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, 2021In a set of FAQs, OFAC has clarified that Executive Order 13959 also applies to subsidiaries, derivatives, ETFs, index funds and mutual funds.
January 3, 2021Cylynx provides an AI-based automated blockchain monitoring platform that helps cryptocurrency exchanges comply with incoming AML/CTF requirements.
December 15, 2020The 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, 2020A 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, 2020International financial institutions conducting 'significant transactions' with the ten sanctioned individuals could face secondary sanctions.
October 16, 2020FIs 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, 2020OFAC makes clear in a new advisory that it may impose civil penalties if ransomware payments are made to sanctioned individuals or entities.
October 4, 2020Sanctions 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, 2020OFAC alleges that Chinese state-owned company Union Development Group seized land from locals for development through a corrupt Cambodian general.
September 21, 2020