Sanctions Center’s Post

📣 Notice of OFAC Sanctions Actions On June 18, 2024, the U.S. Treasury's Office of Foreign Assets Control (OFAC) updated its Specially Designated Nationals and Blocked Persons (SDN) List. The update blocks property and prohibits U.S. transactions with several individuals and entities involved in destabilizing activities in the Western Balkans. Designated individuals include Djordje Djuric and Milenko Cicic, linked to Igor Dodik. Key affected entities are Infinity Media d.o.o. and Prointer ITSS d.o.o. These measures aim to restrict financial and operational support for destabilizing actions. Original source 👉: https://lnkd.in/g2s5deKe #USsanctions #sanctionsupdate #sanctionscompliance #OFAC #GlobalSanctions #BlockedPersons #SDNList

US Treasury's Office of Foreign Assets Control (OFAC) settles with daVinci payments for $206,213 after apparent violations of various sanctions programs. 💳 Prepaid card program provider. 12,391 apparent OFAC violations on Crimea (Ukraine/Russia), Iran, Syria, and Cuba sanctions programs in the form of digital prepaid card redemptions worth $549,134.89. 🚫 During a compliance review, daVinci detected that in over 12,000 occasions, it had redeemed prepaid cards to users with IP addresses associated with the aforementioned sanctioned jurisdictions. Also, after starting to prevent access from such IP addresses in sanctioned jurisdictions, the company identified other fewer occasions in which they redeemed prepaid cards to recipients who used email addresses with suffixes (e.g., ".sy" as in Syria, ".ir" as is Iran), associated with sanctioned countries, and who were apparently residents there. OFAC states that this "absence of comprehensive geolocation controls" is what led daVinci to the violations. Settlement amount was determined taking into account that daVinci self-disclosed the violations and that their conduct was deemed non-egregious. ✅ OFAC finalizes with important considerations such as encouraging a "holistic information-gathering system that can mitigate evasion or misrepresentation", and "the importance of obtaining and using all available information to verify a customer’s identity or residency, including by using location-related data". IMO, the key takeaway is thinking outside the box when it comes to sanctions preventive/detecting controls. Put yourself for a sec on the violator's shoes, and think: "what can I do to surpass their controls?". Then, apply the relevant scenarios to your OFAC controls. Every little detail matters. 🔍 #OFAC #Sanctions #AML #Controls #Fintech 

📣 OFAC Resolves $1,207,830 Settlement with CoinList Markets LLC Over Alleged Breaches of Ukraine-/Russia-Related Sanctions Regulations 🤝🏻💵 On December 13, 2023, the Office of Foreign Assets Control (OFAC) reached a settlement with CoinList Markets LLC, a virtual currency exchange based in San Francisco, for $1,207,830. 📝 The settlement addresses 989 transactions processed by CoinList Markets on behalf of users in Crimea between April 2020 and May 2022, violating OFAC's Russia/Ukraine sanctions. CoinList Markets failed to flag accounts with Crimea residents, resulting in apparent violations. ✔️ The settlement reflects OFAC's determination that the violations were not voluntarily disclosed. CoinList Markets implemented remedial measures, and part of the settlement amount is suspended pending compliance commitments. Original source 👉: https://lnkd.in/dHaw4BgU #USsanctions #sanctionsupdate #compliance #regulations #sanctionscompliance #OFAC #Russiasanctions #settlement

OFAC has removed Sberbank (Switzerland) AG from its Russia sanctions list. Sberbank sold its Swiss subsidiary to Switzerland-based m3 Groupe Holding SA in September 2022. The Swiss subsidiary, now renamed to TradeXBank, issued a press release saying that the de-listing “recognizes the bank’s Swiss ownership structure and its efforts undertaken to apply recognized industry standards to apply highest compliance standards”. #UKSanctions #Russia #EUCommission #ExportControl #TradeWar #TSECS #SanctionsUpdate #TurkishSociety #Sanctions #USA #OFAC #BIS #TradeUpdates #GlobalTrade #TradeCompliance #InternationalRelations #EconomicSanctions #TradeRegulations #TurkishExports #TradePolicy #SecurityMatters #ForeignPolicy #ComplianceNews #EconomicSecurity #CrossBorderBusiness

🚨 Important Update from OFAC 🚨 The Office of Foreign Assets Control (OFAC) has recently removed certain Russia-related designations from the Specially Designated Nationals (SDN) list. This update may have significant implications for businesses and individuals engaged in international trade and finance. Stay informed about how these changes might impact your operations and compliance requirements. If you have any questions or need guidance, feel free to reach out to our team for expert advice. Here is the link for the detailed list: https://lnkd.in/gQjc86h3 #UKSanctions #Russia #EUCommission #ExportControl #TradeWar  #TSECS #SanctionsUpdate #TurkishSociety #Sanctions #USA #OFAC  #BIS #TradeUpdates #GlobalTrade #TradeCompliance #InternationalRelations #EconomicSanctions #TradeRegulations #TurkishExports #TradePolicy #SecurityMatters #ForeignPolicy  #ComplianceNews #EconomicSecurity #CrossBorderBusiness

CoinList Markets LLC, a San Francisco-based virtual currency exchange, recently settled with U.S. Department of the Treasury OFAC for $1,207,830 over 989 transactions violating Ukraine/Russia sanctions. Learn from their experience to strengthen your compliance: Apparent Violations: - 989 transactions processed for Crimea residents, apparent OFAC violations. - Screening lapses: Users falsely claiming Russia residence with Crimea addresses. Penalty Analysis: - Settlement: $1,207,830 (non-egregious violations). - Aggravating factors: Lack of internal controls, knowledge of Crimea transactions. - Mitigating factors: Cooperation, small violation percentage, remedial actions. Compliance Considerations: - Integrate KYC data comprehensively. - Employ risk-based approach in screening processes. - Strengthen internal controls and regular updates. - Global services? Ensure compliance at development stages. OFAC Enforcement Resources: - Check OFAC's Compliance Commitments Framework. - Evaluate root causes in the appendix for insights. Need expert assistance? Reach out to me or my team at Simon Consulting for tailored guidance on sanctions compliance. 🚀 Stay Compliant, Stay Informed! #CryptoCompliance #SanctionsCompliance #OFACSettlement 🚀

📣 OFAC Releases General License Pertaining to Venezuela 📜 On January 16, 2024, the Office of Foreign Assets Control (OFAC) issued General License No. 5N, replacing General License No. 5M from October 18, 2023. This license authorizes transactions, financing, and dealings involving the Petróleos de Venezuela, S.A. 2020 8.5 Percent Bond, previously restricted by Executive Order (E.O.) 13835 and its amendment E.O. 13857. ✅ Effective April 16, 2024, these activities are now permitted, but the general license does not extend to transactions prohibited by the Venezuela Sanctions Regulations (VSR) or any other part of 31 CFR chapter V. The directive was signed by Bradley T. Smith, Director of OFAC. Original source 👉:  https://lnkd.in/gJkbUut2 #USsanctions #sanctionsupdate #sanctionscompliance #OFAC #VenezuelaSanctions #GeneralLicense

KPMG’s latest thought leadership on Proliferation Financing delves into Bank Negara Malaysia's revised Anti-Money Laundering/Counter Financing of Terrorism/Counter Proliferation Financing (AML/CFT/CPF) and Targeted Financial Sanctions (TFS) policies. Download insights https://lnkd.in/gTucgn8Z #proliferationfinancing

📣 OFAC Settles with EFG International AG for Violating Sanctions Laws 🤝🌎🏻 On March 14, 2024, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) settled with EFG International AG, a Swiss private banking group, for $3,740,442. The settlement resolves potential civil liability for processing 873 securities transactions violating the Cuban Asset Control Regulations, the Kingpin Act, and Executive Order 14024. ✔️ OFAC acknowledged EFG's voluntary self-disclosure and deemed the violations non-egregious. This agreement reflects OFAC's ongoing efforts to enforce sanctions compliance. Original source 👉: https://lnkd.in/gTYakGit #USsanctions #sanctionsupdate #sanctionscompliance #OFAC #EFG #Banking

US #sanctions on Israeli settlers in West Bank. US President Joe Biden signs executive order imposing sanctions on individuals undermining peace in the West Bank. Treasury's OFAC has the authority to enforce sanctions on foreign individuals involved in threatening peace, security, and stability. OFAC updates the list, imposing sanctions on 4 Israeli settlers: David Chai Chasdai, Einan Tanjil, Yinon Levi, Shalom Zickerman. Their US assets frozen, and financial transactions are restricted. FinCEN issues alert on potential financial backing for Israeli extremist settler violence. FinCen director Andrea Gacki urges financial institutions to play a critical role in detecting and reporting suspicious activity. Emphasizes protecting the US financial system from violence in the West Bank. #palestine #israel #aml #compliance #sanctionscompliance