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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.
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US agencies’ notice about Mexico timeshare fraud doubles as handy surveillance checklist
FinCEN’s joint notice with OFAC and the FBI directs financial firms to identify and report timeshare fraud conducted by Mexico-based criminal entities.
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US sanctions 150+ individuals and entities in latest Russia-related sweep
OFAC said it is taking action against third-country actors who materially support Russia’s war.