SDN | SanctionsAlert.com

In blacklisting it as ‘transnational criminal organization’, OFAC puts little known Canadian payment processor in dubious company

by Saskia Rietbroek | Nov 18, 2016 | Articles | 0 comments

November 18, 2016
By Daniel Calloway, Legal Content Writer, SanctionsAlert.com

It’s really dangerous for a financial institution to operate as a third party conduit for fraudsters. That appears to be one lesson from the recent placement on a “do not touch” list by Treasury’s Office of Foreign Assets Control (OFAC) of Pacnet Group.

On September 22, 2016 OFAC designated the Vancouver-based PacNet Group as a so-called ‘significant transnational criminal organization.’ (more…)

Western companies with Russian ties get no relief

by Maryam Liaqat | Sep 9, 2016 | Articles | 0 comments

September 9, 2016
By Anna Sayre, Legal Content Writer, SanctionsAlert.com

On July 1, 2016, the Western powers agreed to further extend sanctions imposed on Russia until 31 January 2017, much to the chagrin of certain international companies and exporters. For them, continued sanctions against Russia means further potential decreases in their sales revenue as well as unwelcome restrictions on their investment opportunities. While Western sanctions have certainly taken a toll on Russia’s economy in the past few years, Western companies have not escaped unscathed. (more…)

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Voluntary Self-Disclosures to OFAC: Best Practices and What Can Possibly Go Wrong

Upcoming Webinar Voluntary Self-Disclosures to OFAC: Best Practices and What Can Possibly Go Wrong AML Transaction Monitoring Tuning Monitoring Tuning: Combining Analytics & Automation to Reduce False Positives & Improve Operational Efficiency Date: Thursday, February 28, 2019 Time: 12:00 PM – 01:15 PM EST | 05:00 PM – 06:15 PM London 06:00 PM – 07:15 PM Amsterdam Voluntary self-disclosure, or VSD, occurs when a company decides to report a wrongdoing or apparent sanctions violation to OFAC before that violation is discovered by other means. It is no secret that choosing to voluntarily disclose is considered a strong mitigating factor by ...
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Freight Forwarders and the Like: How to Limit the Risks Posed by Third-Party-Managed Compliance

Upcoming Webinar Freight Forwarders and the Like: How to Limit the Risks Posed by Third-Party-Managed Compliance Freight Forwarders and the Like: How to Limit the Risks Posed by Third-Party-Managed Compliance Date: Thursday, March 14, 2019 Time: 12:00 PM – 01:15 PM EST | 04:00 PM – 05:15 PM London 05:00 PM – 06:15 PM Amsterdam Many companies, large and small, increasingly rely upon operational services provided by expert third party service providers like: banks, forwarders, consultants, and the like. However, this outsourcing of services often includes a variety of potential compliance risks, both with regard to trade controls and many other ...
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EU Sanctions – Quarterly Update

Upcoming Webinar EU Sanctions - Quarterly Update AML Transaction Monitoring Tuning Monitoring Tuning: Combining Analytics & Automation to Reduce False Positives & Improve Operational Efficiency Date: Thursday, April 11, 2019 Time: 10:00 AM – 11:15 AM EST | 03:00 PM – 04:15 PM London 04:00 PM – 05:15 PM Amsterdam For corporates and financial institutions doing international business, it is vital to be up-to-date with global sanctions regulations. Though a business may be compliant with the high standards set by U.S. sanctions, this does not automatically mean the same business will comply with E.U. sanctions. Is your sanctions/export controls program ...
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Creating an OFAC Risk Assessment Any Regulator or Auditor Will Love

Upcoming Webinar Creating an OFAC Risk Assessment Any Regulator or Auditor Will Love AML Transaction Monitoring Tuning Monitoring Tuning: Combining Analytics & Automation to Reduce False Positives & Improve Operational Efficiency Date: Thursday, May 09, 2019 Time: 12:00 PM – 01:15 PM EST | 05:00 PM – 06:15 PM London 06:00 PM – 07:15 PM Amsterdam In its role as the U.S. sanctions enforcer, the Treasury’s Office of Foreign Assets Control (OFAC) has recently doled out a number of hefty fines for sanctions violations. In 2018alone, OFAC imposed a fine of $5 million against JP Morgan Chase Bank for violating ...
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OFAC’s 50 Percent Rule: Uncovering the Complexities of Compliance

OFAC's 50 Percent Rule: Uncovering the Complexities of Compliance Date: Tuesday, June 04, 2019 Time: 12:00 PM – 01:15 PM EST | 05:00 PM – 06:15 PM London 06:00 PM – 07:15 PM Amsterdam At face value, OFAC’s 50 Percent Rule appears straightforward, but looks can be deceiving. Complying with this complex rule can prove to be quite complicated, in large part because OFAC does not publish a list of majority SDN-owned entities; that legwork is left to compliance teams to determine. Is your institution’s watchlist screening program equipped to stand up to costly fines and the associated risk that ...
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