Investment Management, Office of Foreign Assets Control (OFAC)

OFAC Imposes Largest-Ever Penalty on Nonbank Financial Institution for Egregious and Sustained Sanctions Violations—a $216M...

Lowenstein Sandler LLP on 6/18/2025

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced a historic $215,988,868 civil monetary penalty against GVA Capital Ltd. (GVA), a venture-capital firm registered in the Cayman Islands...more

OFAC Action Shows Risk of Not Recognizing That ‘Property Interests’ Include ‘Any Interest Whatsoever’

Morgan Lewis on 6/18/2025

The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) fined GVA Capital Ltd. $215 million, primarily for violating the Ukraine/Russia-related sanctions regulations, when GVA mistakenly concluded that it...more

Recent SEC AML Enforcement Actions and Likely Continued AML Emphasis Under New Administration

Carlton Fields on 4/30/2025

Registered investment advisers have until January 1, 2026, to comply with the anti-money laundering (AML) compliance provisions of the Bank Secrecy Act (BSA). However, the SEC has recently charged two investment advisers with...more

Russia Sanctions Update: OFAC Issues Guidance on “New Investment” and Management Consulting Bans

Latham & Watkins LLP on 6/17/2022

OFAC has also extended certain general licenses, while BIS has continued to restrict exports to Russia. This Client Alert is published in the context of ongoing developments and should be read in conjunction with the...more

U.S. Sanctions regulator outlines expectations for Global Sanctions Compliance: impact on Private Equity

Hogan Lovells on 7/3/2019

On 2 May 2019, the U.S. Treasury's Office of Foreign Assets Control ("OFAC"), the agency responsible for enforcing economic sanctions, published "A Framework for OFAC Compliance Commitments" (the "Framework") which outlines...more

[Event] Finance Forum - December 1st, Charlotte, NC

Cadwalader, Wickersham & Taft LLP on 11/9/2016

Cadwalader, Wickersham & Taft LLP is sponsoring its inaugural Finance Forum in Charlotte, North Carolina on December 1st. Join Cadwalader, Wickersham & Taft LLP and fellow industry leaders to discuss emerging trends, market...more