Group, the European Investment Bank, the Asian Development Bank, the African Development Bank, the United Nations, the World Food Programme and the North Atlantic Treaty Organisation.

Alex has lectured on the sanctions proceedings of MDBs to the Brazilian Bar Association (Rio, 2014), the British Chamber of Commerce (Hong Kong, 2015), the Korean Bar Association (Seoul, 2016), the Shanghai Bar Association (Shanghai, 2016), the universities of Paris I, Pantheon-Sorbonne and Paris II, Pantheon-Assas (Paris, 2016), and he was a panellist at the 35th International Symposium on Economic Crime at Jesus College (University of Cambridge, 2017). His work on sanctions has continued through his efforts with Transparency International’s Suspension and Debarment Taskforce and Oxford International Organisations, a new Oxford University Press database.

He was called to the UK Bar in 2007 and passed the NY Bar in 2018. He is currently co-drafting a chapter on UK, UN and EU Sanctions for Smith, Owen, and Bodnar on Asset Recovery.

Alina Nedea
Legal Officer
EU Commission

Duration:

75 minutes

Moderator:

Anna Sayre, Legal Content Writer, SanctionsAlert.com

Using OSINT to Detect Sanctioned Entities and Persons

Upcoming Webinar

Upcoming Webinar

Using OSINT to Detect Sanctioned Entities and Persons

Date: Thursday, November 29, 2018

Time: 12:00 PM – 01:15 PM EST | 05:00 PM – 06:00 PM London
06:00 PM – 07:00 PM Amsterdam

People and enterprises that have been sanctioned will often create alternative profiles and hidden channels. Regulatory measures in Europe and the US have placed an increasing burden of responsibility on corporates, their officers and agents to take active measures to ensure that they do not interact with such parties. However, professional “sanction” databases do not go much beyond stating the relevant name and address. So, how can you be sure that you are not trading with a known associate or offshore subsidiary of a sanctioned party?

Open Source Intelligence, or “OSINT” for short, is a well-proven and much used methodology used by intelligence agencies. It was devised over time for the purpose of uncovering relevant data by carrying out structured searches of all publicly available information.Such data can be in the form of words or numbers, text, image, audio, or video located on the web or in social media; it can be discovered via a conversation or phone-call.

In this SanctionsAlert.com webinar, our sanctions expert will discuss the growing trend of using OSINT as part of your compliance duties and how to effectively discover relevant facts and data about sanctioned parties that they might prefer you didn’t know.

Our experts will discuss:

  • What are OSINT technologies and methodologies, as well as how you can use these tools to quickly and effectively discover relevant facts about sanctioned parties;
  • Understanding the difference between information discovery in the surface web vs. the deep web;
  • How to search across three distinct dimensions of information: static content, edited content and dynamic content, as well as how to make such searches in almost any human language; and
  • What is structured search and how to create effective ‘Boolean’ search strings to make the best use of enforced term operators and field type searches.

Sign up today! Tell your friends, clients, customers and colleagues about it.

NoMoneylaundering webinars conduct audience polls that will give you vital benchmarking data so you can measure your anti-money laundering compliance against others.

Registered attendees will receive a Certificate of Attendance to demonstrate required AML training to auditors, and regulators.

Robert Maxwell
Chief Executive Officer
FinINTEL Solutions Ltd

After twenty-five years working for leading investment banks and fund managers as a financial analyst, Robert switched his focus eight ears ago to the area of Open Source Intelligence (OSINT) and on how to bring its techniques and methodologies into the financial sector. He soon focused on the discovery and monitoring of financial crime, on AML, KYC and enhanced due diligence.

Apart from his work training financial investigators and analysts working at various regulators, banks and corporates in the usage of OSINT techniques within their daily work streams. Robert is also an external advisor to K2 Intelligence in Madrid, where he specializes in investigating complex international fraud. He also undertakes regular teaching assignments in universities in London and Madrid.

Duration:

75 minutes

Speaker:

Robert Maxwell

Moderator:

Anna Sayre, Legal Content Writer, SanctionsAlert.com

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.

(more…)

UN Sanctions Implementation: The Importance of Supporting An Open Dialogue Between Policy Makers and the Private Sector

UN Sanctions Implementation: The Importance of Supporting An Open Dialogue Between Policy Makers and the Private Sector

August 20, 2018
By Anna Sayre, Legal Content Writer SanctionsAlert.com

Financial institutions and corporations playa key role in the implementation of sanctions issued by the United Nations (UN) Security Council.In fact, this is where the rubber hits the road, as private companies are the ones that enable the implementation of UN sanctions. Nevertheless, many compliance officers,who deal with the operational aspects of UN-derived sanctions on a daily basis and often spend millions of dollars/euros to ensure compliance, are not aware of how they come into being or the policies from which they derive. (more…)