All posts tagged "OFAC"
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147AML / KYCFinancial Crime 2021: Digital ID, Due Diligence, Sanctions
Last year’s financial crime landscape forced many FIs to rapidly adapt to evolving threats. In the year ahead, a continued focus on risk mitigation is prudent.
January 21, 2021 -
244AML / KYCOFAC Extends Chinese Military Company Ban to Subsidiaries
In a set of FAQs, OFAC has clarified that Executive Order 13959 also applies to subsidiaries, derivatives, ETFs, index funds and mutual funds.
January 3, 2021 -
Press Release
Cylynx Named ‘One to Watch’ in Blockchain Transaction Monitoring
Cylynx provides an AI-based automated blockchain monitoring platform that helps cryptocurrency exchanges comply with incoming AML/CTF requirements.
December 15, 2020 -
870AML / KYCThe Increasing Reliance on Data for Sanctioned Securities Screening
The onus often falls on FIs to uncover any links between sanctioned entities and potentially related securities, which can involve a significant data challenge.
December 3, 2020 -
672AML / KYC
OFAC Settles Iran Sanctions Case with Berkshire Hathaway
A Berkshire subsidiary knowingly exported cutting tools and related inserts to Turkish distributors to then be shipped to a distributor in Iran for resale to Iranian end-users.
October 21, 2020 -
1.3KAML / KYCHKAA Sanctions Mark Formal Warning to Global Banks
International financial institutions conducting 'significant transactions' with the ten sanctioned individuals could face secondary sanctions.
October 16, 2020 -
831AML / KYCUS Imposes Sanctions Against 18 Iranian Banks
FIs transacting with the sanctioned banks after a 45-day wind-down period may expose themselves to secondary sanctions or be subject to an enforcement action, Treasury said.
October 12, 2020 -
2.0KAML / KYC
Ransomware Payments May Breach OFAC Regulations
OFAC makes clear in a new advisory that it may impose civil penalties if ransomware payments are made to sanctioned individuals or entities.
October 4, 2020 -
1.3KAML / KYC
Gaming Out Sanctions Risk
Sanctions specialist Eric Sohn explains how wargaming exercises can be used as a risk management tool to game out threats and enhance strategic planning.
September 27, 2020 -
938AML / KYC
Cambodia, China Reject US Sanctions Against Chinese SOE
OFAC alleges that Chinese state-owned company Union Development Group seized land from locals for development through a corrupt Cambodian general.
September 21, 2020
