On March 7, 2022, the Financial Crimes Enforcement Network (“FinCEN”) issued an alert (the “FinCEN Alert”) urging financial institutions to proactively guard against possible attempts to evade recently implemented sanctions...more
3/10/2022
/ Biden Administration ,
BSA/AML ,
Compliance ,
Economic Sanctions ,
Executive Orders ,
Financial Institutions ,
FinCEN ,
Office of Foreign Assets Control (OFAC) ,
Russia ,
Suspicious Activity Reports (SARs) ,
Ukraine
On February 24, 25 and 28, the United States broadened its economic sanctions against Russia in response to its full-scale military invasion of Ukraine. As the Biden Administration had promised in recent weeks, in close...more
3/2/2022
/ Blocked Entities ,
Blocked Person ,
Bureau of Industry and Security (BIS) ,
Economic Sanctions ,
Export Controls ,
Exports ,
Financial Institutions ,
Military End Use ,
Office of Foreign Assets Control (OFAC) ,
Russia ,
SDN List ,
Software ,
Sovereign Debt ,
Technology ,
Ukraine
The Biden Administration and several allied countries announced on February 22 new economic sanctions on Russia and the separatist territories in Ukraine. In the United States, the sanctions target only certain Russian...more
2/23/2022
/ Biden Administration ,
Blocked Entities ,
Blocked Person ,
Economic Sanctions ,
Embargo ,
Financial Institutions ,
General Licenses ,
Office of Foreign Assets Control (OFAC) ,
Russia ,
SDN List ,
U.S. Treasury ,
Ukraine
On March 16, 2016, the Obama Administration further loosened sanctions on Cuba in accordance with President Obama’s policy previously announced on December 17, 2014, and partially implemented thus far, to engage and empower...more
3/18/2016
/ Banking Sector ,
Bureau of Industry and Security (BIS) ,
Cuba ,
Cuban Assets Control Regulations (CACR) ,
Export Administration Regulations (EAR) ,
Financial Institutions ,
Grants ,
Internet Service Providers (ISPs) ,
Office of Foreign Assets Control (OFAC) ,
Sanctions ,
Telecommunications ,
Travel Permits
This has been a historic month for the United States and several other leading nations as they reached an apparent settlement with Iran over the development of its nuclear program. On July 14, the five permanent members of...more
7/27/2015
/ Banking Sector ,
EU ,
Extraterritoriality Rules ,
Financial Institutions ,
IAEA ,
Iran ,
Iran Sanctions ,
Iran Threat Reduction and Syria Human Rights Act ,
Joint Comprehensive Plan of Action (JCPOA) ,
Nuclear Weapons ,
P5+1 Nations ,
SDN List ,
Trade Relations