by Maryam Liaqat | Mar 9, 2017 | Articles |
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…)
by Maryam Liaqat | Feb 17, 2017 | Articles |
February 15, 2017
By: Anna Sayre, Legal Content Writer, SanctionsAlert.com
Today, staying compliant with the continually changing breadth of sanctions regulations and laws is no easy task. Sanctions, regulated, among other agencies, by the U.S. Treasury’s Office of Foreign Assets Control (OFAC), continue to pose an increasing risk in terms of number and complexity.Though it is now quite common for a financial institution to have a Bank Secrecy Act/Anti-Money Laundering (BSA/AML) program, compliance professionals are recognizing the growing need for an OFAC risk assessment and compliance program as well. In a recent poll conducted by Sanctions Alert, when attendees were asked if the OFAC portion of the BSA/AML examination conducted by federal bank regulators was more important, less important or the same as compared to 5 years ago, a whopping 75% said that the OFAC portion of the assessment had become more important. (more…)
by Mamta Borkar | Sep 26, 2016 | Articles |
September 26, 2016
Since the partial lifting of sanctions on January 16, 2016 (‘Implementation Day’), banking hurdles have proved to be one of the most challenging obstacles to trade with Iran. Nevertheless, Iranian banks are working hard to rejoin the international banking community. (more…)
by C G | Sep 1, 2016 | Articles |
by C G | Aug 17, 2016 | Articles |
Date: August 17, 2016
The US Treasury Department’s Office of Foreign Assets Control (OFAC) plays, arguably, the biggest role in implementation and enforcement of US sanctions. All US persons, including US financial institutions, must comply with OFAC regulations. Despite this fact, OFAC does not specifically require that financial institutions set up policies or programs to ensure compliance with sanctions laws. OFAC simply requires that financial institutions do not break the laws that it administers. Nevertheless, the potential consequences of not having a comprehensive sanctions compliance policy should not be taken lightly. (more…)
