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Enforcement Actions Economic Sanctions Prohibited Transactions

American Conference Institute (ACI)

[Webinar] Virtual Proficiency Series on Economic Sanctions - February 6th - 29th, 1:30 pm - 4:30 pm EST

ACI’s highly anticipated Proficiency Series on Economic Sanctions provides true immersion into Economic Sanctions with the objective of becoming proficient in 4 weeks. Advance your career and professional development by...more

Oberheiden P.C.

OFAC Compliance: Developing and Implementing an Effective Sanctions Compliance Program

Oberheiden P.C. on

Financial institutions and companies that are subject to oversight from the Office of Foreign Assets Control (OFAC) need to prioritize compliance. OFAC has become increasingly active in recent years, and it is devoting...more

Oberheiden P.C.

OFAC Compliance: Avoiding Common Root Causes of Compliance Policy Breakdowns and Deficiencies

Oberheiden P.C. on

For financial institutions and businesses that are subject to the oversight of the Office of Foreign Assets Control (OFAC), compliance needs to be a priority in 2023. OFAC is playing an increasingly active role in overseeing...more

The Volkov Law Group

OFAC Enforcement Action: Double Check Your Screening Tools

The Volkov Law Group on

Some may dismiss OFAC’s recent announcement last week that it issued a Finding of Violation to MidFirst Bank for violations of the Weapons of Mass Destruction Proliferators sanctions regulations as insignificant because OFAC...more

The Volkov Law Group

Global Logistics Company Settles OFAC Violations for $6.1 Million

The Volkov Law Group on

You have to wonder how OFAC has the time to investigate and settle cases given its significant work implementing the Russia Sanctions Program.  But OFAC continues to demonstrate its commitment to aggressive enforcement. ...more

The Volkov Law Group

UniControl Agrees to Pay $216,464 to Settle Case for Violations of OFAC’s Iran Sanctions Program

The Volkov Law Group on

UniControl, Inc., a Cleveland, Ohio manufacturer of process controls, airflow pressure switches, boiler controls and other instruments, agreed to pay OFAC $216,464 to settle its liabilities for violation of the Iran Sanctions...more

The Volkov Law Group

OFAC Starts New Year with Enforcement Action against French Bank for Violations of Syrian Sanctions Program

The Volkov Law Group on

In the new Biden Administration, companies should expect aggressive enforcement of trade sanctions.  At the same time, in response to Russian aggression and the Solar Winds cyber-attack, OFAC is likely to implement new and...more

Cozen O'Connor

Resolutions Highlight Aggressive Sanctions Enforcement, Need For Senior Level Commitment to Compliance

Cozen O'Connor on

On July 16, 2020, Essentra FZE Co. Ltd., a manufacturer of components for cigarettes located in the United Arab Emirates, agreed to a settlement with the U.S. Department of the Treasury’s Office of Foreign Assets Control...more

Eversheds Sutherland (US) LLP

Update on recent US sanctions developments - Nord Stream 2 sanctions and Exxon Mobil decision

This briefing is intended to provide an update on two recent developments under the US sanctions regime. ..The first one is the introduction of US sanctions related to the Nord Stream 2 pipeline project, which threaten to...more

The Volkov Law Group

OFAC Loses Exxon Sanctions Enforcement Case

The Volkov Law Group on

In an interesting end of year decision, issued on December 31, 2019, a District Court in Dallas issued a rejected OFAC’s enforcement action against Exxon Corporation imposing a $2 million penalty for violation of the Russia...more

White & Case LLP

US Targets Telecommunications Transactions Involving the Information and Communications Technology and Services Supply Chain

White & Case LLP on

On May 15, 2019, President Trump issued an executive order (EO), "Executive Order on Securing the Information and Communications Technology and Services Supply Chain," prohibiting certain transactions involving...more

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