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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.
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. read more…
July 7, 2018
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.
Interactive Sanctions Map
OFAC Enforcement Actions Database
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- CELEX:02016D1693-20170916: Council Decision (CFSP) 2016/1693 of 20 September 2016 concerning restrictive measures against ISIL (Da’esh) and Al-Qaeda and persons, groups, undertakings and entities associated with them and repealing Common Position 2002/402/CFSP