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Sanctions enforcement boosted as MOU between OFSI and OFAC strengthens information sharing
The MOU aims to facilitate the exchange of information between UK and US authorities.
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OFAC settles with SkyGeek Logistics for alleged Russian sanctions violations
SkyGeek agreed to settle its potential civil liability for six apparent violations of OFAC sanctions related to Russia’s aerospace and technology sectors.
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OFAC fines firm for sanctions lapses, failure to use technology properly
The NJ-based supply-chain logistics firm was charged because several subsidiaries’ brokerage management systems hadn’t yet been incorporated into C.H. Robinson’s system.
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The 2024 regulatory landscape and thoughts on a post-US-election version
The US election campaign is, perhaps predictably, closing amid sound and fury. We step back to take a measured view of America’s prospects.
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OFAC’s interim rule pushes recordkeeping mandate to 10 years
Amendment to Reporting, Procedures and Penalties Regulations extends recordkeeping mandates.
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OCC orders Wells Fargo to overhaul compliance strategies and illicit fund detection
The OCC found the bank’s safeguards against money laundering and sanctions violations were lax and imposed detailed compliance program remedies.
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Crypto-friendly bank must enhance investigatory standards in AML/OFAC arenas
The Fed ordered the bank to enhance its AML and OFAC compliance regimes, citing “significant deficiencies.”
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State Street Bank settles $7.45m penalty over OFAC sanctions violations
Strong signal from OFAC about the prompt self-reporting it expects when businesses learn of sanctions noncompliance.