OFAC’s aggressive enforcement program continues to bear fruit. The latest settlement involved GE and three of its subsidiaries, which agreed to pay $2.7 million for 289 alleged violations of the Cuba Sanctions Program. So...more
10/8/2019
/ Compliance ,
Corporate Counsel ,
Corruption ,
Cuba ,
Economic Sanctions ,
Enforcement Actions ,
Failure to Comply ,
General Electric ,
Office of Foreign Assets Control (OFAC) ,
Sanction Violations ,
SDN List ,
Settlement ,
White Collar Crimes
Last week, British Arab Commercial Bank (BACB), located in the United Kingdom, agreed to settle an OFAC enforcement action for $4 million. ...more
9/25/2019
/ Anti-Corruption ,
Anti-Money Laundering ,
Banking Sector ,
Compliance ,
Corporate Misconduct ,
Corruption ,
Enforcement Actions ,
Financial Institutions ,
Know Your Customers ,
Office of Foreign Assets Control (OFAC) ,
Prudential Regulation Authority (PRA) ,
Sanction Violations ,
Settlement Agreements ,
Sudan ,
UK ,
White Collar Crimes
In a major announcement and escalation of the sanctions regime targeting President Maduro and Venezuela, on August 5, 2019, the Trump Administration issued a new Executive Order 13884 to block all property of the Venezuela...more
In yet another enforcement action, OFAC announced a $1.709 million settlement with PACCAR, Inc., for 63 apparent violations of the Iran Sanctions Program by DAF Trucks, a wholly-owned subsidiary based in Eindhoven,...more
8/13/2019
/ Compliance ,
Economic Sanctions ,
Enforcement Actions ,
Failure to Comply ,
Internal Investigations ,
Iran ,
Iran Sanctions ,
Office of Foreign Assets Control (OFAC) ,
Sanction Violations ,
Settlement ,
White Collar Crimes
As companies elevate their “game” in sanctions compliance, it is important that compliance officers critically examine the strengths and weaknesses of their compliance programs. Many companies already have a screening...more
Based on its aggressive enforcement program and its recently issued Framework for Sanctions Compliance Programs, OFAC has established a new era in sanctions compliance. Trade compliance is often siloed into its own...more
OFAC is clearly sending a message about sanctions enforcement and compliance responsibilities. OFAC is aggressively seeking out new targets for enforcement. OFAC continues to focus on Iran, Cuba, Venezuela and North Korea,...more
7/11/2019
/ Anti-Corruption ,
Bribery ,
Compliance ,
Corporate Misconduct ,
Corruption ,
Economic Sanctions ,
Enforcement Actions ,
Financial Transactions ,
Global Terrorism Sanctions Regulations (GTSR) ,
Office of Foreign Assets Control (OFAC) ,
Terrorist Financing Regulations ,
Western Union
In yesterday’s posting, I examined the General Factors identified by OFAC to determine whether to initiate a civil penalty proceeding and the amount of any civil monetary penalty. After analyzing these factors, OFAC...more
The Treasury Department’s Office of Foreign Asset Control is an enforcement agency – it is not a regulatory agency.
That sounds like a lot of bureaucratic speak but it does have some real significance. OFAC staff view...more
Bob Dylan, Watch the River FlowI have to admit it – I still love to listen to Bob Dylan. With age, his lyrics resonate more and more. HERE is a nice version of Watch the River Flow in case you want to listen while reading...more
6/19/2019
/ Compliance ,
Compliance Management Systems ,
Corporate Culture ,
Corporate Governance ,
Corporate Misconduct ,
Deferred Prosecution Agreements ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Foreign Corrupt Practices Act (FCPA) ,
New Guidance ,
Office of Foreign Assets Control (OFAC) ,
Safe Harbors ,
White Collar Crimes
There is no question that OFAC continues to dominate the enforcement landscape this year. OFAC has provided plenty of warning and notice to global companies, especially those in the manufacturing and industrial sectors....more
6/13/2019
/ Compliance ,
Corruption ,
Economic Sanctions ,
Enforcement Actions ,
Foreign Policy ,
Industrial Products ,
Iran ,
Iran Sanctions ,
Manufacturers ,
Maritime Transport ,
Office of Foreign Assets Control (OFAC) ,
SDN List ,
Supply Chain ,
Vessels ,
White Collar Crimes ,
Wire Transfers
When providing compliance program guidance, the Justice Department and OFAC, like every compliance practitioner, will pay homage to the relatively obvious point that there is no one-size-fits-all compliance solution. ...more
The term “internal controls” is a loaded one – it morphs in various ways depending on the context. Sometimes it is a shorthand for financial accounting controls; other times it encompasses a company’s compliance controls...more
OFAC’s new framework guidance for sanctions compliance programs stretched into new territory with its risk assessment requirement. This new approach reflects OFAC’s recent aggressive enforcement programs....more
If you follow my blog, you know I am not one to embrace hyperbole. So, forgive me for stretching a little here, but the OFAC Framework for Sanctions Compliance Programs is a game changer. Let me explain why I am saying...more
On the heels of the Justice Department’s announcement of its new compliance guidance, on May 2, 2019, the Treasury Department’s Office of Foreign Asset Control (“OFAC”) issued its promised guidance for sanctions compliance...more
OFAC’s new compliance framework includes a valuable section on common root causes of OFAC violations. OFAC has included this discussion to assist companies in designing, updating and amending their respective Sanctions...more
OFAC’s new Framework for Sanctions Compliance Programs incorporates a number of important principles from Justice Department and US Sentencing Guideline requirements for effective compliance programs. ...more
OFAC’s Framework for Sanctions Controls Program is a heightening of the importance of ethics and compliance program and reflects significant expectations for implementing effective compliance strategies. ...more
On the heels of the Justice Department’s announcement of its new compliance guidance, on May 2, 2019, the Treasury Department’s Office of Foreign Asset Control (“OFAC”) issued its promised guidance for sanctions compliance...more
The Treasury Department’s Office of Foreign Asset Control (OFAC”) continues its enforcement run. In a recent case against Haverly Systems, Inc., OFAC sent an important reminder to US companies about compliance with the...more
The Justice Department and the Treasury Department’s Office of Foreign Asset Control (OFAC) are on a roll. Global banks are facing renewed prosecutions, along with aggressive sanctions prosecutions of companies for...more
4/25/2019
/ Anti-Corruption ,
Banking Sector ,
Criminal Prosecution ,
Department of Justice (DOJ) ,
Economic Sanctions ,
Export Controls ,
Failure to Comply ,
Guilty Pleas ,
International Emergency Economic Powers Act (IEEPA) ,
Iran Sanctions ,
Office of Foreign Assets Control (OFAC) ,
Sanction Violations ,
Settlement Agreements ,
White Collar Crimes
We can add Acteon to the list of OFAC settlements for 2019, which is quickly turning into a robust sanctions’ enforcement year. Acteon is a UK based company, which provides subsea services in the oil and gas industry. ...more
The Treasury Department’s Office of Foreign Asset Control (OFAC) has promised to issue guidance on effective sanctions compliance programs. This is a long-anticipated update to prior information OFAC has released on the same...more
4/18/2019
/ Audits ,
Compliance ,
Criminal Conspiracy ,
Deferred Prosecution Agreements ,
Enforcement Actions ,
Internal Controls ,
Iran Sanctions ,
Office of Foreign Assets Control (OFAC) ,
Risk Assessment ,
Settlement Agreements ,
Standard Chartered Bank
Global banks are the poster children of sanctions violations and the importance of trade compliance. At the top of the heap is Standard Chartered Bank....more
4/16/2019
/ Corruption ,
Criminal Conspiracy ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Failure to Comply ,
Felonies ,
Financial Conduct Authority (FCA) ,
Foreign Policy ,
Forfeiture ,
Guilty Pleas ,
International Emergency Economic Powers Act (IEEPA) ,
Iran Sanctions ,
NYDFS ,
Office of Foreign Assets Control (OFAC) ,
Settlement Agreements ,
Standard Chartered Bank ,
White Collar Crimes