Financial Crimes Resource Center
Introduction
Financial services firms now stand at the center of the most complex and exacting regulatory environment ever experienced, and Financial Crimes (“FinCrimes”) compliance is a growing imperative for institutions regardless of geographical footprint, products and services offered, or customer base. Not only is the FinCrimes compliance environment enormously complex, it is evolving so rapidly that yesterday’s approach may prove inadequate to mitigate today’s risk.
Thought Leadership & Analysis
OFAC sanctions additional persons in Bosnia and Herzegovina
On March 15, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions against three individuals in Bosnia and Herzegovina (BiH), pursuant to Executive Orders 14033 or 14059. The designations build on other sanctions measures taken in the region (covered by...
InfoBytesREPO task force highlights efforts taken against sanctioned Russians
On March 9, the multilateral Russian Elites, Proxies, and Oligarchs (REPO) Task Force released a statement on the group’s continued work one year after Russia’s invasion of Ukraine. As previously covered by InfoBytes , the U.S. Treasury Department, along with representatives from Australia, Canada...
InfoBytesOFAC sanctions Iran’s international UAV procurement network
On March 9, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions against a China-based network of five companies and one individual accused of supporting Iran’s unmanned aerial vehicle (UAV) procurement efforts, pursuant to Executive Order 13382. According to...
InfoBytesFinCEN comments on Russia’s suspended FATF membership; issues statements on jurisdictions with AML/CFT/CPF deficiencies
On March 9, FinCEN informed U.S. financial institutions that last month the Financial Action Task Force (FATF) suspended the Russian Federation’s membership after determining that the country’s “actions unacceptably run counter to the FATF core principles aiming to promote security, safety, and the...
InfoBytesOFAC sanctions “shadow banking” network responsible for moving billions for Iranian regime
On March 9, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions against “39 entities constituting a significant ‘shadow banking’ network,” pursuant to Executive Order 13846. OFAC explained that this network is “one of several multi-jurisdictional illicit...
InfoBytesOFAC sanctions Iranian officials for serious human rights abuses
On March 8, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions , pursuant to Executive Orders 13553 and 13846, against several Iranian regime officials and entities for serious human rights abuses against women and girls. Included among the sanctioned...
InfoBytesSEC fines gaming company $4 million as successor to a company charged with FCPA violations
On March 6, the SEC announced that an Ireland-based global gaming and sports betting company, as successor-in-interest to a company it acquired in 2020 (the “acquired company”), agreed to pay a $4 million civil money penalty to settle claims that the acquired company violated the books and records...
InfoBytesOFAC sanctions Russian human rights abusers
On March 3, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions, pursuant to Executive Order (E.O.) 13818, against three individuals involved in serious human rights abuses against a prominent Russian human rights defender. The designations are complemented by...
InfoBytesAgencies flag intermediaries in evading Russia-related sanctions
On March 2, the DOJ, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC), and the Department of Commerce’s Bureau of Industry and Security (BIS) issued a joint compliance note on the use of third-party intermediaries or transshipment points to evade Russian- and Belarussian-...
InfoBytesOFAC settles with Indian tobacco company on North Korean transactions
On March 1, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced a $332,500 settlement with an India-registered tobacco company to resolve allegations that it “requested payment in U.S. dollars for its indirect exportation of tobacco to the Democratic People’s Republic...
InfoBytesOFAC sanctions timeshare fraud network
On March 2, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions, pursuant to Executive Order 14059, against eight Mexican companies connected to timeshare fraud on behalf of the Cartel de Jalisco Nueva Generacion (CJNG). The CJNG is also designated under E.O...
InfoBytesOFAC issues supplemental guidance on humanitarian sanctions exceptions
On February 27, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) issued supplemental guidance for the provision of humanitarian assistance. As previously covered by InfoBytes , last December OFAC implemented a carveout from the asset freeze provisions of UN sanctions programs...
InfoBytesOFAC sanctions Mexican arms trafficker for supplying weapons to cartel
On February 28, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order (E.O.) 14059 against a Mexican national for his role in providing, or having attempted to provide, financial, material, or technological support for, or goods or...
InfoBytesOFAC sanctions persons supporting North Korea
On March 1, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions against three entities and two individuals for their roles in illicitly generating revenue to support the government of the Democratic People’s Republic of Korea (DPRK). According to OFAC, two of...
InfoBytesFinCEN warns financial institutions of surge in mail theft-related check fraud
On February 27, FinCEN issued an alert to financial institutions on the nationwide surge in check fraud schemes targeting the U.S. mail. Mail theft-related check fraud, FinCEN explained, generally relates to the fraudulent negotiation of checks stolen from the U.S. postal service, and represents...
InfoBytesOFAC issues more Russian sanctions and metals and mining determination
On February 24, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced significant measures targeting the metals and mining sector of the Russian Federation economy under Executive Order 14024. OFAC also imposed sanctions on 22 individuals and 83 entities to further...
InfoBytesFATF suspends Russia’s task force membership
On February 24, the Financial Action Task Force (FATF), the international standard-setting body on illicit finance, suspended the Russian Federation’s membership, saying the country’s “actions unacceptably run counter to the FATF core principles aiming to promote security, safety, and the integrity...
InfoBytesOFAC announces sanctions tied to Mexican drug cartel
On February 22, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions , pursuant to Executive Order 14059, against six Mexican nationals involved in the methamphetamine and fentanyl trade, along with six related Mexico-based entities. According to OFAC, the...
InfoBytesOFAC issues sanctions compliance guidance for transactions related to Syrian earthquake disaster relief
On February 21, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) issued sanctions compliance guidance for authorized transactions related to Syrian earthquake disaster relief. The OFAC Compliance Communique: Guidance on Authorized Transactions Related to Earthquake Relief...
InfoBytesTreasury official warns that the cost of doing business with Russia is steep
On February 21, Deputy Secretary of the Treasury Wally Adeyemo discussed sanctions efforts and export controls taken by a coalition of more than 30 nations over the past year to immobilize the majority of Russia’s sovereign wealth and central bank assets. Adeyemo noted that the breadth of this...
InfoBytesTreasury roundtable examines effectiveness of Russian sanctions and export controls
On February 10, Deputy Secretary of the Treasury Wally Adeyemo convened a roundtable to hear from sanctions and U.S. foreign policy experts on the effectiveness of the unprecedented sanctions and export controls imposed on Russia by a coalition of more than 30 countries. Over the past year, the...
InfoBytesCSBS says state regulators need access to FinCEN’s beneficial ownership database
On February 14, the Conference of State Bank Supervisors commented that FinCEN should be more explicit in its inclusion of state regulators as agencies that can request access to FinCEN’s forthcoming secure, non-public beneficial ownership information database. (See comment letter here .) As...
InfoBytesU.S.-EU release statement on Joint Financial Regulatory Forum
On February 7-8, EU and U.S. participants, including officials from the Treasury Department, Federal Reserve Board, CFTC, FDIC, SEC, and OCC, participated in the U.S.-EU Joint Financial Regulatory Forum to continue their ongoing financial regulatory dialogue. According to a joint statement issued...
InfoBytesOFAC sanctions more Bulgarian officials
On February 10, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions , pursuant to Executive Order 13818, against five current or former Bulgarian government officials for their alleged “extensive involvement in corruption in Bulgaria.” The designations build...
InfoBytesOFAC authorizes certain transactions to aid Syrian earthquake disaster relief
On February 9, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) issued Syria General License (GL) 23 to authorize, for 180 days, all transactions related to earthquake relief efforts that would ordinarily be prohibited by the Syrian Sanctions Regulations (SySR). Specifically,...
InfoBytesTreasury official warns Turkish companies on engaging with Russian entities
On February 3, Under Secretary of the Treasury for Terrorism and Financial Intelligence, Brian E. Nelson, met with the Banks Association of Turkey to discuss international sanctions actions against Russia for its war against Ukraine. Nelson highlighted global illicit finance challenges and stressed...
InfoBytesOFAC, UK announce joint sanctions on Russia-based cybercrime gang
On February 9, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC), in coordination with the UK, announced sanctions against seven individuals who allegedly are involved in a Russia-based cybercrime gang and are associated with the development or deployment of a range of...
InfoBytesOFAC sanctions 9 companies for involvement in Iranian petrochemicals and petroleum
On February 9, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions, pursuant to Executive Order 13846, against six Iran-based petrochemical manufacturers or their subsidiaries, as well as three firms located in Malaysia and Singapore, for their involvement in...
InfoBytesOFAC FAQ clarifies Russia-related investment prohibitions
On February 8, OFAC published Russia-related FAQ 1113 to clarify whether new investment prohibitions in Executive Order (E.O.) 14066, E.O. 14068, or E.O. 14071 prohibit U.S. persons, including U.S. financial institutions, from transferring securities issued by non-blocked Russian entities from a...
InfoBytesOFAC announces sanctions tied to Central America drug trafficking
On February 8, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions, pursuant to Executive Order 13581, against an individual based in Honduras and another individual based in Nicaragua for their involvement in drug trafficking, violence, murder, extortion, and...
InfoBytesLuetkemeyer accuses DOJ of incomplete BSA/AML data
On February 1, Representative Blaine Luetkemeyer (R-MO) sent a letter to Attorney General Merrick Garland asking for an explanation as to why the DOJ has not complied with a provision in the 2021 National Defense Authorization Act (2021 NDAA), which requires the Department to report metrics on its...
InfoBytesOFAC offers more guidance on price caps for Russian petroleum
On February 3, the U.S. Treasury Department’s Office of Foreign Assets Control published additional guidance on the implementation of the price cap policy for crude oil and petroleum products of Russian Federation origin. As previously covered by InfoBytes , last November, OFAC published a...
InfoBytesOFAC sanctions senior executives of Iranian UAV manufacturer
On February 3, the U.S. Treasury Department’s Office of Foreign Assets Control announced sanctions pursuant to Executive Order 13382 against eight senior executives of an Iran-based firm that was previously sanctioned by the U.S. and EU for manufacturing unmanned aerial vehicles (UAVs) for Iran’s...
InfoBytesOFAC sanctions persons connected to Burma’s military regime
On January 31, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 14014 against six individuals and three entities connected to Burma’s military regime. The sanctions, taken in coordination with the United Kingdom and Canada, come...
InfoBytesOFAC sanctions evasion network supporting Russia’s military-industrial complex
On February 1, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced it is imposing “full blocking sanctions against 22 individuals and entities across multiple countries related to a sanctions evasion network supporting Russia’s military-industrial complex.” The...
InfoBytesOFAC issues sanctions to counter narcotics trafficking
On January 30, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 14059 against the leader of a Mexico-based network and two associates for procuring precursor chemicals to manufacture and traffic illicit narcotics to the United...
InfoBytesSenators exploring bank’s dealings with collapsed crypto exchange
On January 30, Senators Elizabeth Warren (D-MA), John Kennedy (R-LA), and Roger Marshall (R-KS) sent a follow-up letter to a California-based bank asking for additional responses to questions related to the bank’s relationship with several cryptocurrency firms founded by the CEO of a now-collapsed...
InfoBytesFinCEN discusses digital identity threats
On January 25, FinCEN's acting Deputy Director, Jimmy Kirby, spoke before the Identity Policy Forum regarding digital identity threats, stating that FinCEN is “pragmatically focused” on protecting the U.S. financial system from illicit finance threats. According to Kirby, financial institutions...
InfoBytesOFAC announces sanctions against Paraguayan officials
On January 26, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions against the former president of Paraguay and the current vice president for their involvement in corrupt actions that undermine democratic institutions in the country. OFAC also designated...
InfoBytesFinCEN alert covers potential CRE investments by sanctioned Russians
On January 25, the Financial Crimes Enforcement Network (FinCEN) issued an alert to financial institutions on potential investments in the U.S. commercial real estate sector by sanctioned Russian elites, oligarchs, their family members, and the entities through which they act. The alert provides a...
InfoBytesOFAC sanctions Russians individuals and entities
On January 26, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions against six individuals and 12 entities connected to the Russian Federation. OFAC noted that the designations, which are concurrent with additional sanctions actions by the Department of State...
InfoBytesTreasury announces task force with South Africa on wildlife trafficking
On January 25, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced that Treasury and South Africa’s National Treasury recently formed the U.S. – South Africa Task Force on Combating the Financing of Wildlife Trafficking. According to the announcement, the Task Force...
InfoBytesOFAC sanctions key Hizballah money exchanger
On January 24, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13224 against several individuals and associated entities, including a Lebanese money exchanger and a money service business, for facilitating financial activities...
InfoBytesOFAC sanctions IRGC foundation and Iranian senior officials
On January 23, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13553 against Iran’s Islamic Revolutionary Guard Corps (IRGC) Cooperative Foundation, five of the foundation’s board members, the Deputy Minister of Intelligence and...
InfoBytesFinCEN prohibits engagement with virtual currency exchange connected to Russian finance
On January 18, the Financial Crimes Enforcement Network (FinCEN) issued its first order pursuant to section 9714(a) of the Combating Russian Money Laundering Act to identify a Hong Kong-registered global virtual currency exchange operating outside of the U.S. as a “primary money laundering concern...
InfoBytesFinCEN offers suspicious activity reporting guidance for human smuggling along U.S.- Mexico border
On January 13, the Financial Crimes Enforcement Network (FinCEN) issued an alert advising financial institutions on how to detect and report suspicious financial activity that may be related to human smuggling along the southwest border of the United States. Highlighting that human smuggling is one...
InfoBytesOFAC issues Russia-related general licenses for some transactions
On January 17, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) issued several Russia-related General Licenses (GLs), including: (i) General License (GL) 6C , which authorizes transactions related to agricultural commodities, medicine, medical devices, replacement parts and...
InfoBytesDOJ revises corporate enforcement policy applicable to all criminal matters including FCPA cases
On January 17, Assistant Attorney General Kenneth A. Polite, Jr. delivered remarks at Georgetown University Law Center, during which he announced changes to the DOJ’s Criminal Division Corporate Enforcement and Voluntary Self-Disclosure Policy . Polite provided background information on the DOJ...
InfoBytesFinCEN solicits feedback on beneficial ownership reporting requirements
On January 17, the Financial Crimes Enforcement Network (FinCEN) published two notices and requests for comment in the Federal Register related to the reporting process the agency intends to use to collect beneficial ownership data pursuant to the Beneficial Ownership Information Reporting...
InfoBytesOFAC issues amended Venezuela-related GL and FAQ
On January 17, the U.S. Treasury Department’s Office of Foreign Assets Control issued Venezuela-related General License (GL) 5J , which supersedes GL 5I and authorizes certain transactions otherwise prohibited under Executive Orders 13835 and 13857 related to, or that provide financing for,...
InfoBytesOFAC issues extended counter-terrorism GL and amended FAQ
On January 12, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) issued Counter Terrorism General License (GL) 21B , “Authorizing Limited Safety and Environmental Transactions Involving Certain Vessels,” to authorize limited safety and environmental transactions involving...
InfoBytesOFAC issues and amends Iran-related FAQ
On January 11, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) published an Iran-related frequently asked question (FAQ) and amended several other Iran-related FAQs. New FAQ 1110 clarifies Iran General License (GL) D-1 and GL D-2 . Specifically, OFAC noted that because GL D-1...
InfoBytesOFAC issues Venezuela-related general license for some transactions
On January 9, the U.S. Treasury Department’s Office of Foreign Assets Control issued Venezuela-related General License (GL) 31B , “Certain Transactions Involving the IV Venezuelan National Assembly and Certain Other Persons.” GL 31B authorizes certain transactions ordinarily prohibited by Executive...
InfoBytesOFAC sanctions individuals and entities tied to ISIS
On January 5, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13224 against a key financial facilitation network of the Islamic State of Iraq and Syria (ISIS), which includes four individuals and two entities in Türkiye who are...
InfoBytesOFAC sanctions suppliers of Iranian UAVs used in Russia’s war against Ukraine
On January 6, the U.S. Treasury Department’s Office of Foreign Assets Control announced sanctions pursuant to Executive Order 13382 against six executives and board members of a U.S.-designated Iranian defense manufacturer allegedly responsible for designing and producing unmanned aerial vehicles (...
InfoBytesCrypto platform reaches $100 million settlement to resolve alleged compliance failures
On January 4, NYDFS issued a consent order against a cryptocurrency trading platform for engaging in alleged violations of New York virtual currency, anti-money laundering, transaction monitoring, and cybersecurity regulations. According to the consent order, in 2020, NYDFS found significant...
InfoBytesOFAC settles with Danish company for routing prohibited financial transactions though a U.S. bank
On December 30, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced a more than $4.3 million settlement with a multinational Danish manufacturer to resolve allegations that its wholly owned United Arab Emirates (UAE)-based subsidiary directed customers in Iran, Syria,...
InfoBytesOFAC issues preliminary guidance on price cap policy implementation
On December 30, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced preliminary guidance on the implementation of the price cap policy for petroleum products of Russian Federation origin. As previously covered by InfoBytes , in November, OFAC published a Determination...
InfoBytesFinCEN data reveals Russian oligarchs’ financial activity
On December 22, the Financial Crimes Enforcement Network (FinCEN) issued a Financial Trend Analysis on the financial activity of Russian oligarchs. In the analysis, FinCEN examined Bank Secrecy Act (BSA) reports from March 2022 to October 2022 involving Russian oligarchs, high-ranking officials,...
InfoBytesTreasury implements humanitarian sanctions exceptions
On December 21, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced that it co-led, with Ireland, the development of UNSCR 2664, which implements a carveout from the asset freeze provisions of UN sanctions programs. OFAC noted that to implement the policy across U.S...
InfoBytesOFAC sanctions Iranian officials
On December 21, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13553 against the prosecutor general and key military and paramilitary officials in Iran, as well as a company manufacturing and providing Iran’s Law Enforcement...
InfoBytesCFTC orders respondent to pay $6.5 million for CEA violations
On December 20, the CFTC announced a settlement with a registered futures commission merchant (respondent) for allegedly violating the Commodity Exchange Act, Commission regulations, and Bank Secrecy Act compliance requirements. According to the CFTC, the respondent allegedly “failed to implement...
InfoBytesOFAC publishes illicit drug trade sanctions regulations
On December 19, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced it is adding regulations to implement Executive Order (E.O.) 14059 of December 15, 2021, Imposing Sanctions on Foreign Persons Involved in the Global Illicit Drug Trade . As previously covered by...
InfoBytesFCA fines UK bank £108 million over AML controls
On December 9, the Financial Conduct Authority (FCA) fined a UK bank more than £107.7 million for allegedly maintaining inadequate anti-money laundering (AML) controls at its business banking division. The bank’s AML controls and attempts to correct the problems were inadequate according to the FCA...
InfoBytesOFAC announces Russia-related sanctions
On December 9, the U.S. Treasury Department’s Office of Foreign Assets Control announced sanctions against 18 entities related to the Russian Federation’s financial services sector. According to OFAC, the sanctions are taken in conjunction with the Department of State, which is concurrently...
InfoBytesOFAC issues sanctions, GL, and FAQ on countering narcotics
On December 14, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 14059 against an individual for being involved in activities or transactions that materially contributed to, or pose a significant risk of materially contributing...
InfoBytesFinCEN issues proposed beneficial ownership information access and safeguards rulemaking
On December 15, FinCEN issued a notice of proposed rulemaking (NPRM) to implement provisions of the Corporate Transparency Act (CTA) that govern the access to and protection of beneficial ownership information. (See also FinCEN fact sheet here .) The NPRM follows a final rule issued by FinCEN at...
InfoBytesOFAC designates over 150 vessels
On December 9, the U.S. Treasury Department’s Office of Foreign Assets Control announced sanctions pursuant to Executive Order 13818 against two individuals and the networks of entities they control, along with eight other affiliated entities. Additionally, this action identifies 157 People’s...
InfoBytesOFAC sanctions Zimbabwean persons
On December 12, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13469 against four Zimbabwean individuals, including the son of the President of Zimbabwe, and two Zimbabwean entities connected to a previously designated...
InfoBytesFinCEN further extends FBAR filing deadline for certain individuals
On December 9, the Financial Crimes Enforcement Network (FinCEN) issued Notice 2022-1 to further extend the time for certain Report of Foreign Bank and Financial Accounts (FBAR) filings in light of the agency’s March 2016 notice of proposed rulemaking, which proposed to revise the Bank Secrecy Act’...
InfoBytesDanish financial institution fined $2 billion for anti-money-laundering compliance failures
On December 13, a Danish global financial institution pled guilty to conspiring to commit bank fraud and agreed to forfeit approximately $2 billion. According to court documents, the financial institution defrauded U.S. banks at which it held correspondent accounts by misrepresenting the state of...
InfoBytesTreasury supports resolution establishing humanitarian carveout across UN sanctions regimes
On December 9, Secretary of the Treasury Janet L. Yellen issued a statement on the adoption of United Nations Security Council Resolution 2664, which establishes a standardized humanitarian carveout across UN sanctions regimes. Yellen explained that while sanctions are an important tool for...
InfoBytesOFAC designates sanctions evasion network connected to IRGC-QF
On December 8, the U.S. Treasury Department’s Office of Foreign Assets Control announced sanctions pursuant to Executive Order 13224 against a sanctions evasion network for facilitating and concealing the sale and shipment of hundreds of millions of dollars’ worth of oil for Iran’s Islamic...
InfoBytesOFAC sanctions over 40 individuals and entities in nine countries
On December 9, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions against 40 individuals and entities that are connected to corruption or human rights abuse across nine countries, in recognition of International Anti-Corruption Day and Human Rights Day...
InfoBytesOCC warns of crypto-asset and cybersecurity risks facing the federal banking system
On December 8, the OCC released its Semiannual Risk Perspective for Fall 2022 , which reports on key risks threatening the safety and soundness of national banks, federal savings associations, and federal branches and agencies. The OCC reported that, in the aggregate, banks “remain well capitalized...
InfoBytesDOJ, SEC reach $460 million FCPA settlement with global technology company
On December 2, the DOJ announced that it fined a Swiss-based global technology company $315 million to settle criminal charges related to allegations that, from 2015 to 2017, the company engaged in a bribery scheme with an electricity provider owned by the South African government. As part of the...
InfoBytesSenators request information from California bank on its relationship with collapsed crypto exchange
On December 5, Senators Elizabeth Warren (D-MA), John Kennedy (R-LA), and Roger Marshall (R-KS) asked the CEO of a California-based bank for information regarding its relationship with several cryptocurrency firms founded by the CEO of a now-collapsed crypto exchange. In their letter, the senators...
InfoBytesTreasury official flags “de-risking” as a concern in combating illicit financial risks
On December 5, Assistant Secretary for Terrorist Financing and Financial Crimes at the U.S. Department of Treasury Elizabeth Rosenberg outlined key illicit finance risks impacting the broader financial system during the ABA/ABA Financial Crimes Enforcement Conference. Rosenberg noted that for many...
InfoBytesFinCEN’s Das discusses agency’s priorities
On December 6, FinCEN acting Director Himamauli Das spoke before the ABA/ABA Financial Crimes Enforcement Conference about how FinCEN is addressing new threats, new innovations, and new partnerships, in addition to its efforts to implement the AML Act. Das first began by speaking about beneficial...
InfoBytesOFAC sanctions Haitian politicians
On December 2, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 14059 against two Haitian politicians for their involvement in activities or transactions that have materially contributed to, or pose a significant risk of...
InfoBytesOFAC sanctions officials connected to DPRK
On December 1, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions against three North Korean officials for providing support to the Democratic People’s Republic of Korea’s (DPRK) development of weapons of mass destruction (WMD) and ballistic missiles...
InfoBytesTreasury announces price cap on Russian crude oil
On December 2, the U.S. Treasury Department announced an agreement entered into by the 27 member states of the European Union and the members of the G7 (collectively, the “Price Cap Coalition”), which adopts a price cap on seaborne Russian crude oil in an effort to restrict Russian revenue streams...
InfoBytesOFAC sanctions Hizballah accountants and weapons facilitator
On December 1, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13224 against two individuals and two companies based in Lebanon for providing financial services to Hizballah. OFAC also designated another individual for actively...
InfoBytesOFAC sanctions Iranian officials
On November 23, the U.S. Treasury Department Office of Foreign Assets Control (OFAC)) announced sanctions pursuant to Executive Order 13553 against three Iranian security officials related to the Iranian regime’s continued crackdown on ongoing protests throughout the country, including most...
InfoBytesOFAC sanctions persons exploiting Guatemala mining sector
On November 18, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13818 against a Russian national and a Belarusian national, as well as three associated entities, “for their role in exploiting the Guatemalan mining sector.” OFAC...
InfoBytesOFAC announces sanctions tied to Mexican drug cartel
On November 17, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 14059 against a Mexican drug cartel and its co-leaders for “having engaged in, or attempted to engage in, activities or transactions that materially contributed to...
InfoBytesFDIC releases October enforcement actions
On November 25, the FDIC released a list of administrative enforcement actions taken against banks and individuals in October. During the month, the FDIC made public ten orders consisting of “one consent order; one amended and restated consent order; one personal cease and desist order; three...
InfoBytesOFAC settles with virtual currency exchange to resolve IP address screening deficiencies
On November 28, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced a $362,158 settlement with a global virtual currency exchange for allegedly exporting services to users who appeared to be located in Iran when they engaged in virtual currency transactions on the...
InfoBytesOFAC issues Venezuela-related general licenses
On November 26, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) issued Venezuela-related General License (GL) 41 following the resumption of talks in Mexico City to alleviate the suffering of Venezuelan people and restore democracy. GL 41 authorizes certain transactions...
InfoBytesECJ invalidates AML directive granting public access to beneficial ownership information
On November 22, the European Court of Justice (ECJ) announced a ruling invalidating a provision of the 2018 amended EU anti-money laundering directive that guaranteed public access to the beneficial ownership information of legal entities incorporated within member states. The case was referred to...
InfoBytesOFAC sanctions Iranian companies for petrochemicals and petroleum sales
On November 17, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions , pursuant to Executive Order 13846, against 13 companies in multiple jurisdictions for their involvement in the sale of Iranian petrochemicals and petroleum products to buyers in East Asia on...
InfoBytesOFAC issues Russia-related general licenses
On November 21, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced the issuance of Russia-related General License (GL) 13C , which authorizes certain administrative transactions normally prohibited by Directive 4 under Executive Order 14024, Prohibitions Related to...
InfoBytesCounter ISIS Finance Group wants group isolated from international financial system
On November 18, the U.S. Treasury Department announced the release of a joint statement by the Counter ISIS Finance Group (CIFG) of the Global Coalition to Defeat ISIS, which coordinates efforts to isolate the Islamic State of Iraq and Syria (ISIS) from the international financial system and...
InfoBytesTreasury seeks to mitigate digital asset financial risks
On November 18, Assistant Secretary for Terrorist Financing and Financial Crimes at the U.S. Department of Treasury Elizabeth Rosenberg spoke before the Crypto Council for Innovation. In her prepared remarks, Rosenberg discussed an Action Plan to Mitigate the Illicit Finance Risks of Digital Assets...
InfoBytesOFAC issues guidance on the Russian price cap policy for crude oil; issues Russia-related general licenses
On November 22, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) published a Determination Pursuant to Executive Order (E.O.) 14071 concerning the implementation of a price cap policy for crude oil of Russian Federation origin. The determination states that the prohibitions of...
InfoBytesOFAC sanctions Iranian media corporation
On November 16, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13846 against six senior employees of the Iranian state-run media corporation that has broadcast hundreds of forced confessions of Iranian, dual national, and...
InfoBytesOFAC sanctions firms for aiding Russia’s acquisition of UAVs
On November 15, the U.S. Treasury Department’s Office of Foreign Assets Control announced sanctions pursuant to Executive Orders (E.O.) 13382 and 14024 against several firms responsible for the production and transfer of Iranian unmanned aerial vehicles (UAVs) to Russia for use in the country’s war...
InfoBytesOFAC issues new counter terrorism GL and FAQ
On November 15, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) issued Counter Terrorism General License (GL) 21 , “Authorizing Limited Safety and Environmental Transactions Involving Certain Vessels,” which authorizes limited safety and environmental transactions involving...
InfoBytesOFAC issues GL and FAQ regarding Russian transactions
On November 10, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced the issuance of Russia-related General License (GL) 53 and related FAQ. GL 53 authorizes transactions for diplomatic missions of the Russian Federation prohibited by Directive 4 under Executive Order...
InfoBytesOFAC sanctions individuals and networks supporting Russia’s invasion
On November 14, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order (E.O.) 14024 against a total of 14 individuals and 28 entities, including a transnational network that procures technology in support of Russia’s military-...
InfoBytesOFAC announces sanctions tied to drug trafficking
On November 9, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 14059 against three individuals and nine entities for supplying certain drugs to U.S. markets through internet sales and a host of shell companies. OFAC noted that...
InfoBytesOFAC sanctions individuals associated with al-Qa’ida
On November 9, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13224 against two business associates of a previously sanctioned al-Qa’ida financial facilitator and external operations plotter. According to OFAC, the two...
InfoBytesOFAC updates FAQs related to sanctioned virtual currency “mixer”
On November 8, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) published one new and three amended cyber-related FAQs related to sanctions issued in August against a virtual currency mixer accused of allegedly laundering more than $7 billion. As previously covered by...
InfoBytesOFAC sanctions individuals connected to DPRK
On November 8, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions against two individuals for engaging in activities related to transportation and procurement activities on behalf of the Democratic People’s Republic of Korea (DPRK). According to OFAC, these...
InfoBytesOFAC announces sanctions involving Burma’s military regime
On November 8, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 14014 against an individual and an entity that facilitate weapons purchases for Burma’s military regime. According to OFAC, the designation is in conjunction with...
InfoBytesOFAC sanctions individuals and entities tied to ISIS
On November 7, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13224 against four members of an Islamic State of Iraq and Syria (ISIS) cell operating in South Africa, along with eight companies owned, controlled, or directed by...
InfoBytesOFAC sanctions Haitian politicians for narcotics trafficking
On November 4, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC), along with the Government of Canada, announced sanctions pursuant to Executive Order 14059 against two Haitian politicians for having allegedly “engaged in, or attempted to engage in, activities or transactions...
InfoBytesOFAC sanctions oil shipping network connected to IRGC-QF and Hizballah
On November 3, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13224 against members of an international oil smuggling network for allegedly facilitating oil trades and generating revenue for Hizballah and the Islamic...
InfoBytesFinCEN reports significant increase in ransomware-related BSA filings in 2021
On November 1, FinCEN reported that ransomware continues to pose a significant threat to U.S. infrastructure, businesses, and the public, with ransomware-related Bank Secrecy Act (BSA) filings in 2021 accounting for nearly $1.2 billion. Issued pursuant to the Anti-Money Laundering Act of 2020,...
InfoBytesOFAC sanctions terrorist weapons trafficking network tied to ISIS-Somalia
On November 1, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13224 against the Islamic State in Somalia (ISIS-Somalia) — marking the first time this affiliate of the Islamic State of Iraq and Syria (ISIS) is being designated...
InfoBytesOFAC clarifies guidance on Russian oil price cap
On October 31, the U.S. Treasury Department’s Office of Foreign Assets Control published Russia-related frequently asked question 1094 , to clarify when Russian Federation origin crude oil will be subject to a price cap announced earlier in September. As previously covered by InfoBytes , Treasury...
InfoBytesFinCEN issues statements on its lists of jurisdictions with AML/CFT/CPF deficiencies
On October 31, FinCEN announced that the Financial Action Task Force (FATF) issued public statements updating its lists of jurisdictions with strategic deficiencies in anti-money laundering (AML), countering the financing of terrorism (CFT), and countering the financing of proliferation of weapons...
InfoBytesFinCEN renews and expands real estate GTOs
On October 26, FinCEN renewed and expanded its Geographic Targeting Orders (GTOs). The GTOs require U.S. title insurance companies to identify the natural persons behind shell companies that pay “all cash” ( i.e. , the transaction does not involve external financing) for residential real estate in...
InfoBytesOFAC sanctions individuals and entities connected to Russia’s corruption in Moldova
On October 26, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Orders 13818 and 14024 against nine individuals and 12 entities in an attempt to counter the Russian Federation’s “persistent malign influence campaigns and systemic...
InfoBytesOFAC sanctions Iranian leaders
On October 26, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13553 against 10 Iranian officials related to the ongoing crackdown on nationwide protests in Iran and internet censorship, as well as two Iranian intelligence...
InfoBytesFAFT restricts Russia’s membership, takes action on corruption and drug trafficking
On October 20, the U.S. Treasury Department announced that the Financial Action Task Force (FATF) concluded its first plenary of the Singaporean presidency, in which it, among other things, took steps to combat corruption and illegal fentanyl trafficking and enhance financial transparency. During...
InfoBytesOFAC sanctions Nicaraguan mining authority; Biden issues new E.O. expanding Treasury’s authority to hold Nicaraguan regime accountable
On October 24, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order (E.O.) 13851 against the Nicaraguan mining authority General Directorate of Mines and a Government of Nicaragua official. OFAC stated that the mining authority is “...
InfoBytesOCC releases enforcement actions
On October 20, the OCC released a list of recent enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with such entities. Included among the actions is a cease and desist order against an New York branch of an India-based...
InfoBytesOFAC sanctions Russian military technology procurement network
On October 19, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 14024 against a Russian military technology procurement network for allegedly procuring military and sensitive dual-use technologies from U.S. manufacturers and...
InfoBytesOFAC issues finding of violation to entity for sanctions violations
On October 14, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced the issuance of a Finding of Violation to an international financial entity in Puerto Rico, for violations of the Venezuelan Sanctions Regulations (VSR), and the Reporting, Penalties and Procedures...
InfoBytesU.S.-UK sanctions partnership to exchange best practices
On October 17, Andrea Gacki, Director of the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC), and Giles Thomson, Director of the Office of Financial Sanctions Implementation (OFSI), HM Treasury, announced that in the upcoming months, officials will exchange best practices for...
InfoBytesOFAC updates Russia-related general license
On October 17, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) issued Russia-related General License (GL) 28A , which authorizes certain transactions through January 18, 2023, involving a public joint stock company that are “ultimately destined for or originating from...
InfoBytesOFAC sanctions financial facilitators
On October 17, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions , pursuant to Executive Order (E.O.) 13224, against a network of financial facilitators who hold leadership roles and are key interlocutors between the group and local companies in Somalia...
InfoBytesOFAC issues Russian sanctions alert
On October 14, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) published a Russia-related alert, Impact of Sanctions and Export Controls on Russia’s Military-Industrial Complex . The alert, issued by OFAC, the Department of Commerce’s Bureau of Industry and Security, and the...
InfoBytesFinCEN provides timing on CTA rulemaking
On October 12, FinCEN acting Director Himamauli Das provided timelines on recent agency efforts to combat financial crime. Speaking during the ACAMS AML Conference, Das pointed to actions taken by bad actors to hide assets behind shell/front companies and evade U.S. sanctions, and highlighted...
InfoBytesOFAC, FinCEN take action against virtual currency exchange
On October 11, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC), together with the Financial Crimes Enforcement Network (FinCEN), announced two settlements for more than $24 million and $29 million, respectively, with a Washington state-based virtual currency exchange...
InfoBytesFINRA alerts firms about rising ACATS fraud
On October 6, FINRA issued Regulatory Notice 22-21, alerting member firms to the rising trend of fraudulent account transfers of customer accounts using the Automated Customer Account Transfer Service (ACATS)—an automated system that facilitates the transfer of customer account assets from one...
InfoBytesFinCEN extends FBAR filing deadline for natural disaster victims
On October 6, the Financial Crimes Enforcement Network (FinCEN) issued a notice extending the deadline to February 23, 2023 for victims of certain recent natural disasters to file their reports of Foreign Bank and Financial Accounts (FBAR) for the 2021 calendar year (ordinarily due on or before...
InfoBytesOFAC sanctions Iranian leaders
On October 6, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions , pursuant to Executive Order 13553, against seven senior leaders within Iran’s government and security apparatus for the shutdown of Iran’s Internet access and the ongoing violence against...
InfoBytesOFAC sanctions wildlife trafficking organized crime group
On October 7, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13581 against a Malaysian national, a wildlife trafficking transnational criminal organization, and a Malaysian company for trafficking endangered wildlife and...
InfoBytesOCC releases bank supervision operating plan for FY 2023
On October 6, the OCC’s Committee on Bank Supervision released its bank supervision operating plan for fiscal year 2023. The plan outlines the agency’s supervision priorities and highlights several supervisory focus areas including: (i) strategic and operational planning; (ii) operational...
InfoBytesOFAC sanctions arms dealers for supporting Burma’s military regime
On October 6, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 14014 against three individuals and one entity connected to Burma’s military regime. According to OFAC, the sanctions target persons who profit from the regime’s...
InfoBytesOFAC sanctions North Korean fuel procurement network
On October 7, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13810 against two individuals and three entities for engaging in activities related to the exportation of petroleum to the Democratic People’s Republic of Korea (DPRK...
InfoBytesOFAC sanctions persons in Bosnia and Herzegovina
On October 3, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 14033 against two individuals and one business entity in Bosnia and Herzegovina (BiH). According OFAC, these designations follow OFAC’s September 26 designation of a...
InfoBytesTreasury reissues Libyan Sanctions Regulations
On September 30, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced a final rule reissuing the Libyan Sanctions Regulations , which were previously published in abbreviated form in 2011. The reissuance of the Libyan Sanctions Regulations includes additional...
InfoBytesOFAC reissues Central African Republic Sanctions Regulations and Western Balkans Stabilization Regulations
On September 28, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced the reissuance of the Central African Republic Sanctions Regulations and the Western Balkans Stabilization Regulations . OFAC noted that the Central African Republic Sanctions Regulations were...
InfoBytesOFAC issues guidance on instant payment systems sanctions compliance
On September 30, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) published Sanctions Compliance Guidance for Instant Payment Systems , which emphasizes the importance of taking a risk-based approach to managing sanctions risks in the context of new payment technologies, such...
InfoBytesOFAC announces Russian sanctions, REPO provides update
On September 30, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC), together with the Departments of Commerce and State, announced sanctions against 14 persons in Russia’s military-industrial complex, including two international suppliers, three key leaders of Russia’s...
InfoBytesOFAC announces settlement with electronic rewards company
On September 30, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced a $116,000 settlement with a Washington-based company that supplies and distributes electronic rewards, for allegedly processing transactions in violation of multiple U.S sanctions regulations...
InfoBytesFINRA revises Sanctions Guidelines
On September 29, FINRA issued Regulatory Notice 22-20, announcing revisions to its Sanctions Guidelines to ensure they align with the levels of sanctions imposed in FINRA disciplinary proceedings and reflect the differences between types of respondents. Among other things, the revised guidelines: (...
InfoBytesOFAC sanctions Iranian entities for petrochemicals and petroleum sales
On September 26, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13846 against an international network of companies involved in the sale of Iranian petrochemicals and petroleum products in South and East Asia. According to OFAC...
InfoBytesFDIC releases August enforcement actions
On September 30, the FDIC released a list of administrative enforcement actions taken against banks and individuals in August. During the month, the FDIC made public seven orders consisting of “one consent order, one order terminating consent order, two orders of prohibition from further...
InfoBytesSEC fines tech company $23 million for FCPA violations
On September 27, the SEC announced that a multinational information technology company headquartered in Texas (the “Company”) agreed to pay over $23 million to settle claims that its agents and employees of its subsidiaries in Turkey, the United Arab Emirates (UAE), and India violated the anti-...
InfoBytesFinCEN releases final rule on beneficial ownership reporting
On September 29, FinCEN issued a final rule establishing a beneficial ownership information reporting requirement, pursuant to the bipartisan Corporate Transparency Act. According to FinCEN, the final rule will require most corporations, limited liability companies, and other entities created in or...
InfoBytesOFAC publishes Cuba FAQ
On September 26, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) published frequently asked question (FAQ) 1090 related to Cuba sanctions. The FAQ clarifies that “U.S. persons send remittances to Cuba using digital payments,” and that OFAC’s general licenses are self-...
InfoBytesOFAC reports on licensing activities
On September 27, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced its Quarterly Reports of Licensing Activities pursuant to Section 906(b) of the Trade Sanctions Reform and Export Enhancement Act of 2000 (TSRA), covering activities undertaken by OFAC under Section...
InfoBytesOFAC sanctions state prosecutor in Bosnia and Herzegovina
On September 26, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 14033 against a state prosecutor in Bosnia and Herzegovina. According to OFAC, the individual has played a central role in enabling corruption and has been...
InfoBytesOFAC settles with banks for multiple sanctions violations
On September 26, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced a $720,258 settlement with an indirect subsidiary of a Switzerland-based bank for allegedly processing transactions in violation of the Cuba, Ukraine-related, Iran, Sudan, and Syria sanctions programs...
InfoBytesOFAC issues Iran GL and related FAQs
On September 23, the U.S. Treasury Department issued Iran General License D-2 , General License with Respect to Certain Services, Software, and Hardware Incident to Communications General License (GL), to add further authorizing guidance in line with changes in modern technology since the issuance...
InfoBytesOFAC sanctions Iran’s Morality Police and senior security officials for human rights violence
On September 22, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13553 against Iran’s Morality Police along with seven senior leaders who oversee Iran’s security organizations. These designations were taken in response to recent...
InfoBytesTreasury official discusses U.S. efforts in response to Russian invasion of Ukraine
On September 20, Assistant Secretary for Terrorist Financing and Financial Crimes Elizabeth Rosenberg delivered prepared remarks before a Senate Committee on Banking, Housing, and Urban Affairs hearing , in which she provided an overview of recent efforts taken by the U.S. Treasury Department to...
InfoBytesTreasury seeks info on illicit finance, national security risks of digital assets
On September 19, the U.S. Treasury Department issued a request for comment (RFC) seeking feedback on illicit finance and national security risks posed by digital assets. The RFC, issued pursuant to Executive Order 14067 “Ensuring Responsible Development of Digital Assets” (covered by InfoBytes here...
InfoBytesBrazilian airline agrees to $41 million FCPA settlement
On September 15, a São Paulo-based domestic airline agreed to pay over $41 million to resolve parallel civil and criminal investigations by the SEC and DOJ . The investigations related to a bribery scheme executed by the airline to secure favorable payroll tax and fuel tax treatment through two...
InfoBytesTreasury applauds deferral of Ukrainian debt payments through 2023
On September 14, U.S. Treasury Secretary Janet Yellen announced that the Group of Creditors of Ukraine, which includes the U.S., concluded a Memorandum of Understanding to implement Ukraine’s request for a coordinated suspension of debt service through the end of 2023. According to Yellen, easing...
InfoBytesWhite House presses regulators on framework for digital assets
On September 16, the White House published a comprehensive framework for the responsible development of digital assets, calling on federal regulators to “provide innovative U.S. firms developing new financial technologies with regulatory guidance, best-practices sharing, and technical assistance.”...
InfoBytesOFAC issues sanctions, general licenses, and FAQs on Russia’s invasion of Ukraine
On September 15, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC), in coordination with the Departments of Commerce and State, announced sanctions against 22 individuals and two entities connected to Russia’s invasion of Ukraine. According to OFAC, the designated persons...
InfoBytesOFAC issues Zimbabwe-related sanctions
On September 15, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13469 against a Zimbabwe individual for his role in undermining Zimbabwe’s democratic processes and institutions. OFAC also removed eleven others from the...
InfoBytesOFAC publishes additional guidance related to sanctioned virtual currency “mixer”
On September 13, the U.S. Treasury Department’s Office of Foreign Assets Control published new cyber-related frequently asked questions concerning transactions involving a virtual currency mixer sanctioned last month for allegedly laundering more than $7 billion in virtual currency since 2019. As...
InfoBytesOFAC sanctions individuals and entities connected to IRGC-QF
On September 14, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions as part of a joint action with the DOJ, Department of State, FBI, U.S. Cyber Command, National Security Agency, and Cybersecurity and Infrastructure Security Agency, against ten individuals...
InfoBytesOFAC sanctions Iranians involved in production of UAVs to Russia
On September 8, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Orders 13382 and 14024 against an Iran-based air transportation service provider, as well as three companies and one individual involved in the research, development,...
InfoBytesOFAC sanctions Iran’s MOIS over cyber activities
On September 9, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order (E.O.) 13694 against Iran’s Ministry of Intelligence and Security (MOIS) and its Minister of Intelligence for conducting malicious cyber-enabled activities...
InfoBytesFinCEN stresses importance of reliable digital interactions
On September 7, speaking before the 2022 Federal Identity Forum & Exposition in Atlanta, Georgia, acting Deputy Director of FinCEN Jimmy Kirby addressed the importance digital identity plays in FinCEN’s mission as it relates to privacy and cybersecurity, particularly with respect to protecting...
InfoBytesTreasury issues guidance on Russian oil sales cap
On September 9, the U.S. Treasury Department announced preliminary guidance on implementing a maritime services policy and related price exception for seaborne Russian oil. As previously covered by InfoBytes , OFAC recently announced that it planned to publish preliminary guidance on implementing...
InfoBytesTreasury discusses combating corruption
On September 7, U.S. Treasury Department Assistant Secretary for Terrorist Financing and Financial Crimes Elizabeth Rosenberg spoke at the Brookings Institution as part of a series of discussions regarding corruption and the Department’s efforts to strengthen global beneficial ownership standards...
InfoBytesOFAC amends cyber-related sanctions regulations
On September 2, the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) announced that it is amending, and reissuing in their entirety, the Cyber-Related Sanctions Regulations . OFAC noted that this administrative action replaces regulations that were published in abbreviated form on...
InfoBytesOCC orders bank to improve oversight of fintech partnerships
Recently, a national bank disclosed an agreement reached with the OCC that requires the bank to improve its oversight and management of third-party fintech partnerships. According to an SEC filing, the OCC found unsafe or unsound practices related to the bank’s third-party risk management, Bank...
InfoBytesTreasury caps Russian oil sales; OFAC guidance coming soon
On September 2, the U.S. Treasury Department announced that G7 Finance Ministers confirmed their joint intention to implement a price cap on Russian-origin crude oil and petroleum products. According to the statement , G7 countries, along with other allies and partners, “plan to prohibit the...
InfoBytesOFAC issues updated Iran general license and related FAQ
On August 25, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) issued Iran General License (GL) M-2 , “Authorizing the Exportation of Certain Graduate Level Educational Services and Software,” which authorizes accredited graduate and undergraduate degree-granting academic...
InfoBytesHouse Republican concerned about Treasury sanctions on virtual currency mixer
On August 23, Representative Tom Emmer (R-MN) sent a letter to Treasury Secretary Janet Yellen raising privacy and due process concerns related to recent “first-of-their-kind” sanctions issued against a virtual currency mixer accused of allegedly laundering more than $7 billion in virtual currency...
InfoBytesOFAC issues new Russia-related general licenses
On August 19, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) issued Russia-related General License (GL) 38A and GL 50 . GL 38A authorizes transactions related to pension payments to U.S. persons or non-U.S. persons not located in the Russian Federation that are normally...
InfoBytes2nd Circuit affirms acquittal of former transportation and energy industry executive
On August 12, the U.S. Court of Appeals for the Second Circuit upheld a lower court’s decision to partially acquit a former executive of a French multinational transportation and energy company after a federal jury found him guilty of seven counts related to the Foreign Corrupt Practices Act (FCPA...
InfoBytesOFAC sanctions Liberian officials
On August 15, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13818 against two Liberian government officials under the Global Magnitsky Human Rights Accountability Act. According to OFAC, the sanctioned individuals are involved...
InfoBytesOFAC sanctions “mixer” for laundering over $7 billion in virtual currency
On August 8, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13694 against a virtual currency mixer accused of allegedly laundering more than $7 billion in virtual currency since 2019. According to OFAC, this amount includes...
InfoBytesSpecial Alert: NYDFS fines trading platform for BSA/AML, transaction monitoring, and cybersecurity lapses
The New York Department of Financial Services and a trading platform on Aug. 1 entered into a consent order to resolve deficiencies identified during a 2019 examination and a subsequent investigation by the department’s enforcement section. The consent order focused on deficiencies related to Bank...
InfoBytesOFAC sanctions Russian companies and other entities
On August 1, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced several new sanctions in response to Russia’s invasion of Ukraine. The new sanctions, issued pursuant to Executive Order 14024, target elites, a major multinational company, a sanctions evasion operation,...
InfoBytesNYDFS imposes $30 million fine against trading platform for cybersecurity, BSA/AML violations
On August 2, NYDFS announced a consent order imposing a $30 million fine against a trading platform for alleged violations of the Department’s Virtual Currency Regulation (23 NYCRR Part 200), Money Transmitter Regulation (3 NYCRR Part 417), Transaction Monitoring Regulation (3 NYCRR Part 504),...
InfoBytesOFAC sanctions Iranian petrochemical network
On August 1, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13846 against companies used by one of Iran’s largest petrochemical brokers to facilitate the sale of Iranian petroleum and petrochemical products from Iran to East...
InfoBytesFDIC releases June enforcement actions
On July 29, the FDIC released a list of administrative enforcement actions taken against banks and individuals in June. During the month, the FDIC made public twelve orders consisting of “three consent orders, one order to pay civil money penalty, four orders of prohibition, one section 19 order,...
InfoBytesU.S.-UK financial regulators discuss bilateral issues
On July 26, the U.S. Treasury Department issued a joint statement covering the recently held sixth meeting of the U.S.-UK Financial Regulatory Working Group. Participants included officials and senior staff from both countries’ treasury departments, as well as regulatory agencies including the...
InfoBytesOFAC issues Russia-related sanction, general licenses, and FAQs
On July 21, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced Russia-related General License (GL) 45 and GL 46 . GL 45 authorizes transactions related to the wind down of certain financial contracts prohibited by Executive Order (E.O.) 14071. GL 46 authorizes...
InfoBytesHouse passes bill to expand AML regulation
On July 20, the U.S. House passed H.R. 7900 with a 329-101 vote. Section 5401 of the bill, if passed, would amend the Bank Secrecy Act to require that professional service providers who “serve as key gatekeepers to the U.S. financial system adopt anti-money laundering procedures that can help...
InfoBytesOFAC settles with bank for alleged Foreign Narcotics Kingpin Sanctions Regulations violations
On July 15, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced a $430,500 settlement with a subsidiary of a national bank for allegedly processing transactions in violation of the Foreign Narcotics Kingpin Sanctions Regulations. According to OFAC’s web notice , between...
InfoBytesTreasury clarifies impact of sanctions on agricultural commodities, agricultural equipment, or medicine relating to Russia
On July 14, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) issued a Fact Sheet to clarify that the U.S. has not imposed sanctions on the production, manufacturing, sale, or transport of agricultural commodities, agricultural equipment, or medicine relating to Russia...
InfoBytesOFAC sanctions Mexican cartel facilitator
On July 11, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to the Foreign Narcotics Kingpin Designation Act against an individual engaged in the trafficking of high-caliber firearms from the U.S. to a Mexican drug organization. According to OFAC...
InfoBytesAgencies release customer relationship and due diligence guidance
On July 6, the FDIC, Federal Reserve Board, FinCEN, NCUA, and OCC issued a joint statement concerning banks’ risk-based approach for assessing customer relationships and conducting customer due diligence (CDD). Specifically, the joint statement reinforces the agencies’ “longstanding position that...
InfoBytesOFAC sanctions Iranian petrochemical network
On July 6, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13846 against an international network of individuals and entities for facilitating the delivery and sale of hundreds of millions of dollars’ worth of Iranian petroleum...
InfoBytesOFAC amends Venezuela-related general license
On July 7, the U.S. Treasury Department’s Office of Foreign Assets Control issued Venezuela-related General License (GL) 40A , which authorizes certain transactions involving the exportation or reexportation of liquefied petroleum gas to Venezuela that would otherwise be prohibited by Executive...
InfoBytesOFAC issues Notification of Blocked Property to sanctioned Russian oligarch’s trust
On June 30, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) issued a Notification of Blocked Property to a Delaware-based trust in which an OFAC-designated Russian oligarch holds a property interest. As previously covered by InfoBytes , in April 2018, OFAC sanctioned seven...
InfoBytesOFAC amends Global Terrorism Sanctions Regulations
On June 30, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced a final rule amending the Global Terrorism Sanctions Regulations. Specifically, the final rule “authorizes the Secretary of the Treasury to prohibit the opening, and prohibit or impose strict conditions on...
InfoBytesOFAC sanctions nearly 100 Russian targets; prohibits Russian gold imports
On June 28, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Orders (E.O.) 14024 and 14065 against 70 entities—many of which, according to OFAC, “are critical to the Russian Federation’s defense industrial base, including State...
InfoBytesFDIC releases May enforcement actions
On June 24, the FDIC released a list of 14 public enforcement actions taken against banks and individuals in May. These orders consist of “two consent orders, one modification of an 8(e) prohibition order, three orders to pay civil money penalty, three orders of prohibition, two section 19 orders,...
InfoBytesFinCEN issues statement on independent ATM customer due diligence
On June 22, FinCEN issued a statement providing clarity to banks on the application of a risk-based approach to conducting customer due diligence (CDD) on independent Automated Teller Machine (ATM) owners or operators, consistent with FinCEN’s 2016 CDD Rule. As previously covered by InfoBytes ,...
InfoBytesFinCEN issues statements on its lists of jurisdictions with AML/CFT/CPF deficiencies
On June 23, FinCEN announced that the Financial Action Task Force (FATF) issued public statements updating its lists of jurisdictions with strategic deficiencies in anti-money laundering (AML), countering the financing of terrorism (CFT), and countering the financing of proliferation of weapons of...
InfoBytesFAFT restricts Russia’s membership privileges, takes action against corruption and virtual asset misuse
On June 17, the U.S. Treasury Department announced that the Financial Action Task Force (FATF) concluded another plenary meeting , in which it, among other things, took steps to restrict Russia’s FATF membership privileges. During the meeting, FATF again criticized Russia’s war against Ukraine and...
InfoBytesOFAC sanctions Iranian petrochemical producers and other supporting entities
On June 16, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions against a network of Iranian petrochemical producers, as well as front companies in the People’s Republic of China (PRC) and the United Arab Emirates (UAE), for supporting two entities connected...
InfoBytesOFAC sanctions Nicaraguan persons
On June 17, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13851 against a state-owned Nicaraguan mining company and a high-ranking official for allegedly engaging in actions or policies that are used to “oppress the people of...
InfoBytesFinCEN issues warning on elder financial exploitation
On June 15, FinCEN issued an advisory alerting financial institutions about the increase of elder financial exploitation (EFE). EFE involves the illegal or improper use of an older adult’s funds, among other things, and is often perpetrated either through theft or scams. According to the advisory,...
InfoBytesOCC seeks comments on BSA/AML risk assessment
On June 8, the OCC issued a notice in the Federal Register seeking comments concerning its information collection titled, ‘‘Bank Secrecy Act/Money Laundering Risk Assessment,’’ also known as the Money Laundering Risk (MLR) System. According to the notice, the MLR System “enhances the ability of...
InfoBytesOFAC sanctions members of Russian extremist group
On June 15, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13224, as amended, against two key supporters of a Russian extremist group. The U.S. State Department previously designated the extremist group as a Specially...
InfoBytesOFAC issues Russia-related general licenses and FAQs
On June 14, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) issued Russia-related General License (GL) 8C , which authorizes (with certain enumerated exceptions) transactions related to energy. According to the GL, all transactions prohibited by Executive Order (E.O.) 14024...
InfoBytesU.S., UK collaborate on privacy-enhancing tech prize challenges
On June 13, the White House announced that the U.S. and UK governments are developing privacy-enhancing technology prize challenges to help address cross-border money laundering. The White House highlighted that the estimated $2 trillion of cross-border money laundering which happens annually could...
InfoBytesOFAC clarifies certain Russia-related prohibitions
On June 9, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced the publication of new Russia-related FAQs . Among other things, the FAQs provide information on the previously issued Determination Pursuant To Section 1(a)(ii) of E.O. 14071 , which prohibits “the...
InfoBytesOFAC issues Covid-related general licenses and FAQs
On June 10, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) issued Syria General License (GL) 21A , Venezuela GL 39A , and Iran GL N-1 , “Authorizing Certain Activities to Respond to the Coronavirus Disease 2019 (COVID-19) Pandemic.” Each GL authorizes certain Covid-19-...
InfoBytesOFAC amends Cuban Assets Control Regulations
On June 8, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced a final rule amending the Cuban Assets Control Regulations, and further implementing portions of President Biden’s foreign policy to increase support for Cuban people. Specifically, the final rule “...
InfoBytesOFAC sanctions actors throughout the Western Balkans
On June 6, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions against two prominent officials in Bosnia and Herzegovina. This is the third action taken under E.O. 14033. According to the Under Secretary of the Treasury for Terrorism and Financial Intelligence...
InfoBytesFinCEN issues ANPRM on no-action letter process
On June 3, FinCEN issued an Advance Notice of Proposed Rulemaking (ANPRM) soliciting comments on questions related to implementing a no-action letter process at the agency. The ANPRM is part of FinCEN’s implementation of the Anti-Money Laundering Act of 2020 , which directed the agency to conduct...
InfoBytesTerrorist Financing Targeting Center members designate financial facilitators of terrorism
On June 6, the U.S. Treasury Department announced that member nations of the Terrorist Financing Targeting Center (TFTC) have jointly designated 16 individuals, entities, and groups affiliated with a variety of regional terrorist organizations. This marks the fifth year of coordinated TFTC...
InfoBytesSEC enters $78 million FCPA settlement with steel pipe manufacturer
On June 6, the SEC announced that a Luxembourg-based manufacturer and supplier of steel pipe products agreed to pay over $78 million to settle the SEC’s claims that it violated the anti-bribery, books and records, and internal accounting controls provisions of the FCPA and the Exchange Act. The...
InfoBytesOFAC sanctions individuals connected to Mexican cartels
On June 2, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 14059 against six individuals for engaging with a Mexico-based drug traffic organization. Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian...
InfoBytesOFAC sanctions additional networks used by Russian elites, issues new Russia-related General Licenses
On June 2, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced additional sanctions pursuant to Executive Orders (E.O.) 14024, 13685, and 13661, against key networks used by Russian elites, including President Putin, that target “a Kremlin-aligned yacht brokerage,...
InfoBytesOFAC issues FAQs related to securities investments in Chinese military companies
On June 1, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) published three new frequently asked questions related to the Chinese military-industrial complex sanctions. As previously covered by InfoBytes , Executive Order 13959, as amended, addressed threats from securities...
InfoBytesOFAC sanctions entities connected to IRGC-QF
On May 25, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13224 against an international oil smuggling and money laundering network led by the Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF). According to OFAC,...
InfoBytesOFAC reaches settlement with Puerto Rican bank to resolve Venezuela sanctions violations
On May 27, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced a $225,937 settlement with a Puerto Rican bank for allegedly violating the Venezuela Sanctions Regulations. According to OFAC’s web notice , the bank allegedly processed 337 transactions totaling $853,126 on...
InfoBytesOFAC sanctions North Koreans and issues Venezuela general license
On May 27, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order (E.O.) 13382 against one individual, two banks, and a trading company connected to the Democratic People’s Republic of Korea’s (DPRK) development of weapons of mass...
InfoBytesOFAC issues new Russia-related general license, will not renew general license concerning debt or equity dealings with certain Russian financial institutions
On May 25, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) issued Russia-related General License (GL) 13A , “Authorizing Certain Administrative Transactions Prohibited by Directive 4 under Executive Order 14024.” Specifically, GL 13A permits U.S. persons, or entities owned or...
InfoBytesOFAC sanctions Hizballah financial facilitator
On May 19, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13224 against a Lebanese businessman and Hizballah financial facilitator, as well as five of his associates and eight of his companies in Lebanon and Iraq. According to...
InfoBytesOFAC announces Hamas sanctions
On May 24, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions against a Hamas finance official as well as an expansive network of three Hamas financial facilitators and six companies that have generated revenue for the terrorist group through the management...
InfoBytesNYDFS commits to mitigating virtual currency risks
On May 20, NYDFS Superintendent Adrienne A. Harris emphasized the role regulation plays in protecting consumers from cybercriminals in the virtual currency marketplace. According to Harris, NYDFS is committed to mitigating risks in this space by guarding against sanctions evasion and illicit...
InfoBytesAgencies release risk advisory for businesses operating in Sudan
On May 23, the U.S. Departments of Treasury, State, Commerce, and Labor issued an advisory, Risks and Considerations for U.S. Businesses Operating in Sudan , highlighting growing risks to American businesses and individuals associated with conducting business with Sudanese State-Owned Enterprises...
InfoBytesOCC releases enforcement actions
On May 19, the OCC released a list of recent enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with such entities. Included is a cease and desist order against an Alaska-based bank for allegedly engaging in Bank Secrecy...
InfoBytesCounter ISIS Finance Group continues efforts to isolate ISIS from international financial system
On May 17, the U.S. Treasury Department announced the release of a joint statement by members of the Counter ISIS Finance Group (CIFG) of the Global Coalition to Defeat ISIS, which coordinates efforts to isolate the Islamic State of Iraq and Syria (ISIS) from the international financial system and...
InfoBytesTreasury says foreign financial institutions risk sanctions if they provide material support to Russia
On May 13, Deputy Secretary of the Treasury Wally Adeyemo warned representatives from several foreign financial institutions about the risks of aiding Russia in evading sanctions imposed by the U.S. and its allies following the country’s invasion of Ukraine. Adeyemo emphasized that institutions may...
InfoBytesTreasury issues 2022 national illicit finance strategy
On May 13, the U.S. Treasury Department issued the 2022 National Strategy for Combatting Terrorist and Other Illicit Financing (2022 Strategy). As required by federal law, the 2022 Strategy describes current U.S. government efforts to combat domestic and international illicit finance threats from...
InfoBytesOFAC updates Syrian sanctions guidance; issues DPRK advisory on information technology workers
On May 12, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) amended a Frequently Asked Question (FAQ) and published a new General License (GL) regarding Syrian sanctions. Back in April (covered by InfoBytes here ), OFAC published FAQ 884, which relates to non-U.S. persons’ (...
InfoBytesOFAC sanctions ISIS facilitators
On May 9, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13224 against five Islamic State of Iraq and Syria (ISIS) financial facilitators operating across Indonesia, Syria, and Turkey for allegedly supporting financial...
InfoBytesDOJ seizes $300 million yacht as part of Task Force KleptoCapture; OFAC issues Russia-related general licenses and updated FAQs
On May 5, the DOJ executed a seizure warrant freezing a $300 million yacht owned by a sanctioned Russian oligarch, following a determination that the yacht is subject to forfeiture based on probable cause of violations of U.S. law, including the International Emergency Economic Powers Act, money...
InfoBytesOFAC announces first-ever sanctions against virtual currency mixer
On May 6, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13722 against a virtual currency mixer used by the Democratic People’s Republic of Korea (DPRK) to support its cyber activities and money-laundering. According to OFAC,...
InfoBytesOFAC issues Russian sanctions, general licenses, and expanded E.O.s
On May 8, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced “sweeping” sanctions, which include the designations of board members from two of Russia’s most important banks, a Russian state-owned bank and 10 of its subsidiaries, a state-supported weapons manufacturer,...
InfoBytesSEC advises companies on Ukraine-related disclosure obligations
On May 3, the SEC Division of Corporation Finance released a sample letter advising companies that they should provide “detailed disclosure[s]” if they have direct or indirect operations in Russia, Belarus or Ukraine or if they trade securities in Russia or are affected by financial sanctions...
InfoBytesDOJ to strengthen kleptocracy asset recovery
On April 28, the DOJ issued a fact sheet outlining legislative proposals to strengthen kleptocracy asset recovery as part of the Biden administration’s efforts “to isolate and target the crimes of Russian officials, government-aligned elites, and those who aid or conceal their unlawful conduct.”...
InfoBytesOFAC amends and reissues the Ukraine-Related Sanctions Regulations
On April 29, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced that it amended and reissued the Ukraine-Related Sanctions Regulations, renaming them the Ukraine-/Russia-Related Sanctions Regulations. According to OFAC, this action replaces the regulations that were...
InfoBytesFinCEN renews GTOs covering 12 metropolitan areas
On April 29, FinCEN reissued the renewal of its Geographic Targeting Orders (GTOs). The GTOs require U.S. title insurance companies to identify the natural persons behind shell companies that pay “all cash” (i.e., the transaction does not involve external financing) for residential real estate in...
InfoBytesFinCEN to issue second beneficial ownership NPRM later this year
On April 28, FinCEN acting Director Himamauli Das informed the House Financial Services Committee during a hearing on the oversight of the agency that FinCEN is currently developing a second notice of proposed rulemaking (NPRM) this year proposing “regulations governing access to beneficial...
InfoBytesNYDFS encourages virtual currency licensees to use blockchain analytics tools for sanctions and AML compliance
On April 28, NYDFS announced new guidance on virtual currency entities that are establishing the use of blockchain analytics tools. NYDFS explained that virtual currency activities can involve, among other things, different sources, destinations, and types of funds flows than are found in more...
InfoBytesOFAC reaches multiple settlements to resolve Cuban sanctions violations
On April 21, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced a $141,442 settlement with a Colorado-based multinational mining firm for allegedly violating the Cuban Assets Control Regulations (CACR). According to OFAC’s web notice , between June 2016 to November...
InfoBytesOFAC issues new Ukraine-/Russia-related general licenses and updated FAQs
On April 25, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) issued Ukraine-/Russia-related General License (GL) 13R , “Authorizing the Wind Down of Certain Transactions Necessary to Divest or Transfer Debt, Equity, or Other Holdings in GAZ Group,” which authorizes all...
InfoBytesOFAC reaches $6 million settlement with logistics company
On April 25, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced a roughly $6 million settlement with a freight forwarding and logistics company for allegedly processing transactions in violation of Iran-Related Sanctions Regulations, among others. According to OFAC’s...
InfoBytesInternational medical waste provider agrees to $84 million FCPA settlement
On April 20, the DOJ entered into a deferred prosecution agreement (DPA) with an Illinois-based international medical waste management company, in which the company agreed to pay a fine of approximately $52.5 million related to a conspiracy to violate the FCPA’s anti-bribery provision and books and...
InfoBytesOFAC sanctions facilitators of Russian sanctions evasion
On April 20, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 14024 against several entities and numerous individuals for attempting to evade sanctions imposed by the U.S. and its international partners on Russia. Included in the...
InfoBytesTreasury releases fact sheet on providing food and humanitarian support to persons impacted by Russian invasion of Ukraine
On April 19, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) issued a Fact Sheet for “Preserving Agricultural Trade, Access to Communication, and Other Support to Those Impacted by Russia’s War Against Ukraine” following an event on the topic held by OFAC. The Fact Sheet,...
InfoBytesOCC issues final rule on authority for SAR requirements
On April 14, the OCC issued a bulletin reminding regulated banks of a final rule amending the agency’s suspicious activity report (SAR) regulations. The final rule takes effect May 1 (covered by InfoBytes here ). Generally, the final rule clarifies the processes by which the OCC may issue...
InfoBytesFinCEN advises banks to detect foreign corrupt activity
On April 14, FinCEN issued an advisory on kleptocracy and foreign public corruption, urging financial institutions to direct their efforts on detecting the proceeds of foreign public corruption. The advisory provides typologies and potential indicators of kleptocracy and other forms of foreign...
InfoBytesOFAC issues Russian general license
On April 12, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) issued Russia-related General License (GL) 26 , “Authorizing the Wind Down of Transactions Involving Joint Stock Company SB Sberbank Kazakhstan or Sberbank Europe AG,” which authorizes all transactions ordinarily...
InfoBytesOFAC sanctions actors throughout the Western Balkans
On April 11, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order (E.O.) 14033 against seven individuals and one entity across four countries in the Western Balkans, which “is the second action OFAC has taken under E.O. 14033...
InfoBytesOFAC sanctions Ireland-based criminal organization and members
On April 11, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13581 against an Ireland-based crime group, which OFAC considers “a murderous organization involved in the international trafficking of drugs and firearms,” seven of...
InfoBytesOFAC sanctions Russian diamond mining and shipbuilding companies, and issues general licenses
On April 7, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions , pursuant to Executive Order 14024, against a Russian state-owned enterprise (SOE) and the world’s largest diamond mining company, which is also responsible for 90 percent of Russia’s diamond...
InfoBytesOFAC prohibits new investment in Russia and blocks Russia’s largest bank, executive order foreshadows more Russian export bans
On April 6, OFAC announced that President Biden issued a new E.O., Prohibiting New Investment in and Certain Services to the Russian Federation in Response to Continued Russian Federation Aggression , which bans “all new investment in the Russian Federation by U.S. persons, wherever located, as...
InfoBytesOFAC sanctions North Koreans for development of WMDs
On April 1, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13382 against five entities for supporting the Democratic People’s Republic of Korea’s (DPRK’s) development of weapons of mass destruction (WMD) and ballistic missile...
InfoBytesOFAC sanctions Russian technology companies
On March 31, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced several new sanctions in response to Russia’s invasion of Ukraine. The new sanctions, issued pursuant to Executive Order 14024, target 21 entities and 13 individuals connected to the Russian Federation “as...
InfoBytesOFAC reaches $78,750 settlement with financial analytics company
On April 1, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced a roughly $78,750 settlement with a financial analytics company for allegedly processing transactions in violation of Ukraine-Related Sanctions Regulations. According to OFAC’s web notice , in August 2016,...
InfoBytesFinCEN fines company for willfully failing to comply with GTO
On April 1, FinCEN announced its first enforcement action for failing to comply with the reporting and recordkeeping requirements of a Geographic Targeting Order (GTO). The 2014 GTO in question was designed to combat what FinCEN and the Department of Justice viewed as widespread trade-based money...
InfoBytesOFAC sanctions IRGC-connected entities
On March 30, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order (E.O.) 13224, as amended, as well as E.O. 13382, against an Iran-based procurement agent and his network of companies that supported the Islamic Revolutionary Guard...
InfoBytesFinCEN’s interactive SAR stats now include 2021 data
On March 28, FinCEN announced that its Interactive SAR Stats webpage now includes Filing Trend Data by industry updated through December 31, 2021. As previously covered by InfoBytes , SAR Stats—formerly called By the Numbers—is an annual compilation of numerical data gathered from the Suspicious...
InfoBytesOFAC sanctions individuals for raising funds supporting Nigerian terrorist group
On March 25, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13224, as amended, against six individuals connected to the Nigerian terrorist group Boko Haram. According to OFAC, the six individuals “were found guilty of...
InfoBytesOFAC sanctions Russian defense companies, political leaders, and Sberbank CEO
On March 24, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced several new sanctions in response to Russia’s invasion of Ukraine. The new sanctions, issued pursuant to Executive Order (EO) 14024, target dozens of Russian defense companies, 328 members of the Russian...
InfoBytesOFAC announces Burmese sanctions
On March 25, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 14014 against five individuals and five entities connected to the military regime in Burma. According to OFAC, the sanctions “come[] as the regime prepares to mark the...
InfoBytesOFAC issues Ukraine general license and Russian FAQ
On March 24, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced three Russia-related General Licenses (GL). GL 6A authorizes transactions related to the exportation or reexportation of agricultural commodities, medicine, medical devices, replacement parts and...
InfoBytesTreasury official says it’s time to reconsider “culture of compliance”
On March 21, the U.S. Treasury Department’s Assistant Secretary for Terrorist Financing and Financial Crimes Elizabeth Rosenberg delivered remarks before the Association of Certified Anti-Money Laundering Specialists (ACAMS) Hollywood Conference, asking attendees to consider “[w]hat must a culture...
InfoBytesOFAC announces human rights abuse sanctions
On March 21, the U.S. Treasury Department’s Office of Foreign Assets Control announced sanctions pursuant to Executive Order 13818 against the Republic of the Sudan Central Reserve Police (CRP) for serious human rights abuse. According to OFAC, the “CRP has used excessive force against pro-...
InfoBytesOFAC sanctions Guatemalan drug trafficking organization connected to Mexican cartels
On March 18, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 14059 against a drug trafficking organization tied to Mexican cartels, as well as the organization’s leaders, for engaging in actions that threaten the people and...
InfoBytesOFAC issues Ukraine general license and Russian FAQ
On March 18, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) issued General License (GL) 24 , Blocking Property of Certain Persons and Prohibiting Certain Transactions With Respect to Continued Russian Efforts To Undermine the Sovereignty and Territorial Integrity of Ukraine...
InfoBytesOFAC sanctions persons linked to illicit gold trade in Congo
On March 17, the U.S. Treasury’ Department's Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order (E.O.) 13413, as amended by E.O. 13671, against an individual who operates an illicit gold trade in Uganda, as well as companies in the UAE, and a network of...
InfoBytesBank fined $140 million for BSA/AML compliance failures
On March 17, FinCEN announced a $140 million civil money penalty against a federal savings bank for violating the Bank Secrecy Act (BSA) and its implementing regulations from at least January 2016 through April 2021 by allegedly failing to implement and maintain an effective, reasonably designed...
InfoBytesMultinational efforts target Russian sanctions evasion, illicit assets of Russian oligarchs
On March 16, the U.S. Treasury Department, along with representatives from Australia, Canada, Germany, France, Italy, Japan, the United Kingdom, and the European Commission, announced the first meeting of the Russian Elites, Proxies, and Oligarchs (REPO) multilateral task force, which was formed in...
InfoBytesOCC issues final rule for granting exemptions to SAR requirements
On March 16, the OCC issued a final rule amending its suspicious activity report (SAR) regulations. The rule sets out a process for national banks and federal savings associations to request exemptions from the OCC’s SAR requirements. To request exemption under the final rule, national banks or...
InfoBytesNYDFS fines money transmitter $8.25 million for AML compliance failures
On March 16, NYDFS announced the imposition of an $8.25 million fine on a money transmitter alleged to have violated anti-money laundering (“AML”) requirements and New York law by failing to adequately supervise local agents in New York City that processed an unusual volume of suspicious...
InfoBytesOFAC sanctions Russians connected to human rights violations and Belarusian leader engaged in corruption
On March 15, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to the Russia Magnitsky Act against four individuals and one entity. According to OFAC, the sanctioned individuals and entity were involved in concealing events surrounding the death of...
InfoBytesOFAC sanctions Russians for supporting DPRK’s WMD programs
On March 11, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13687 against two individuals and three entities based in Russia for allegedly supporting the Democratic People’s Republic of Korea’s (DPRK) “ongoing development of...
InfoBytesFATF updates statements concerning jurisdictions with AML/CFT/CPF deficiencies
On March 10, the Financial Crimes Enforcement Network (FinCEN) announced updates to the Financial Action Task Force (FATF) statements concerning jurisdictions with strategic anti-money laundering, countering the financing of terrorism, and combating weapons of mass destruction proliferation...
InfoBytesOFAC sanctions Russians, issues guidance on sanctions evasion through virtual currency, general licenses, and FAQs
On March 11, the U.S. Department of the Treasury’s Office of Foreign Assets Control issued guidance, in line with the G7 leaders' statement , to guard against possible attempts to use virtual currency to evade U.S. sanctions imposed on Russia. According to OFAC, the public guidance “further cut[s]...
InfoBytesDFPI reminds financial institutions of their sanctions compliance obligations
On March 4, the California Department of Financial Protection and Innovation (DFPI) issued guidance, in light of the evolving situation in Ukraine, to remind financial institutions of their sanctions compliance obligations under state and federal law. Licensees are reminded that they are prohibited...
InfoBytesBiden calls for coordinated approach to digital asset innovation
On March 9, President Biden issued an Executive Order (E.O.) on digital assets outlining the first “whole-of-government” strategy to coordinate a comprehensive approach for ensuring responsible innovation in digital assets policy. ( See also White House fact sheet here .) The White House...
InfoBytesTreasury releases guidance on E.O. banning Russian imports
On March 8, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) released a General License (GL) and several Frequently Asked Questions (FAQs) following President Biden’s announcement banning the import of Russian oil, liquefied natural gas, and coal to the U.S. President Biden...
InfoBytesFinCEN warns financial institutions about Russian sanctions evasion
On March 7, FinCEN issued an alert advising financial institutions to be vigilant against potential attempts to evade sanctions levied against Russian individuals, banks, and other entities in response to the situation in Ukraine. FinCEN provided several examples of red flag indicators that could...
InfoBytesU.S.-EU release statement on Joint Financial Regulatory Forum
On March 1 and 2, EU and U.S. participants, including officials from the Treasury Department, Federal Reserve Board, CFTC, FDIC, SEC, and OCC, participated in the U.S. – EU Joint Financial Regulatory Forum to continue their ongoing financial regulatory dialogue. Matters discussed focused on six...
InfoBytesSpecial Alert: Latest developments in OFAC sanctions against Russia
Beginning February 21, the U.S. Department of the Treasury’s Office of Foreign Assets Control has issued significant sanctions in response to the Russian Federation’s military invasion of Ukraine and its recognition of Ukraine’s separatist regions. Since Buckley’s last update on February 25 , there...
Special AlertsOFAC sanctions Hizballah financiers in Guinea
On March 4, the U.S. Treasury Department’s Office of Foreign Assets Control announced sanctions pursuant to Executive Order 13224, as amended, against two Hizballah-affiliated financial facilitators operating in Guinea. The action is intended to disrupt Hizballah’s business network in West Africa,...
InfoBytesFATF to strengthen beneficial ownership transparency
On March 4, the U.S. Treasury Department announced that the Financial Action Task Force (FATF) concluded its sixth plenary meeting , in which it, among other things, “agreed upon a revised standard to combat the misuse of anonymous shell companies and set the stage for its members and the broader...
InfoBytesSpecial Alert: Latest developments in OFAC sanctions against Russia
Beginning February 21, the U.S. Department of the Treasury’s Office of Foreign Assets Control has issued significant sanctions in response to the Russian Federation’s military invasion of Ukraine and its recognition of Ukraine’s separatist regions. Since Buckley’s last update on February 25 , there...
InfoBytesNYDFS will take expedited measures to enforce Russian sanctions
On March 2, New York Governor Kathy Hochul announced that NYDFS will increase its sanctions enforcement actions against Russia, including taking measures to expedite the procurement of blockchain analytics tools to detect exposure among regulated licensed virtual currency businesses to Russian...
InfoBytesOFAC, DOJ measures aim for stronger compliance with Russian sanctions
On March 2, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) and the DOJ announced new measures to strengthen compliance with Russia-related sanctions in response to the situation in Ukraine. OFAC observed that in the past few days, Russia has taken measures “to use exporters...
InfoBytesTreasury publishes risk assessments for money laundering, terrorist financing, and proliferation financing
On March 1, the U.S. Treasury Department published the 2022 National Risk Assessments on money laundering, terrorist financing, and proliferation financing, which highlight significant illicit finance threats, vulnerabilities, and risks facing the United States. The 2022 National Money Laundering...
InfoBytesOFAC targets Russian wealth, imposes sanctions on Putin and Lavrov
During February and March, as conflict continued to escalate in Ukraine, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) imposed significant new sanctions, including most recently designations targeting numerous Russian elites and their family members for continuing to...
InfoBytesOFAC sanctions ISIS facilitators
On March 1, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13224 against four Islamic State of Iraq and Syria (ISIS) and ISIS-Mozambique financial facilitators based in South Africa for allegedly supporting the transfer of...
InfoBytesOFAC sanctions Belarusians for supporting Russian invasion of Ukraine
On February 24, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions against 24 Belarusian individuals and entities due to Belarus’s support for, and facilitation of, Russia’s invasion of Ukraine. The sanctions focus on Belarus’s defense sector and financial...
InfoBytesOFAC issues Afghanistan general license and related FAQs
On February 25, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) issued Afghanistan General License (GL) 20, Authorizing Transactions Involving Afghanistan or Governing Institutions in Afghanistan , which authorizes, to the extent required, all transactions involving...
InfoBytesFed, NYDFS fine Pakistan bank over $50 million for AML deficiencies
On February 24, the Federal Reserve Board and NYDFS announced an enforcement action against a Pakistan-based bank for alleged anti-money laundering (AML) violations. According to the Fed’s consent order and NYDFS’s consent order , following examinations conducted by the Fed and NYDFS in 2014 and...
InfoBytesSpecial Alert: NYDFS guidance on cybersecurity and virtual currency responds to events in Ukraine
The New York Department of Financial Services last week issued guidance on its cybersecurity and virtual currency regulations in response to the Russian military actions in Ukraine and recently imposed sanctions. NYDFS specifically raised the specter of elevated cyber risk due to ongoing...
Special AlertsSpecial Alert: NYDFS guidance on cybersecurity and virtual currency responds to events in Ukraine
The New York Department of Financial Services last week issued guidance on its cybersecurity and virtual currency regulations in response to the Russian military actions in Ukraine and recently imposed sanctions. NYDFS specifically raised the specter of elevated cyber risk due to ongoing...
InfoBytesSpecial Alert: Russian invasion of Ukraine triggers significant sanctions (updated)
Over past few days, and following weeks of clear signals that sanctions would be imposed in response to military activity, the Biden administration issued significant new sanctions in response to the Russian Federation’s military invasion of Ukraine and its recognition of Ukraine’s separatist...
InfoBytesSpecial Alert: Russian invasion of Ukraine triggers significant sanctions (updated)
Over the past few days, and following weeks of clear signals that sanctions would be imposed in response to military activity, the Biden administration issued significant new sanctions in response to the Russian Federation’s military invasion of Ukraine and its recognition of Ukraine’s separatist...
Special AlertsOFAC sanctions network connected to Houthis in Yemen
On February 23, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order (E.O.) 13224 against members of an international network for funding the Houthis’ war against Yemen and threatening civilians and infrastructure in neighboring...
InfoBytesSpecial Alert: Russian invasion of Ukraine triggers significant sanctions
On February 21 and 22, following weeks of clear signals that sanctions would be imposed in response to military activity, the Biden administration issued significant new sanctions in response to the Russian Federation’s recognition of separatist regions of Ukraine and incursions of Russian troops...
InfoBytesSpecial Alert: Russian invasion of Ukraine triggers significant sanctions
On February 21 and 22, following weeks of clear signals that sanctions would be imposed in response to military activity, the Biden administration issued significant new sanctions in response to the Russian Federation’s recognition of separatist regions of Ukraine and incursions of Russian troops...
Special AlertsSEC announces $6.3 million FCPA settlement with largest South Korean telecommunications company
On February 17, the SEC announced that South Korea’s largest telecommunications company agreed to pay $6.3 million to settle the SEC’s claims that the company violated the books and records and internal accounting controls provisions of the FCPA. According to the SEC, the company “lacked sufficient...
InfoBytesOFAC sanctions additional Mexican national linked to narcotics trafficking
On February 17, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 14059 against a Mexican national for his role in facilitating various illicit activities in Puerto Vallarta, Jalisco, Mexico on behalf of the Cartel de Jalisco...
InfoBytesOFAC adds regulations on Chinese military companies and WMDs
On February 15, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced that it is adding regulations to implement a November 2020 Executive Order (E.O.), which is related to securities investments that finance Communist Chinese military companies, as amended by a June 2021...
InfoBytesFinCEN releases fact sheet on RRP
On February 14, FinCEN issued a fact sheet regarding its Rapid Response Program (RRP), which is “a collaborative partnership that leverages FinCEN’s relationships with law enforcement, U.S. financial institutions, and foreign financial intelligence units to help victims and their financial...
InfoBytesOFAC removes Burundi sanctions regulations
On February 10, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced a final rule to remove the Burundi Sanctions Regulations. According to OFAC, the action is being taken “because the national emergency on which part 554 was based was terminated by the President on...
InfoBytesE.O. blocks property of Afghan bank
On February 11, President Biden issued an Executive Order (E.O.) on Protecting Certain Property of Da Afghanistan Bank [DAB] for the Benefit of the People of Afghanistan . The E.O. generally blocks “[a]ll property and interests in property of DAB that are held, as of the date of this order, in the...
InfoBytesOFAC sanctions drug traffickers
On February 10, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 14059 against two individuals for materially contributing to the illicit activities of major Mexican cartels to traffic drugs into the U.S. According to OFAC, the...
InfoBytesTreasury releases study on illicit finance in the high-value art market
On February 4, the U.S. Treasury Department published a study examining the high-value art market’s money laundering and terrorist financing risks to the U.S. financial system. The study also identified efforts U.S. government agencies, regulators, and other market participants should explore to...
InfoBytesOFAC issues Ethiopia sanctions regulations and amendments for civil penalties
On February 8, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions regulations pursuant to Executive Order 14046 of September 17, 2021, “Imposing Sanctions on Certain Persons with Respect to the Humanitarian and Human Rights Crisis in Ethiopia.” According to...
InfoBytesFinCEN releases statement on NPRM for beneficial ownership
On February 8, FinCEN disclosed that the comment period from a December 2021 notice of proposed rulemaking (NPRM) related to the reporting of beneficial ownership information (the “Reporting NPRM”) received more than 230 public comments and is now closed. As previously covered by InfoBytes , in...
InfoBytesHouse passes America COMPETES Act
On February 4, the U.S. House passed , by a vote of 222-210, the “America Creating Opportunities for Manufacturing Pre-Eminence in Technology and Economic Strength (COMPETES) Act” H.R. 4521 , which aims to strengthen the competitiveness of the U.S. economy and U.S. businesses, and counters anti-...
InfoBytesTreasury says banks need to collaborate to combat corruption
On February 3, U.S. Treasury Department Assistant Secretary for Terrorist Financing and Financial Crimes Elizabeth Rosenberg spoke before the Union of Arab Banks Conference to discuss the importance of working with member institutions in the Middle East and Africa to fight corruption. While noting...
InfoBytesOFAC sanctions Indonesian NGO
On February 3, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13224 against a non-governmental organization established by an Indonesia-based designated terrorist group for the purpose of providing financial support to...
InfoBytesOFAC issues counter terrorism FAQs
On February 2, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) published seven new Counter Terrorism-related frequently asked questions (FAQs) . Among other things, the FAQs note that: (i) cash shipments to Afghanistan may be authorized under General Licenses (GL) 14 , GL 18...
InfoBytesFINRA fines securities firm $20,000 for AML violations
On January 20, the Financial Industry Regulatory Authority (FINRA) entered into a Letter of Acceptance, Waiver, and Consent (AWC), which requires a securities firm to pay a $20,000 fine for allegedly failing to: (i) establish and implement anti-money laundering (AML) policies and procedures...
InfoBytesOFAC sanctions officials and entities connected to Burmese military
On January 31, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 14014 against seven individuals and two entities connected to Burma’s military regime. The sanctions coincide with the one-year anniversary of the military coup d’...
InfoBytesAgencies issue Burma advisory
On January 26, OFAC, along with Departments of State, Commerce, Homeland Security, Labor, and the Office of the U.S. Trade Representative, published a business advisory titled Risks and Considerations for Businesses and Individuals with Exposure to Entities Responsible for Undermining Democratic...
InfoBytesOFAC amends Ukraine-related general licenses and publishes FAQs
On January 24, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) issued General License (GL) 13Q , “Authorizing Certain Transactions Necessary to Divest or Transfer Debt, Equity, or Other Holdings in GAZ Group,” which replaces and supersedes GL 13P. (Covered by InfoBytes here...
InfoBytesOFAC sanctions additional Hizballah financiers
On January 21, the U.S. Treasury Department’s Office of Foreign Assets Control announced sanctions pursuant to Executive Order 13224 against a Hizballah-affiliated financial facilitator, along with members of an international network of facilitators and companies connected to both the designated...
InfoBytesFinCEN proposes SAR pilot program
On January 24, FinCEN issued a Notice of Proposed Rulemaking (NPRM) to establish a limited-duration pilot program for financial institutions to share suspicious activity reports (SARs), pursuant to Section 6212 of the Anti-Money Laundering Act of 2020. The pilot program would allow financial...
InfoBytesOFAC issues amended Venezuela-related general license and FAQ and other notices
On January 20, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) issued Venezuela-related General License (GL) 5I , which supersedes GL 5H and authorizes certain transactions otherwise prohibited under Executive Orders 13835 and 13857 related to, or that provide financing for,...
InfoBytesOFAC amends Transnational Criminal Organizations Sanctions Regulations
On January 21, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) published a final rule in the Federal Register amending the Transnational Criminal Organizations Sanctions Regulations. The final rule reissues the regulations in their entirety to further implement Executive...
InfoBytesOFAC sanctions Russians engaged in Ukrainian destabilization activities
On January 20, the U.S. Treasury Department’s Office of Foreign Assets Control announced sanctions pursuant to Executive Order 14024 against four individuals engaged in Russian government-directed influence activities to destabilize Ukraine. OFAC stated that it will continue to take actions,...
InfoBytesOFAC sanctions Hizballah financiers in Lebanon
On January 18, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13224 against three Hizballah-linked financial facilitators and their Lebanon-based travel company. According to OFAC, “Hizballah’s widespread network of financial...
InfoBytesFinCEN explores possibility of creating regulatory sandboxes
On January 13, the acting Director of FinCEN Him Das spoke at the Financial Crimes Enforcement Conference to discuss the transformation of the anti-money laundering/counter-terrorist financing regulatory regime as it relates to new threats, new innovations, and new partnerships. Das highlighted...
InfoBytesOFAC sanctions North Koreans
On January 12, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13382 against five Democratic People’s Republic of Korea (DPRK) individuals based in Russia and China that OFAC designated as “responsible for procuring goods for...
InfoBytesOFAC reaches $5.2 million settlement with Hong Kong company for apparent Iranian sanctions violations
On January 11, the U.S. Treasury Department’s Office of Foreign Assets Control announced a $5.2 million settlement with a Hong Kong, China-based company for allegedly processing certain transactions related to goods of Iranian origin through U.S. financial institutions in violation of the Iranian...
InfoBytesFinCEN requests comments on renewal of the OMB control number
On January 11, FinCEN issued a notice in the Federal Register soliciting comments on the renewal of the Office of Management and Budget (OMB) control number assigned to the regulation requiring reports of transactions with foreign financial agencies (FFAs). According to the notice, the regulation...
InfoBytesOFAC sanctions Nicaraguan officials connected to Ortega-Murillo regime
On January 10, the U.S. Treasury Department’s Office of Foreign Assets Control announced sanctions pursuant to Executive Order 13851 against six Nicaraguan government officials. The sanctions, taken in conjunction with EU sanctions adopted the same date, relate to Nicaraguan President Daniel Ortega...
InfoBytesOFAC published FAQs on Belarus, Ukraine-/Russia-related, and Venezuela-related sanctions programs
On January 7, the U.S. Treasury Department’s Office of Foreign Assets Control published a new FAQ 956 regarding Belarus, Ukraine-/Russia-related, and Venezuela-related sanctions programs, which prohibit U.S. persons from dealing in certain new debts (such as bonds, loans, drafts, loan guarantees,...
InfoBytesOFAC issues additional Afghanistan general licenses and guidance to support humanitarian assistance
On December 22, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) issued three general licenses (GLs) to expand existing authorizations and further support humanitarian assistance in Afghanistan. The GLs authorize transactions and activities involving the Taliban or the Haqqani...
InfoBytesOFAC issues amended Weapons of Mass Destruction Trade Control Regulations
On December 23, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced amendments to the Weapons of Mass Destruction Trade Control Regulations . The amendments, among other things: (i) add Executive Order 13382, “Blocking Property of Weapons of Mass Destruction...
InfoBytesOFAC sanctions BiH official and entity
On January 5, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions , the first designations under Executive Order 14033, against an individual and one entity under that individual’s control in response to corrupt activities and ongoing threats to the stability...
InfoBytesOFAC settles with money services business for Cuba sanctions violations
On January 3, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced a $91,172 settlement against a registered money services business for allegedly processing payment transactions for guests traveling to Cuba "for reasons outside of OFAC’s authorized categories” and...
InfoBytesOFAC announces international terrorism sanctions
On December 22, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13224 against three members of a Brazil-based network of an international terrorist group and two connected entities for providing support to the terrorist group...
InfoBytesOFAC settles with bank for alleged NKSR and Foreign Narcotics Kingpin Sanctions Regulations violations
On December 23, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced a roughly $115,005 settlement of two cases with a Delaware-based bank for allegedly processing transactions in violation of the North Korea Sanctions Regulations (NKSR) and the Foreign Narcotics Kingpin...
InfoBytesFinCEN issues final rule replacing obsolete BSA civil penalty regulations
On December 23, the Financial Crimes Enforcement Network (FinCEN) published a final rule amending the Bank Secrecy Act civil penalty regulations concerning requirements for reporting foreign financial accounts and transactions with foreign financial agencies. Specifically, the final rule removes...
InfoBytesOFAC sanctions Chinese tech firms
On December 16, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) added eight Chinese companies to OFAC’s Non-SDN Chinese Military-Industrial Complex Companies sanctions list. The eight Chinese technology firms were identified by OFAC pursuant to E.O. 13959, as expanded by E.O...
InfoBytesOFAC sanctions Central African Republic leader
On December 17, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) added a leader of a Central African Republic based militia group to OFAC’s SDN sanctions list. According to OFAC, the militia group leader was identified pursuant to E.O. 13667 for serious human rights abuses...
InfoBytesU.S.-UK financial regulators discuss bilateral issues
On December 17, the U.S. Treasury Department issued a joint statement covering the recently held fifth meeting of the U.S.-UK Financial Regulatory Working Group (Working Group). Participants included officials and senior staff from both countries’ treasury departments, as well as regulatory...
InfoBytesFinCEN says wildlife trafficking threatens financial system integrity
On December 20, the Financial Crimes Enforcement Network (FinCEN) issued a Financial Threat Analysis concerning suspicious activity reports (SARs) related to wildlife trafficking trend information identified in Bank Secrecy Act (BSA) data. FinCEN identified wildlife trafficking as a major...
InfoBytesFinCEN, OCC take action against bank for AML violations
On December 16, FinCEN announced an $8 million civil money penalty against a Texas-based bank for violating the Bank Secrecy Act (BSA) and its implementing regulations from at least 2015 to 2019 by allegedly failing to implement and maintain an effective, reasonably designed anti-money laundering (...
InfoBytesBiden issues executive order expanding Treasury sanction authority; OFAC issues sanctions pursuant to the Kingpin Act
On December 15, President Biden issued an Executive Order (E.O.), “Imposing Sanctions on Foreign Persons Involved in the Global Illicit Drug Trade.” The E.O. was issued due to the threat of drug trafficking into the U.S of illicit drugs, which “is causing the deaths of tens of thousands of...
InfoBytesCounter ISIS Finance Group continues efforts to isolate ISIS from international financial system
On December 14, the U.S. Treasury Department announced the release of a joint statement by the Counter ISIS Finance Group (CIFG) of the Global Coalition to Defeat ISIS, which coordinates efforts to isolate the Islamic State of Iraq and Syria (ISIS) from the international financial system and...
InfoBytesOFAC issues counter terrorism general license and related FAQs for Afghanistan
On December 10, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) issued Counter Terrorism General License 16 – Authorizing Noncommercial, Personal Remittances to Afghanistan . Under GL 16, “all transactions involving the Taliban or the Haqqani Network, or any entity in which...
InfoBytesFinCEN seeks comments on updating AML/CFT regime
On December 14, the Financial Crimes Enforcement Network (FinCEN) issued a request for information (RFI) in the Federal Register seeking comments from regulated entities; state, local, and Tribal governments; law enforcement; regulators; and other consumers of Bank Secrecy Act (BSA) data, on ways...
InfoBytesOFAC announces human rights abuse sanctions
On December 10, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13818 against 15 individuals and 10 entities under the Global Magnitsky Human Rights Accountability Act. According to OFAC, the sanctioned individuals and entities...
InfoBytesOFAC sanctions corruption networks connected to transnational organized crime
On December 8, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions against 16 individuals and 24 entities across several countries in Europe and the Western Hemisphere under the Global Magnitsky Human Rights Accountability Act, which “targets perpetrators of...
InfoBytesBiden outlines anti-corruption strategy
On December 6, the Biden administration released the United States Strategy on Countering Corruption (Strategy) in response to President Biden’s June Memorandum on Establishing the Fight Against Corruption as a Core United States National Security Interest , which designated the “fight against...
InfoBytesOFAC sanctions persons linked to Democratic Republic of Congo
On December 6, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13818 against an individual and 12 associated entities in the Democratic Republic of the Congo and Gibraltar under the Global Magnitsky Human Rights Accountability...
InfoBytesFinCEN extends FBAR filing deadline for certain individuals
On December 9, the Financial Crimes Enforcement Network (FinCEN) issued Notice 2021-1 to further extend the time for certain Report of Foreign Bank and Financial Accounts (FBAR) filings in light of the agency’s March 2016 notice of proposed rulemaking, which proposed to revise the Bank Secrecy Act’...
InfoBytesOFAC and State Dept. announce additional corruption, human rights abuse sanctions
On December 9, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13818 targeting 15 individuals and entities connected to corruption and serious human rights abuse in several countries across Central America, Africa, and Europe...
InfoBytesFINRA fines financial firms $2.25 million for alleged improper storage of customer data
On December 6, the Financial Industry Regulatory Authority (FINRA) entered into a Letter of Acceptance, Waiver, and Consent (AWC), which requires two units of a national bank (respondents) to jointly and severally pay a $2.25 million fine for allegedly failing to store customer information in the...
InfoBytesOFAC reaches $133,860 settlement in Iranian sanctions matter
On December 8, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced a $133,860 settlement against an individual for allegedly facilitating four payments on behalf of an Iranian company using a personal bank account in the U.S., in violation of the Iranian Transactions...
InfoBytesFinCEN issues NPRM on beneficial ownership
On December 7, FinCEN issued a notice of proposed rulemaking (NPRM) implementing the beneficial ownership information reporting provisions of the Corporate Transparency Act (CTA). As previously covered by InfoBytes , the CTA is included within the Anti-Money Laundering Act of 2021, which was...
InfoBytesOFAC sanctions 15 international human rights abusers
On December 7, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13818 targeting fifteen actors across three countries under the Global Magnitsky Human Rights Accountability Act. According to OFAC, the sanctioned actors are...
InfoBytesFinCEN issues ANPRM to curb real estate-related illicit finance
On December 6, the Financial Crimes Enforcement Network (FinCEN) issued an advanced notice of proposed rulemaking (ANPRM) seeking comments on potential requirements under the Bank Secrecy Act (BSA) to address vulnerabilities in the U.S. real estate market to money laundering and other illicit...
InfoBytesOFAC sanctions Houthi military commander
On November 18, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13611 against a key military official connected to the seizure of property in Yemen, who used a variety of unlawful tactics including extortion. According to OFAC,...
InfoBytesOFAC amends Syrian Sanctions Regulations
On November 24, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced an amendment to the Syrian Sanctions Regulations, 31 CFR part 542, which expands an existing authorization related to certain activities of nongovernmental organizations (NGOs) in Syria. The final rule...
InfoBytesOFAC sanctions Iranians for attempting to influence 2020 U.S. presidential election
On November 18, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13848 against six Iranian individuals and one Iranian entity for allegedly attempting to influence the 2020 U.S. presidential election. According to OFAC, “state-...
InfoBytesOFAC extends Venezuela-related general license
On November 24, the U.S. Treasury Department’s Office of Foreign Assets Control issued Venezuela-related General License (GL) 8I, which extends the authorization of certain transactions that were in effect prior to July 26, 2019, involving Petróleos de Venezuela, S.A. that are necessary for the...
InfoBytesOFAC expands Belarusian human rights sanctions; restrict regime’s access to international capital markets
On December 2, OFAC impos[ed] restrictions on dealings in new issuances of Belarusian sovereign debt in the primary and secondary markets by issuing new Belarus-related Directive 1 under E.O. 14038, which “prohibits transactions in, provision of financing for, or other dealings by U.S. persons or...
InfoBytesFFIEC updates BSA/AML examination manual
On December 1, the Federal Financial Institutions Examinations Council (FFIEC) published updated versions of three sections and one new section of the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual (Manual), which provides examiners with instructions for assessing a bank or...
InfoBytesOFAC sanctions key ISIS-K financial facilitator
On November 22, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order (E.O.) 13224, as amended, against an individual it claims is acting as a financial facilitator for the Islamic State’s Khorasan Province (ISIS-K). According to OFAC...
InfoBytesBiden terminates Burundi sanctions
On November 18, President Biden signed Executive Order (E.O.) “Termination of Emergency With Respect to the Situation in Burundi” to terminate a 2015 emergency declared in E.O. 13712 and revoke the authorization of sanctions with respect to Burundi. ( See also OFAC’s announcement here .) According...
InfoBytesFinCEN issues environmental crimes notice
On November 18, the Financial Crimes Enforcement Network (FinCEN) issued a notice calling attention to the increase of environmental crimes and associated illicit financial activity. FinCEN emphasized that this trend is due to: (i) its strong association with corruption and transnational criminal...
InfoBytesFinCEN hosts exchange on environmental crimes and related financial activity
On November 16, the Financial Crimes Enforcement Network (FinCEN) held a virtual “FinCEN Exchange” with representatives from financial institutions, other key industry stakeholders, and federal government agencies to discuss identifying and combating illicit financial flows related to environmental...
InfoBytesOFAC sanctions nine Nicaraguan officials and one entity
On November 15, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13851 against nine officials of the Nicaraguan government and one entity for allegedly engaging in actions or policies that undermine democratic processes or...
InfoBytesOFAC designates entities and individuals, issues general license and related Ethiopian FAQs
On November 12, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order (E.O.) 14046 against four entities and two individuals associated with the military conflict and human rights crisis in Ethiopia. OFAC noted that the E.O., which...
InfoBytesFinCEN final rule updates reporting and recordkeeping requirements
On November 15, the Financial Crimes Enforcement Network (FinCEN) published a final rule in the Federal Register , which updates regulation 31 CFR 1010.370 to mirror statutory amendments to Section 5326 of the Bank Security Act (BSA). Specifically, Section 5326 has been amended three times (in 1992...
InfoBytesPresident Biden extends national emergency prohibiting securities investments in Chinese military companies
On November 9, President Biden issued a notice, extending for one year, the national emergency declared pursuant to Executive Order (E.O.) 13959, as expanded by E.O. 14032, involving securities investments related to Chinese military companies. As previously covered by InfoBytes , E.O. 14032...
InfoBytesOFAC issues Cambodia advisory; sanctions Cambodian officials
On November 10, OFAC published a Cambodia Business Advisory on High-Risk Investments and Interactions , which addresses two primary areas of risk exposure for U.S. companies: (i) illicit finance activities in Cambodia and related risks for certain sectors; and (ii) involvement with Cambodian...
InfoBytesUAE bank fined $100 million for Sudanese sanctions violations
On November 9, NYDFS announced that a United Arab Emirates bank will pay a $100 million penalty to resolve an investigation into payments it allegedly processed through financial institutions in the state, including one of the bank’s New York branches. These transactions, NYDFS stated, were in...
InfoBytesFinCEN hosts exchange on SAR reporting
On November 9, the Financial Crimes Enforcement Network (FinCEN) held a virtual “FinCEN Exchange” with members of the financial industry and law enforcement “to discuss FinCEN’s analysis of suspicious activity reporting (SAR) with a transactional nexus to Alabama, Florida, Georgia, Mississippi, and...
InfoBytesOFAC issues new Syria sanctions FAQ
On November 8, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) published new Syria FAQ 934 , which relates to the United Nations and the U.S. government's stabilization and early recovery-related activities and transactions involving Syria. According to OFAC, the Syrian...
InfoBytesTreasury and DOJ announce sanctions and charges in ransomware attacks, FinCEN updates ransomware guidance
On November 8, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13694 as amended against two ransomware operators and a virtual currency exchange network. According to OFAC, the virtual currency exchange, and its associated...
InfoBytesCalifornia AG takes action against casino for AML violations
On November 5, the California attorney general filed an administrative accusation with the California Gambling Control Commission against a California casino for violating the Bank Secrecy Act’s (BSA) anti-money laundering provisions. The action, which follows a federal investigation, alleges that...
InfoBytesFATF updates virtual assets and service provider guidance
On October 28, the Financial Action Task Force (FATF) updated pre-existing guidance on its risk-based approach to virtual assets (VAs) and virtual asset service providers (VASPs). The updated guidance revises guidance originally released in 2019. According to FATF standards, countries are required...
InfoBytesOFAC sanctions IRGC-connected entities
On October 29, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order (E.O.) 13224, as amended, as well as E.O. 13382, against members of a network of companies and individuals that supported Iran’s Islamic Revolutionary Guard Corps (...
InfoBytesOFAC sanctions Lebanese individuals
On October 28, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13441 against two Lebanese businessmen and a member of Parliament. According to OFAC, the sanctioned individuals contributed to the breakdown of good governance and...
InfoBytesFinCEN renews GTOs covering 12 metropolitan areas
On October 29, the Financial Crimes Enforcement Network (FinCEN) reissued the renewal of its Geographic Targeting Orders (GTOs). The GTOs require U.S. title insurance companies to identify the natural persons behind shell companies that pay “all cash” (i.e., the transaction does not involve...
InfoBytesFATF updates statements concerning jurisdictions with AML/CFT/CPF deficiencies
On October 26, the Financial Crimes Enforcement Network (FinCEN) announced updates to the Financial Action Task Force (FATF) statements concerning jurisdictions with strategic anti-money laundering, countering the financing of terrorism, and combating weapons of mass destruction proliferation...
InfoBytes2nd Circuit: Turkish bank not immune from sanctions
On October 22, the U.S. Court of Appeals for the Second Circuit upheld a district court’s ruling against a Turkish state-owned commercial bank (defendant) denying its bid for immunity based on its characterization of an “instrumentality” of a foreign service, which is not entitled to immunity from...
InfoBytesOFAC sanctions Libyan for human rights abuse
On October 26, the U.S. Treasury Department announced sanctions pursuant to Executive Order 13726 against a Libyan national who is allegedly responsible for serious human rights abuse against migrants in Libya. According to OFAC, the individual has been identified as the de facto manager of a...
InfoBytesFATF advances work on virtual assets, beneficial ownership transparency, and illicit finance risks
On October 22, the Financial Action Task Force (FATF) announced that it concluded its October plenary, which is the sixth session since the beginning of the Covid-19 pandemic. According to the announcement, utilizing a hybrid approach of both virtually and in-person participation, FATF “advanced...
InfoBytesEuropean banks resolve Mozambican bond offerings matter
On October 19, multiple agencies—the DOJ, SEC and UK’s FCA—announced a coordinated resolution with a European bank related to debt offerings for entities in Mozambique. (See here and here .) In total, fines to U.S. and U.K. authorities reached almost $475 million, and the institution also agreed to...
InfoBytesFinCEN grants limited relief to casinos
On October 19, the Financial Crimes Enforcement Network (FinCEN) issued a notice that grants limited exceptive relief to casinos from some customer identity verification requirements regarding online gaming. Casinos are not subject to Customer Identification Program (CIP) regulations, which results...
InfoBytesTreasury makes recommendations to enhance effectiveness of sanctions
On October 18, the U.S. Treasury Department released the results from a comprehensive economic and financial sanctions review and issued recommendations on preserving and enhancing sanctions’ effectiveness in supporting national security and U.S. interests going forward. The 2021 sanctions review...
InfoBytesAgencies announce new measures to combat ransomware
On October 15, the U.S. Treasury Department announced additional steps to help the virtual currency industry combat ransomware and prevent exploitation by illicit actors. The guidance builds upon recent “whole-of-government” actions focused on confronting “criminal networks and virtual currency...
InfoBytesDistrict Court: News reports cannot reverse dismissal of sanctions suit
On October 13, the U.S. District Court for the Southern District of New York denied a relator’s motion seeking indicative relief, ruling that post-ruling news reports were insufficient to reverse the dismissal of a qui tam suit accusing a UK-based bank and related entities (collectively, “...
InfoBytesFINRA advises firms to incorporate FinCEN’s AML/CFT priorities
On October 8, the Financial Industry Regulatory Authority (FINRA) encouraged member firms to consider ways to incorporate recently issued anti-money laundering and countering the financing of terrorism priorities (AML/CFT Priorities) into their risk-based compliance programs. As previously covered...
InfoBytesDOJ team to address cryptocurrency
On October 6, the DOJ announced the launch of the National Cryptocurrency Enforcement Team (NCET), which will focus on addressing “complex investigations and prosecutions of criminal misuses of cryptocurrency, particularly crimes committed by virtual currency exchanges, mixing and tumbling services...
InfoBytesOFAC sanctions Mexican nationals
On October 6, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to the Foreign Narcotics Kingpin Designation Act against four individuals who are allegedly senior members of a Mexican-based drug cartel, which is said to be responsible for...
InfoBytesEU and U.S. release statement on Joint Financial Regulatory Forum
On September 29 and 30, EU and U.S. participants, including officials from the Treasury Department, Federal Reserve Board, CFTC, FDIC, SEC, and OCC, participated in the U.S. – EU Joint Financial Regulatory Forum to continue their ongoing financial regulatory dialogue. Matters discussed focused on...
InfoBytesOFAC updates Iran, Venezuela FAQs
On September 30, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced the publication of a new Iran-related FAQ. FAQ 932 clarifies that “transactions ordinarily incident to travel to or from Iran by U.S. persons are within an exemption under the Iranian Transactions and...
InfoBytesOFAC sanctions individual and entity connected to international terrorism
On September 29, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions in coordinated efforts with the Government of Qatar, pursuant to Executive Order 13224, as amended, against seven individuals and one entity connected to a major Hizballah financial network...
InfoBytesOFAC reaches multiple settlements with companies that exported goods to Russia and Sudan
On September 27, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced a roughly $1.4 million settlement with a Texas-based supplier of goods and services for the oil and gas industries (a subsidiary of a Netherlands corporation) for allegedly approving contracts that...
InfoBytesSEC enters $19 million FCPA settlement with advertising company
On September 24, the SEC announced that a London-based advertising company agreed to pay over $19 million to settle the SEC’s claims that the company violated the anti-bribery, books and records, and internal accounting controls provisions of the FCPA and the Exchange Act. According to the SEC, the...
InfoBytesFinCEN seeks comments on antiquities trading
On September 23, the Financial Crimes Enforcement Network (FinCEN) issued an Advance Notice of Proposed Rulemaking (ANPRM) to solicit public comments on implementing Section 6110 of the Anti-Money Laundering Act of 2020 (Act) regarding the trade in antiquities. FinCEN noted that this is the first...
InfoBytesOFAC issues Afghanistan general licenses and related FAQs
On September 24, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) issued two general licenses (GL) to support the ongoing flow of humanitarian efforts and other activities that support basic human needs in Afghanistan. GL 14 , “Authorizing Humanitarian Activities in...
InfoBytesOFAC sanctions Mexican national
On September 22, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to the Foreign Narcotics Kingpin Designation Act against a Mexican-based cartel boss. OFAC noted that the designated individual allegedly oversaw a drug trafficking corridor and is...
InfoBytesTreasury takes robust measures against ransomware
On September 21, the U.S. Treasury Department announced recent actions that are focused on confronting “criminal networks and virtual currency exchanges responsible for laundering ransoms, encouraging improved cyber security across the private sector, and increasing incident and ransomware payment...
InfoBytesPresident Biden issues executive order addressing crisis in Ethiopia
On September 17, President Biden signed a new Executive Order (E.O.), Imposing Sanctions on Certain Persons with Respect to the Humanitarian and Human Rights Crisis in Ethiopia , that declares a national emergency with respect to the humanitarian and human rights crisis in northern Ethiopia. The E...
InfoBytesFinCEN releases notice regarding online child sexual exploitation crimes
On September 16, FinCEN issued a notice regarding an increase in online child sexual exploitation (OCSE) and provided financial institutions with specific suspicious activity report (SAR) filing instructions, noting some financial trends related to OCSE. According to FinCEN, there was a “147...
InfoBytesOFAC sanctions entities connected to international terrorism
On September 17, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13224 against members of Lebanon- and Kuwait-based financial conduits that fund Hizballah. In addition, OFAC designated members of an international network of...
InfoBytesOFAC sanctions individuals in Turkey
On September 16, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13224, as amended, against five individuals for allegedly providing “a range of financial and travel facilitation services” for a terrorist organization in Turkey...
InfoBytesOFAC sanctions Columbian drug trafficker
On September 16, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to the Foreign Narcotics Kingpin Designation Act against a leader of a Columbia-based international drug trafficking organization. OFAC noted that the designated individual “...
InfoBytesOFAC issues amended Venezuela-related general license and FAQ
On September 10, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) issued Venezuela General License (GL) 5H, which supersedes GL 5G and authorizes certain transactions otherwise prohibited under Executive Orders 13835 and 13857 related to, or that provide financing for,...
InfoBytesOFAC reaches settlement with Texas technology company
On September 9, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced a roughly $190,000 settlement with a Texas-based company for allegedly knowingly exporting goods, technology, and services in violation of the Iranian Transactions and Sanctions Regulations. According...
InfoBytesOFAC sanctions Iranian officials in plot to kidnap American citizen in the U.S.
On September 3, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13553 against four Iranian intelligence operatives who allegedly targeted a U.S. citizen and Iranian dissidents in a wide-ranging campaign to silence critics of the...
InfoBytesFinCEN to host workshop on privacy enhancing digital identity
On August 31, the Financial Crimes Enforcement Network (FinCEN) announced it will host a special Innovations Hours Program on October 14, “focusing on the important role of digital identity to enhance financial services inclusion while supporting efforts to counter illicit activity that undermine...
InfoBytesOFAC issues technical notice for website and sanctions list users
On August 27, the U.S. Treasury Department’s Office of Foreign Assets (OFAC) issued a technical notice for website and sanctions list data file users. The notice provides users information on measures for ensuring application configurations are updated pending the release of a replacement public...
InfoBytesOFAC settles with Romanian bank for Iranian and Syrian sanctions violations
On August 27, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced a $862,318 settlement with a Romania-based bank and its U.S. parent company to resolve 98 apparent violations of OFAC’s Iran and Syria sanctions programs. According to OFAC’s web notice , the bank...
InfoBytesOFAC reaches $2.3 million settlement with Chinese bank
On August 26, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced a roughly $2.3 million settlement with a UK subsidiary of a Chinese financial institution for allegedly processing transactions in violation of the Sudanese Sanctions Regulations, “which prohibited the...
InfoBytesFormer officials agree SEC usurped FinCEN’s BSA enforcement authority
On August 20, former FinCEN officials filed an amicus brief in support of a petition for certiorari filed by penny stock broker-dealer (petitioner) against the SEC claiming the agency usurped FinCEN’s Bank Secrecy Act (BSA) enforcement authority. The petition seeks to reverse a U.S. Court of...
InfoBytesOFAC issues Iran general license and related FAQs
On August 24, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) issued Iran General License (GL) M-1 , “Authorizing the Exportation of Certain Graduate Level Educational Services and Software,” which authorizes accredited graduate and undergraduate degree-granting academic...
InfoBytesOFAC sanctions Paraguayan official
On August 24, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13818 against three Paraguayan individuals and five entities under the Global Magnitsky Human Rights Accountability Act. According to OFAC, the designations highlight...
InfoBytesOFAC sanctions Eritrean official
On August 23, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13818 against an Eritrean individual under the Global Magnitsky Human Rights Accountability Act. According to OFAC, the sanctioned individual is the leader or...
InfoBytesPresident Biden issues executive order blocking certain Russian pipelines
On August 20, President Biden signed Executive Order (E.O.) Blocking Property with Respect to Certain Russian Energy Expert Pipelines to take additional steps with respect to the national emergency declared in E.O. 14024 (covered by InfoBytes here ) related to specific harmful foreign activities by...
InfoBytesOFAC sanctions Russian officials
On August 20, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) and the Department of State joined the United Kingdom in announcing sanctions pursuant to Executive Order 13382 against nine Russian individuals and two Russian entities in connection with poisoning or Russia’s...
InfoBytesOFAC sanctions Cuban officials
On August 20, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13818 against three Cuban individuals under the Global Magnitsky Human Rights Accountability Act. According to OFAC, this is the fourth round of sanctions since...
InfoBytesFinCEN’s interactive SAR stats include 2020 data
On August 19, FinCEN announced that its Interactive SAR Stats webpage now includes Filing Trend Data by industry updated through December 31, 2020. As previously covered by InfoBytes , SAR Stats—formerly called By the Numbers—is an annual compilation of numerical data gathered from the Suspicious...
InfoBytesOFAC sanctions international oil smuggling network
On August 13, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13224 against several individuals and businesses allegedly involved in an international oil smuggling network supporting Iran’s Islamic Revolutionary Guard Corps-Qods...
InfoBytesOFAC sanctions Cuban officials
On August 13, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13818 against two Cuban individuals and one Cuban entity under the Global Magnitsky Human Rights Accountability Act. According to OFAC, this is the third round of...
InfoBytesTreasury issues Cuba joint fact sheet
On August 11, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) and Department of Commerce’s Bureau of Industry and Security (BIS) released a fact sheet to emphasize the U.S. government’s commitment to promoting the ability of the Cuban people “to seek, receive, and...
InfoBytesFinCEN hosts second ransomware exchange
On August 10, the Financial Crimes Enforcement Network (FinCEN) held a virtual “FinCEN Exchange” with representatives from financial institutions, other key industry stakeholders, and federal government agencies to discuss continuing concerns regarding ransomware. As previously covered by InfoBytes...
InfoBytesBiden’s executive order addresses Belarus
On August 9, President Biden issued an Executive Order (E.O.) on “Blocking Property of Additional Persons Contributing to the Situation in Belarus.” According to the E.O., expanding the scope will address the national emergency declared in E.O. 13405, “finding that the Belarusian regime’s harmful...
InfoBytesBenjamin W. Hutten quoted in American Banker article, "Will AML rules be extended to crypto?”
In the American Banker article, “Will AML rules be extended to crypto?” Ben Hutten noted that "Congress has viewed cryptocurrency as a gap in the protection of the U.S. financial system from illicit funds. The nature of illicit finance is that when one area becomes more heavily regulated, illicit...
In The NewsOFAC sanctions Cuban officials
On July 30, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13818 against two Cuban individuals and one Cuban entity under the Global Magnitsky Human Rights Accountability Act. According to OFAC, the sanctions expand on Treasury...
InfoBytesOFAC sanctions Syrian officials and entities
On July 28, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Orders 13894 and 13572 against eight Syrian prisons run by the Assad regime’s intelligence apparatus, as well as five senior security officials of regime entities that...
InfoBytesOFAC sanctions al-Qa’ida-linked financial facilitators
On July 28, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13224 against one Turkey-based al-Qa’ida financial facilitator for providing material assistance to al-Qa’ida and one Syria-based terrorist fundraiser and recruiter for...
InfoBytesBenjamin W. Hutten quoted in ACAMS article, “FinCEN’s ‘no-action letters’ face hurdles"
Benjamin W. Hutten was quoted in the ACAMS article, “FinCEN’s ‘no-action letters’ face hurdles,” which discussed how limited resources and bureaucracy could delay the Financial Crimes Enforcement Network’s development of a new regulatory-relief program. Institutions can seek the agency’s...
In The NewsOFAC reaches $1.4 million settlement with money transmitter
On July 23, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced a $1.4 million settlement with a New York-based online money transmitter for 2,260 apparent violations of multiple sanctions programs. According to OFAC’s web notice , between February 4, 2013 and February...
InfoBytesOFAC sanctions Cuban officials
On July 22, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13818 against one Cuban individual and one Cuban entity under the Global Magnitsky Human Rights Accountability Act. According to OFAC, the sanctioned parties are...
InfoBytesTreasury commends UK’s anti-corruption sanctions efforts
On July 22, Treasury Secretary Janet L. Yellen and Secretary Antony J. Blinken issued a joint statement commending the UK’s decision to impose additional anti-corruption sanctions under its Global Anti-Corruption Sanctions (GACS) regime. Specifically, the secretaries applauded actions taken by the...
InfoBytesOFAC reaches multiple settlements with companies that conspired to export equipment to Iran
On July 19, OFAC announced a $415,695 settlement with the United Arab Emirates (UAE)-based head regional office of a Sweden-based equipment company for apparent violations of the Iranian Transactions and Sanctions Regulations (ITSR). According to OFAC’s website notice , between 2015 and 2016, the...
InfoBytesOFAC amends Venezuela-related general license
On July 20, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) issued Venezuela-related General License (GL) 5G , “Authorizing Certain Transactions Related to the Petróleos de Venezuela, S.A. 2020 8.5 Percent Bond on or After October 21, 2021,” which replaces and supersedes GL...
InfoBytesFed, OCC report on health of MDIs
Recently, the Federal Reserve Board and the OCC issued reports pursuant to Section 367 of the Dodd-Frank Act generally detailing the health of Minority Depository Institutions (MDIs) and the agencies’ efforts taken to assist MDIs as the Covid-19 pandemic disproportionately affected low- and...
InfoBytesOFAC issues advisory for China and Hong Kong
On July 16, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC), along with the Departments of State, Treasury, Commerce, and Homeland Security, issued an advisory on the risks associated with actions carried out by the Government of the People’s Republic of China and the...
InfoBytesFinCEN announces second exchange on ransomware
On July 15, the Financial Crimes Enforcement Network (FinCEN) announced it will host a “FinCEN Exchange” in August with representatives from financial institutions, other key industry stakeholders, and federal government agencies to discuss continuing concerns regarding ransomware. According to...
InfoBytesOFAC issues advisory for China’s Xinjiang region
On July 13, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC), along with the Departments of State, Commerce, Homeland Security, and Labor, as well as the Office of the U.S. Trade Representative, issued an updated advisory on the risks for businesses with possible exposure in...
InfoBytesOFAC issues new general license and related FAQs involving Venezuela
On July 12, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) issued General License (GL) 40 , “Authorizing Certain Transactions Involving the Exportation or Reexportation of Liquefied Petroleum Gas to Venezuela.” GL 40 permits transactions and activities otherwise prohibited...
InfoBytesOFAC sanctions officials and family connected to Burmese military
On July 2, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 14014 against 22 individuals connected to Burma’s military regime. The designations include seven key military members, along with 15 individuals identified as either...
InfoBytesOFAC removes sanctions on International Criminal Court
On July 2, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) issued a final rule removing the International Criminal Court-Related Sanctions Regulations from the Code of Federal Regulations. The final rule is issued pursuant to Executive Order (E.O.) 14022 , which was published...
InfoBytesFATF updates statements concerning jurisdictions with AML/CFT/CPF deficiencies
On July 1, the Financial Crimes Enforcement Network (FinCEN) announced updates to the Financial Action Task Force (FATF) statements concerning jurisdictions with strategic anti-money laundering, countering the financing of terrorism, and combating weapons of mass destruction proliferation financing...
InfoBytesFinCEN plans to undertake future no-action letter rulemaking
On June 30, the Financial Crimes Enforcement Network (FinCEN) announced the completion of a report on whether to establish a process for issuing no-action letters in response to inquiries concerning the application of the Bank Secrecy Act (BSA) and other anti-money laundering and countering the...
InfoBytesFinCEN issues first government-wide AML/CFT priorities
On June 30, the Financial Crimes Enforcement Network (FinCEN) issued the first government-wide priorities for anti-money laundering and countering the financing of terrorism (AML/CFT) policy (AML/CFT Priorities) pursuant to the Anti-Money Laundering Act of 2020 (AML Act). The AML/CFT Priorities...
InfoBytesDaniel R. Alonso quoted in Forbes article, “How a Trump organization indictment could play out in court”
The Forbes article, “How a Trump organization indictment could play out in court,” discussed criminal indictments against the Trump Organization and its chief financial officer, Allen Weisselberg and what it means if a corporation is indicted. Alonso noted, “Criminal cases against companies...
In The NewsGlobal engineering company subsidiary agrees to $43 million FCPA settlement
On June 25, the DOJ entered into a deferred prosecution agreement (DPA) with the subsidiary of a UK-based global engineering company, in which the subsidiary agreed to pay a fine of approximately $18.3 million related to a conspiracy to violate the FCPA’s anti-bribery provisions. Together with...
InfoBytesFATF advances work on proliferation finance, virtual assets
On June 25, the U.S. Treasury Department announced that the Financial Action Task Force (FATF) concluded its fourth plenary meeting , in which it “advanced its core work on virtual assets, proliferation finance, digital transformation, and peer member assessments.” Among other things, FATF...
InfoBytesOFAC sanctions persons connected to human rights abuses
On June 21, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13405 against 16 individuals and five entities for allegedly facilitating and perpetrating “the Lukashenka regime’s continued assault against peaceful protesters,...
InfoBytesFFIEC updates BSA/AML examination manual
On June 21, the Federal Financial Institutions Examinations Council (FFIEC) published updated versions of four sections of the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual (Manual), which provides examiners with instructions for assessing a bank or credit union’s BSA/AML...
InfoBytesFinCEN recognizes law enforcement agencies for use of BSA data
On June 24, the Financial Crimes Enforcement Network (FinCEN) honored the recipients of its 2021 Law Enforcement Awards Program, which recognizes agencies that use Bank Secrecy Act (BSA) data provided by financial institutions to successfully pursue and prosecute criminal investigations. The awards...
InfoBytesDaniel R. Alonso quoted in The Guardian article, “New York grand jury stores up trouble for Trump Organization executives”
Daniel R. Alonso was quoted in The Guardian article, “New York grand jury stores up trouble for Trump Organization executives,” which discussed the report from the New York Times that the Manhattan district attorney’s office might be nearing the final stages of their criminal tax inquiry into the...
In The NewsOFAC issues Covid-19 related general license and FAQs
On June 17, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) issued three general licenses, Iran GL N , Syria GL 21 , and Venezuela GL 39 , (referred to as the “COVID-19-related GLs”) to expand upon Treasury’s existing authorizations for Covid-19-related transactions and...
InfoBytesDaniel R. Alonso featured on MSNBC’s The Last Word
Daniel R. Alonso appeared on MSNBC’s The Last Word and discussed the Manhattan DA’s news from the New York Times that Manhattan criminal investigation of former president Donald Trump, which could lead to charges against his Chief Financial Officer, Allen Weisselberg, as soon as this summer. Alonso...
In The NewsOFAC sanctions network connected to Iran, Houthis in Yemen
On June 10, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13224 against members of a smuggling organization that allegedly contributes to funding Iran’s Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF) and the Houthis in...
InfoBytesMSB out from under deferred prosecution agreement
On June 10, the U.S. District Court for the Middle District of Pennsylvania granted the DOJ’s unopposed motion to dismiss anti-money laundering charges brought against a money services business, ending an extended deferred prosecution agreement (DPA) related to deficiencies in the company’s anti-...
InfoBytesOFAC sanctions individuals connected to Ortega regime
On June 9, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13851 against four individuals connected to the Ortega regime. According to the announcements, the Ortega regime has undermined democracy, abused civilians’ human rights...
InfoBytesPresident Biden issues executive order blocking U.S. entry by some persons connected to the Western Balkans
On June 8, President Biden issued an Executive Order (E.O.) on “Blocking Property And Suspending Entry Into The United States Of Certain Persons Contributing To The Destabilizing Situation In The Western Balkans.” According to the E.O., expanding the scope will address the national emergency...
InfoBytesPresident Biden issues executive order prohibiting securities investments in Chinese military companies
On June 3, President Biden issued Executive Order (E.O.) 14032, “Addressing the Threat from Securities Investments that Finance Communist Chinese Military Companies.” The E.O. takes additional steps pursuant to the national emergency declared pursuant to E.O. 13959 (covered by Infobytes here ),...
InfoBytesDaniel R. Alonso quoted in ABC News article, "Manhattan DA brought Trump Organization controller to testify before special grand jury: Sources”
ABC News reported in the article, “Manhattan DA brought Trump Organization controller to testify before special grand jury: Sources,” that Jeff McConney, senior vice president and controller for the Trump Organization, is among a number of witnesses that have appeared before the special grand jury...
In The NewsBiden national security memo takes on corruption
On June 3, President Biden issued a memo designating the “fight against corruption” as a top priority in preserving national security in the United States. The memo notes, among other things, that corruption not only corrodes public trust and development efforts, it also decreases global gross...
InfoBytesOFAC sanctions Bulgarian individuals and their networks
On June 2, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13818 against three individuals for their extensive roles in corruption in Bulgaria and their networks, which encompasses 64 entities. According to the announcement,...
InfoBytesOFAC amends Venezuela-related general license
On June 1, the U.S. Treasury Department’s Office of Foreign Assets Control issued Venezuela-related General License (GL) 8H, which authorizes transactions involving Petróleos de Venezuela, S.A. (PdVSA) necessary for the limited maintenance of essential operations in Venezuela or the wind down of...
InfoBytesOFAC publishes Burma Sanctions Regulations
On May 28, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) issued the Burma Sanctions Regulations to implement Executive Order (E.O.) 14014, “Blocking Property with Respect to the Situation in Burma.” As previously covered by InfoBytes , President Biden issued E.O. 14014 in...
InfoBytesSwiss bank to pay $79 million to settle money laundering charges
On May 27, the DOJ announced it had entered into a three-year deferred prosecution agreement with a Swiss bank charged with conspiring to commit money laundering, in which the bank agreed to pay more than $79 million after admitting that it “conspired to launder over $36 million in bribes through...
InfoBytesOFAC updates FAQs on sanctioned Chinese military companies
On May 27, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) removed FAQ 880 from its website and published a new FAQ 896 pursuant to Executive Order (E.O.) 13959 , “Addressing the Threat From Securities Investments That Finance Communist Chinese Military Companies.” FAQ 880...
InfoBytesCounter ISIS Finance Group seeks to isolate ISIS from the international financial system
On May 26, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced the release of a joint statement by the Counter ISIS Finance Group (CIFG) of the Global Coalition to Defeat ISIS, which coordinates efforts to isolate the Islamic State of Iraq and Syria (ISIS) from the...
InfoBytesFinCEN to host workshop on privacy enhancing technologies
On May 26, the Financial Crimes Enforcement Network (FinCEN) announced it will host a special Innovations Hours Program in September “focusing on the important role of privacy-preserving principles in developing technical solutions that enhance financial services innovation while countering illicit...
InfoBytesU.S.-UK financial regulators discuss bilateral issues
On May 24, the U.S. Treasury Department issued a joint statement covering the recently held fourth meeting of the U.S.-UK Financial Regulatory Working Group (Working Group). Participants included officials and senior staff from both countries’ treasury departments, as well as regulatory agencies...
InfoBytesOFAC sanctions Houthi military official
On May 21, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13611 against a key senior military official connected to the Ansarallah, sometimes referred to as the Houthis, for allegedly arranging attacks impacting Yemeni...
InfoBytesOFAC authorizes certain PEESA transactions and activities
On May 21, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) issued Protecting Europe’s Energy Security Act of 2019 (PEESA) General License (GL) 1 , which authorizes certain activities otherwise prohibited involving the Federal State Budgetary Institution Marine Rescue Service...
InfoBytesOFAC amends Terrorism List Governments Sanctions Regulations
On May 19, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) issued a final rule to amend the Terrorism List Governments Sanctions Regulations to implement changes resulting from the Secretary of State’s December 14, 2020 rescission of the designation of Sudan as a State...
InfoBytesOFAC amends security investment-related general license
On May 18, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) issued General License (GL) 1B , “Authorizing Transactions Involving Securities of Certain Communist Chinese Military Companies.” GL 1B authorizes through June 11 (9:30 a.m. eastern daylight time) certain transactions...
InfoBytesOFAC sanctions ISIS financial facilitators in Syria and Turkey
On May 17, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13224 against three individuals and one entity connected to the Islamic State of Iraq and Syria (ISIS) for allegedly helping ISIS access the financial system in the...
InfoBytesOFAC sanctions Burmese governing body and numerous individuals
On May 17, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 14014 against 16 individuals connected to Burma’s military regime and one entity, the State Administration Council (SAC), which is the official name of the military...
InfoBytesDaniel R. Alonso quoted in Washington Post article, “Seven questions about New York’s investigations of Trump”
In the Washington Post article, “Seven questions about New York’s investigations of Trump,” Daniel R. Alonso discussed if the New York Attorney General Letitia James can use the evidence she gathered in her civil investigation, if she pursues a criminal case? Alonso noted “Using civil evidence in...
In The NewsDaniel R. Alonso quoted in NBC News article, “'Not a positive development': What the new criminal probe could mean for the Trump Organization”
Daniel R. Alonso noted in the NBC News article “'Not a positive development': What the new criminal probe could mean for the Trump Organization” that the New York attorney general's decision to team up with Manhattan district attorney is “not unusual,” but it isn't typical either. "In a case like...
In The NewsOFAC amends narcotics trafficking and kingpin-related sanctions regulations
On May 14, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) issued a final rule to amend the Narcotics Trafficking Sanctions Regulations (NTSR) and Foreign Narcotics Kingpin Sanctions Regulations (FNKSR). The amendments relate to “general licenses for payments for legal...
InfoBytesBroker-dealer settles with SEC for failing to file SARs
On May 12, the SEC announced a settlement with a broker-dealer for allegedly violating the Securities and Exchange Act by failing to consistently implement its anti-money laundering (AML) program and file Suspicious Activity Reports (SARs) despite knowing individuals were attempting to gain...
InfoBytesOFAC sanctions Mexican cartel members and facilitator
On May 12, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to the Foreign Narcotics Kingpin Designation Act against a commander and his organization responsible for facilitating drug trafficking between Mexico and the U.S. OFAC also designated six...
InfoBytesOFAC sanctions Mexican cartel members and facilitator
On May 12, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to the Foreign Narcotics Kingpin Designation Act against a commander and his organization responsible for facilitating drug trafficking between Mexico and the U.S. OFAC also designated six...
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