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…)

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.

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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…)

Bank of China Order Confirms U.S. Regulators Are Willing to Take a Tough Line On Sanctions Missteps

August 16, 2018
By: Anna Sayre, Legal Content Writer, SanctionsAlert.com

After conducting a supervisory examination of its compliance program, the Office of the Comptroller of the Currency (OCC) has issued a $12.5 million fine and a Consent Order requiring Bank of China’s New York Branch to fulfill certain requirements within 90 days, some very far-reaching.

The Order, imposed by the OCC in April 2018, not only details shortcomings found in the Bank Secrecy Act/anti-money laundering (BSA/AML) compliance program of one of the world’s biggest lenders, but also enterprise-wide deficiencies in its Office of Foreign Assets Control (OFAC) compliance requirements.

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The Benefits of Incorporating Cutting-Edge FinTech Technologies Into Your Sanctions Screening Program

July 17, 2018
By: Joseph M Bognanno, Chief Innovation Officer, Safe Banking Systems and Ben Knieff, Financial Crimes Expert, Safe Banking Systems*

Financial institutions, and increasingly corporates and non-financial institutions, face the unrelenting challenge of combating those who wish to evade sanctions, money laundering and terrorist financing. A keystone in any effective approach to meeting this challenge is the identification of entities as part of the organization’s Know Your Customer (KYC) program, which always includes screening. (more…)

Seven Reasons Why Compliance Suites Should Treat Sanctions As Distinct from AML

July 7, 2018
By: SanctionsAlert.com

In recent times, the implementation of economic sanctions has been the go-to method for governments to put pressure on those countries that do not adhere to international standards. The implementation of economic sanctions as a leveraging tool has grown exponentially in the last decade and, as a result, given rise to a myriad of new rules and regulations that compliance suites must follow or suffer the consequences.

Nevertheless, despite this influx of new sanctions-based requirements, many compliance suites still continue to embedsanctions into their overall Anti-Money Laundering (AML)programs.

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