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Economic Sanctions Regulatory Requirements Financial Institutions

The Volkov Law Group

Interactive Brokers Settles with OFAC for $11.8 Million for Violations of Multiple Sanctions Programs

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The U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) announced on July 15, 2025, that Interactive Brokers LLC (“IB”)—a globally active electronic brokerage firm headquartered in Greenwich,...more

Barnea Jaffa Lande & Co.

Who Bears the Risk of Violating Personal Sanctions?

When US President Donald Trump took office, it seemed the question of personal sanctions against extremist right-wingers in Israel was off the table. Indeed, in one of his first decisions, Trump lifted the sanctions imposed...more

Mayer Brown

UK Weekly Sanctions Update - Week of July 14, 2025

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RUSSIA SANCTIONS - UK Lowers Oil Price Cap on Seaborn Russian Crude Oil, OFSI publishes related FAQs: On July 18, 2025, the UK Government, alongside the EU, announced that it will lower to Oil Price Cap on seaborne Russian...more

Cadwalader, Wickersham & Taft LLP

Midyear Momentum, July 2025 - FinCEN Uses the FEND Off Fentanyl Act for First Time To Prohibit Funds Transfers With Three Mexican...

On June 25, 2025, FinCEN announced its first orders under the 2024 FEND Off Fentanyl Act, finding that three Mexican financial institutions—CIBanco S.A. Institución De Banca Multiple (“CIBanco"), Intercam Banco S.A.,...more

Alston & Bird

NYDFS Issues Guidance on Heightened Cybersecurity and Sanctions Risk from Global Conflict

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Overview - On June 23, 2025, the New York State Department of Financial Services (“NYDFS”) issued an industry letter encouraging all regulated entities to review their cybersecurity and sanctions compliance programs in light...more

Mayer Brown

Lifting of Sanctions on Syria by the United States, European Union, and United Kingdom

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In recent weeks, the United States, European Union, and United Kingdom have taken significant steps to relax of their sanctions on Syria, paving the way for long-awaited normalization of commercial relations and...more

Blank Rome LLP

Navigating New Compliance Challenges for Financial Institutions and Payment Processors: The U.S. Treasury’s Enhanced Terrorist...

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In a significant move to combat illicit financial activities focused on cartels, the U.S. government has intensified its scrutiny of cross-border payments, particularly those linked to Mexico. This development follows the...more

Hogan Lovells

The Financial Gatekeepers: The new role of financial institutions in upholding financial sanctions

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The long-awaited EU anti-money laundering ("AML") Package came into force in July 2024 and will begin to apply directly to firms in scope ("obliged entities") from 10 July 2027. Regulation (EU) 2024/1624 (the “AML...more

Troutman Pepper Locke

OFAC Recordkeeping Requirement Extended to 10 Years

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On March 20, 2025, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued a final rule extending the recordkeeping requirements under OFAC’s regulations from five years to 10 years. This change...more

Mayer Brown

EU Sanctions’ Two-Way Street: More Pressure on Russia and Belarus, Less on Syria

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On 24 February 2025, marking the third year of the Russian invasion of Ukraine, the European Union (“EU”) adopted the 16th package of sanctions against Russia, correspondingly aligned sanctions targeting Belarus, and...more

Hogan Lovells

World Bank Group updates sanctions framework for first time in about a decade: What it means for risk mitigation, sanctions...

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The World Bank Group (WBG) recently revised two key sanctions system procedures to account for 10 to 15 years of sanctions case development and issue management. Companies and individuals participating in WBG-financed...more

Conyers

Regulatory & Risk Advisory Outlook 2025: Cayman Islands

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2024 was once again an active year for the Cayman Islands regulatory industry. In this edition of our Regulatory & Risk Advisory Outlook, our team has summarised the key changes and news during 2024 and taken a look at the...more

A&O Shearman

Eurozone banks: get ready for the new IPR obligations!

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The new Regulation (EU) 2024/886 on instant credit transfers in euros (IPR), amending the so-called SEPA Regulation, is here, and it’s time to gear up! Effective from April 8, 2024, the first set of obligations kicks in on...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Sanctions Puzzle: Key Areas To Watch in 2025 and Beyond

The past weeks and months have brought about tremendous political change in the West, as we move toward a new U.S. administration, a new College of Commissioners in Brussels and a new Polish presidency of the Council of the...more

Sheppard Mullin Richter & Hampton LLP

Banks Do Export, Too: New BIS Guidance Tags Financial Firms with Export Compliance Responsibilities

Pull quote: “Every export—every single one—has a related financial transaction” You are a banker. You do bankery things. You look at the ledgers, you tot up the numbers, you manage the accounts. Maybe you make loans,...more

White & Case LLP

The Shadow Financial System

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The concept of the shadow financial system rose to international prominence in the aftermath of the 9/11 terrorist attacks. In an interview with a Pakistani newspaper a month later, Osama bin Laden stated that Al Qaeda were...more

American Conference Institute (ACI)

[Event] 8th Forum on FinTech & Emerging Payment Systems - April 9th - 10th, New York, NY

ACI’s 8th Annual Legal, Regulatory, and Compliance Forum on Fintech & Emerging Payment Systems will provide in-depth guidance on the latest regulatory developments at the Federal and State Level that you need to be aware of....more

Skadden, Arps, Slate, Meagher & Flom LLP

UK Expands Prohibitions on Providing Services to Russian Entities and Adds Investment Restrictions

On 15 December 2022 the United Kingdom announced its latest expansion of sanctions against Russia. New prohibitions were added relating to trust services, and professional and business services, and existing restrictions...more

Hogan Lovells

OFAC, EU, and UK financial sanctions - are you compliant? Top tips for financial institutions, private equity, debt funds and...

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On 6 November we held a breakfast seminar focusing on the most important sanctions issues affecting the City and how to manage compliance with different financial sanctions regimes effectively. ...more

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