AML BSA and Sanctions Compliance I of II June 10 2014
The U.S. Government announced two major sanctions enforcement actions this week that reinforce the compliance challenges faced by both U.S. companies with international activities and non-U.S. companies subject to U.S....more
On March 25, 2015, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) and PayPal, Inc. (“PayPal”) agreed to a $7.65 million settlement to settle potential civil liability for 486 apparent...more
Since March 2014, Reed Smith has been closely monitoring developments relating to the situation in the Ukraine and reporting them as Client Alerts and blog updates.
We have set out below a brief summary of the EU’s...more
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has announced a $7,658,300 settlement with PayPal, Inc. (PayPal) to resolve potential civil liability for 486 alleged violations of the Iranian,...more
Finding that a district court had not provided procedural due process to an attorney for a sanctioned party, and that the district court abused its discretion in imposing sanctions for civil contempt against the attorney, the...more
United Corporation v. Tutu Park Ltd., Inc., 2015 WL 457853 (V.I. Super. Jan. 28, 2015).
In this breach of contract case, the plaintiff asked the court to impose sanctions on Kmart, a non-party to the suit, and to hold...more
Recently, Lance Armstrong attracted national attention when an arbitration panel in Texas ordered him to pay $10 million in sanctions to a promotions company for lying about his use of performance-enhancing drugs to win the...more
Parsi v. Daioleslam, 2015 WL 525146 (D.C. Cir. Feb. 10, 2015).
In this appeal from a defamation case, the plaintiff sought the reversal of sanctions imposed by the district court. At trial, the plaintiff sought damages...more
Sometimes a picture is very clear but legal words and concepts are proffered in an attempt to disguise and even deceive. As set forth in the factual statements outlined by the government, and agreed to by Commerzbank, it is...more
The SEC filed one new action this week – an administrative proceeding involving the principal of an investment adviser and undisclosed conflicts of interest. The Commission also amended a complaint in an insider trading...more
Global banks are caught in US prosecutor’s cross hairs. Not only do they have to worry about basic AML compliance and enforcement, they now have major risks in sanctions compliance. For some inexplicable reasons, global...more
On March 11, 2015, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued further designations pursuant to Executive Order 13660 (EO 13660) and Executive Order 13685 (EO 13685). EO 13660, which was...more
On March 9, 2015, pursuant to authority contained in the recently enacted Venezuela Defense of Human Rights and Civil Society Act (Act), President Obama issued an executive order (EO) declaring a national emergency with...more
Effective May 1, 2015, employers in Cook County could face severe consequences for violating state and federal wage and hour laws. In a recent unanimous vote, Cook County Commissioners passed the “Cook County Wage Theft...more
The recent decision in Re Conrad M. Black et al. illustrates how the Ontario Securities Commission (OSC) will use its inter-jurisdictional enforcement authority to impose sanctions relating to conduct in other jurisdictions...more
On March 9, 2015, President Obama signed an Executive Order entitled “Blocking Property and Suspending Entry of Certain Persons Contributing to the Situation in Venezuela” (the “Order”). The authority for the Order includes...more
On March 9, 2015, following failed diplomatic efforts to bring Venezuela in line with its human rights commitments under international law, President Obama issued an Executive Order (E.O.) declaring Venezuela a national...more
FCA Sanctions Bank of Beirut, Former Compliance Officer and Former Internal Auditor for Providing Misleading Information Regarding AML Systems and Controls Remediation -
The Bank of Beirut was fined GBP 2.1 million...more
Since President Obama announced the United States’ new policy to normalize relations with Cuba, talk about opportunities for U.S. telecommunications companies has flourished. That reaction only intensified when the Treasury...more
In its recent decision to impose $20 million in sanctions upon Oppenheimer and Co. for the company’s failure to maintain internal controls to promote enforcement of the Bank Secrecy Act (BSA), FinCEN revealed the emphasis it...more
This is the tenth quarterly report of the independent athletics integrity monitor (“Monitor”) pursuant to article IV of the Athletics Integrity Agreement (“AIA”) among the National Collegiate Athletic Association (“NCAA”),...more
Monday, the Securities and Exchange Commission announced “a whistleblower award payout between $475,000 and $575,000 to a former company officer who reported original, high-quality information about a securities fraud that...more
People are good at complaining. People often say to themselves, “Things are not going my way,” and they love to feel sorry for themselves. People who are professional victims are toxic....more
Advantor Systems Corp. v. DRS Technical Services, Inc., 2015 WL 403308 (M.D. Fl. Jan. 28, 2015).
In this non-disclosure case, the plaintiff sought sanctions after the defendant reformatted an employee laptop, allegedly...more
On February 17, 2015, the Government of Canada announced that new entities and individuals in Russia and Ukraine have been designated under Canada’s sanctions laws. These new measures are introduced in coordination with the...more
Back to Top