Sanctions Compliance Failures: Lessons from Harman International and Interactive Brokers

Thomas Fox - Compliance Evangelist
Contact
The award-winning Compliance into the Weeds is the only weekly podcast that takes a deep dive into a compliance-related topic, literally going into the weeds to more fully explore a subject. Looking for some hard-hitting insights on compliance? Look no further than Compliance into the Weeds! In this episode of Compliance into the Weeds, Tom Fox and Matt Kelly discuss a couple of recent OFAC enforcement sanctions involving Harman International and Interactive Brokers and the lessons they provide for the compliance See more +
The award-winning Compliance into the Weeds is the only weekly podcast that takes a deep dive into a compliance-related topic, literally going into the weeds to more fully explore a subject. Looking for some hard-hitting insights on compliance? Look no further than Compliance into the Weeds! In this episode of Compliance into the Weeds, Tom Fox and Matt Kelly discuss a couple of recent OFAC enforcement sanctions involving Harman International and Interactive Brokers and the lessons they provide for the compliance professional.

Tom and Matt dive into the facts of both cases, finding under-resourced sanctions compliance programs in both companies, highlighting key issues such as inadequate personnel, misconfigured compliance tools, and failure to conduct proper risk assessments. Despite self-disclosure and cooperation, both companies faced significant fines and were required to implement extensive remediation measures. The discussion emphasizes the increasing importance of robust sanctions compliance programs in mitigating risks and avoiding enforcement actions.

Key Highlights:

• Sanctions Enforcement Cases Overview

• Harman International’s Compliance Failures

• Interactive Brokers’ Compliance Issues

• Lessons and Final Thoughts See less -

Embed
Copy

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations. Attorney Advertising.

© Thomas Fox - Compliance Evangelist

Written by:

Thomas Fox - Compliance Evangelist
Contact
more
less

PUBLISH YOUR CONTENT ON JD SUPRA NOW

  • Increased visibility
  • Actionable analytics
  • Ongoing guidance

Thomas Fox - Compliance Evangelist on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide
- hide