Wake Up To Sanctions

SanctionsAlert.com Sanctions Round Up
May 30, 2018

FinCEN CDD Rule Comes into Effect; FFIEC Issues Guidance for Compliance Suites, including for OFAC Officers

On May 11, 2018, exactly two years after being issued, the Financial Crimes Enforcement Network (“FinCEN”)’s implemented its new Customer Due Diligence (CDD) Rule. This CDD rule enhances CDD requirements and also adds a new requirement for financial institutions to identify, and verify the identity of, the beneficial owners of certain legal entity customers.

OFAC Compliance Officers should take notice, as US Treasury expects financial institutions to use beneficial ownership information not only to comply with AML requirements, but also for compliance with the OFAC regulations.


US sanctions on Myanmar lifted, but other restrictions remain

November 11, 2016
By: Anna Sayre, Legal Content Writer, SanctionsAlert.com

On October 7, 2016, President Obama issued an executive order terminating the Myanmar (also known as Burma) sanctions program and revoking the executive orders imposing sanctions against the Southeast Asian country. This formally concluded US economic sanctions against Myanmar nearly 20 years after their inception. (more…)