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OFAC imposes additional oil sector sanctions against companies connected to Maduro regime
On April 12, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions against four companies for their alleged involvement in the transportation of oil from Venezuela to Cuba. According to OFAC, the companies’ actions offer support to former President Maduro’s...
InfoBytesU.K. subsea services company and subsidiaries to pay $440,000 for Cuban and Iranian sanctions violations
On April 11, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced two settlements totaling more than $440,000 with a U.K. subsea services company and certain subsidiaries that operate in the oil and gas industry. The first settlement, for $227,500, resolves potential...
InfoBytesArkansas establishes GAP waiver requirements
On April 8, the Arkansas governor signed HB 1672 , which provides a framework within which guaranteed asset protection (GAP) waivers may be offered in the state. Among other provisions, the act (i) clarifies that GAP waivers are not insurance and are exempt from the state’s insurance laws; (ii)...
InfoBytesNew Mexico modifies the Service Contract Regulation Act
On April 4, the New Mexico governor signed SB 350 , which amends the state’s Service Contract Regulation Act to prevent providers from including automatic renewal provisions within service contracts unless they are clearly disclosed. The Act defines a service contract as a contract in which a...
InfoBytes"BSA/AML for nonbanking institutions" by Daniel P. Stipano (American Bar Association Business Law Today
The requirements of the Bank Secrecy Act (BSA) and anti-money-laundering laws (AML) are pervasive and longstanding, yet they continue to vex companies trying to comply with them. Regulators have hit virtually all large banks, and many nonbanks, with BSA/AML-related enforcement actions, resulting in...
ArticlesOFAC sanctions companies for transporting Venezuelan oil to Cuba
On April 5, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions against two non-U.S. companies for their alleged involvement in the transportation of oil from Venezuela to Cuba. According to OFAC, the companies have engaged in a “barter system,” in which...
InfoBytesNew Mexico amends financial lending licensing requirements
On April 2, the New Mexico governor signed HB 584 , which amends the Collection Agency Regulatory Act and the Motor Vehicle Sales Finance Act to, among other things, require sales finance companies obtain a license to conduct business in the state. The bill outlines licensing requirements for such...
InfoBytesNew Mexico amends provisions related to installment and small dollar loans
On April 3, the New Mexico governor signed HB 150 , which amends the New Mexico Bank Installment Loan Act of 1959 and the New Mexico Small Loan Act of 1955 to, among other things, change provisions relating to financial institutions and (i) clarify that unfair or deceptive trade practices, or...
InfoBytesNew York requires student loan servicers to be licensed in broad legislation
On March 31, the New York governor announced the passage of the state’s FY 2020 Budget, which includes an amendment (known as “Article 14-A” or “the Act”) to the state’s banking law with respect to the licensing of private student loan servicers. Article 14-A requires student loan servicers to be...
InfoBytesLondon-based financial institution to pay $1.1 billion for U.S. sanctions violations
On April 9, U.S. and U.K regulators announced that a London-based global financial institution would pay $1.1 billion to settle allegations by the DOJ, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC), the Federal Reserve Board, the New York Department of Financial Services (...
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