News & Analysis as of

Terrorism Funding Office of Foreign Assets Control

Indictment of Alleged High-Profile Financier of Terror Focuses on Transactions with U.S. Businesses

by Ballard Spahr LLP on

On March 24, 2017, the U.S. Department of Justice unsealed an indictment charging Kassim Tajideen, an alleged prominent financial supporter of the Hizballah terror organization, with evading U.S. sanctions and conspiring to...more

NYDFS, American Bankers Association Weigh In On OCC Fintech Charter Proposal

by Ballard Spahr LLP on

The New York State Department of Financial Services (NYDFS) has come out strongly against an Office of the Comptroller of the Currency (OCC) proposal to grant national bank charters to financial technology (fintech)...more

International AML Enforcement in 2017 Expected to Target Consumer-Due-Diligence Programs, Gaming Entities, Prepaid Cards, Digital...

by K&L Gates LLP on

Over the past two years, financial regulatory bodies in the United States and Europe have increasingly emphasized consumer due diligence (“CDD”) by financial institutions as a means to combat money laundering and terrorist...more

AML Risks and Foreign Correspondent Banking

by Michael Volkov on

With the Panama Papers scandal and government promises of continued aggressive AML enforcement, financial institutions face a variety of risks that require increased vigilance and mitigation strategies....more

New OFAC Exposure? What Can Be Learned From Bank's Recent $1.7M OFAC Settlement for Investment-Related Transactions

Why it matters - Swiss-based UBS AG's agreement to pay more than $1.7 million to the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) underscores the scope of OFAC sanctions and the complications...more

Accounts and Accountability: Arab Bank Found Liable for Transactions Under the Anti-Terrorism Act

On September 22, 2014, a Brooklyn jury found Arab Bank, Jordan’s largest lender, guilty of violating the U.S. Anti-Terrorism Act for providing financial services to individuals and entities linked to Hamas. Hamas is currently...more

New Reporting Requirements Under the Iran Threat Reduction and Syria Human Rights Act of 2012

by Smith Anderson on

On August 10, 2012, the United States delivered its latest economic blow to Iran by enacting the Iran Threat Reduction and Syria Human Rights Act of 2012. U.S. companies have long been forbidden from engaging in most...more

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Cybersecurity

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