The annual September 30 deadline for submitting the Annual Report of Blocked Property (ARBP) to the U.S. Department of Treasury Office of Foreign Assets Control (OFAC) is fast approaching. Under federal regulations, "all U.S....more
On October 1, 2020, the U.S. Treasury's Office of Foreign Assets Control (OFAC) issued a new advisory spotlighting sanctions risks for companies that facilitate ransomware payments, including financial institutions, cyber...more
Two related enforcement actions by the U.S. Department of Treasury’s Office of Foreign Assets Compliance (OFAC) are stark reminders that health insurance providers (and other insurers) must maintain adequate U.S. trade...more
The U.S. Department of Commerce’s Office of Foreign Assets Control (OFAC) announced that Navigators Insurance Company, which is headquartered in New York and specializes in marine insurance and related lines of business,...more
8/10/2015
/ Compliance ,
Cuba ,
Insurance Industry ,
Iran ,
Iran Sanctions ,
Liability Insurance ,
North Korea ,
Office of Foreign Assets Control (OFAC) ,
Professional Liability ,
Sanctions ,
Sudan ,
Umbrella Policies ,
Vessels
On Dec. 19, 2014, President Obama issued Executive Order 13685, “Blocking Property of Certain Persons and Prohibiting Certain Transactions With Respect to the Crimea Region of Ukraine,” to impose sanctions relating to the...more
8/6/2015
/ Banking Sector ,
Banks ,
Crimea ,
Executive Orders ,
Financial Institutions ,
Obama Administration ,
Office of Foreign Assets Control (OFAC) ,
Popular ,
Russia ,
Sanctions ,
SWIFT ,
Trade Policy ,
U.S. Treasury ,
Ukraine
There has been much fanfare surrounding the reestablishment of diplomatic relations with Cuba, starting with President Obama’s announcement of the resumption of bilateral relations, and followed by the formal establishment of...more
7/28/2015
/ Air Carriers ,
Aircraft Equipment ,
American Express ,
Bureau of Industry and Security (BIS) ,
Credit Cards ,
Cuba ,
De Minimus Quantity Exemption ,
Debit Cards ,
Domain Names ,
E-1 ,
Email ,
Embargo ,
Export Administration Regulations (EAR) ,
Federal Aviation Administration (FAA) ,
Financial Institutions ,
MasterCard ,
Office of Foreign Assets Control (OFAC) ,
Sanctions ,
Social Networks ,
Software ,
State Sponsors of Terrorism ,
Trade Restrictions ,
U.S. Commerce Department ,
VoIP ,
Websites
While it’s not clear whether the President’s release today of an Executive Order, "Blocking the Property of Certain Persons Engaging in Significant Malicious Cyber-Enabled Activities," was purposefully timed to coincide with...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