Société Générale will pay $1.3 billion to settle allegations of breaching U.S. sanctions. But banks aren’t the only organisations that face elevated compliance risk. Check out our blog on the high cost of sanctions violations.
Paypal‘s inadequate screening processes result in a £5 Million settlement with OFAC for multiple violations of various US sanctions programs
A bill on post-Brexit sanctions policy is expected soon, but the uncertainty surrounding what may happen in the future means that organisations with a global footprint will have to maintain a close eye on changes in sanctions. How should companies monitor for changes across a wider number of sanctions and watch lists?
OFAC has designated 2 people and 6 entities for supporting Iran’s ballistic missile programme and the designated Iranian airline Mahan Air:
9 March 2016 - Posted by Jeremy Shayler in Anti-Bribery And Corruption, Anti-Money Laundering, Sanctions
The complicated nature of sanctions regimes, the variety of international bodies governing them, and the dynamic nature of the landscape means that without sufficient investment, expertise, and resources, an organisation is at risk of potentially ruinous civil and criminal liabilities. Those engaged in international business must stay up to date with sanctions development.
The House of Commons EU Scrutiny Committee asked the Europe Minister to comment on the EU's decision to lift its Belarus sanctions against 170 people and 3 entities on 15 February 2016
22 January 2016 - Posted by Sam Hemmant in Anti-Bribery And Corruption, Anti-Money Laundering, Sanctions
While there are no regulations that govern how a company should interact with its customers, there is a growing international focus on these relationships because of heightened awareness over the impact of sanctions regimes, anti-money laundering legislation and measures to tackle corruption.
21 January 2016 - Posted by in Anti-Bribery And Corruption, Sanctions
The historic nuclear deal with Iran spells a sizeable opportunity for international business, yet does little to simplify the international and internal complexities of doing business in the world’s most intricately sanctions-affected market.
The EU and US have lifted nuclear related sanctions on Iran in accordance with the JCPOA.