News & Analysis as of

Iran Sanctions Compliance Enforcement Actions

The Volkov Law Group

3M Pays OFAC $9.6 Million to Resolve Egregious Iran Sanctions Violations

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The past few weeks have not been kind to 3M. The company recently settled with the SEC for $6.5 million to resolve alleged FCPA violations related to its Chinese subsidiary’s dealings with Chinese state-owned healthcare...more

The Volkov Law Group

DOJ Resolves First Corporate Sanctions Case Involving Iran Sanctions Program

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The Justice Department has touted the upcoming wave of corporate prosecutions for criminal sanctions violation as the era of “The New FCPA.” DOJ’s reference is intended to communicate a strong message – companies are going to...more

The Volkov Law Group

OFAC Settles with Construction Specialties, Inc. for $660,594 for Violations of Iran Sanctions

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Construction Specialties, Inc. (“CSI”), a U.S. company specializing in the sale of building materials, agreed to pay $660,594 to settle its liability for three violations of OFAC’s sanctions on Iran. CSI’s illegal conduct...more

The Volkov Law Group

Uphold HQ Settles OFAC Violations for $72,230

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Uphold is a California-based money service business.  Uphold agreed to pay OFAC $72,230 to resolve multiple sanctions program violations....more

American Conference Institute (ACI)

[Event] 17th Annual Flagship Conference on U.S. Economic Sanctions Enforcement and Compliance - April 25th - 26th, Washington, DC

The American Conference Institute is hosting their 17th Annual Flagship Conference on U.S. Economic Sanctions Enforcement and Compliance on April 25-26, 2023, in Washington! Don’t miss the opportunity to stay current with the...more

Holland & Knight LLP

Restraining the Kraken: Another Crypto Company Under OFAC Scrutiny

Holland & Knight LLP on

The U.S. Department of the Treasury's Office of Foreign Asset Control (OFAC) on Nov. 28, 2022, announced a more than $362,000 settlement with Payward Inc. d/b/a Kraken (Kraken), a Delaware-incorporated company that offers...more

The Volkov Law Group

NewTek, Inc., a Software Provider, Settles OFAC Violations for $189,483

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The Treasury Department’s Offices of Foreign Assets Control (“OFAC”) continues its enforcement run in 2021, and added yet another tech company to its list of targets....more

BCLP

SAP Enforcement Action Underscores Importance of Ensuring Compliance Programs Address Considerations Associated with Business...

BCLP on

On April 29, 2021, the Office of Foreign Assets Control (“OFAC”) of the U.S. Department of Treasury, and the Bureau of Industry and Security (“BIS”) of the U.S. Department of Commerce announced settlements with German...more

Thomas Fox - Compliance Evangelist

Compliance into the Weeds - SAP Trade Sanctions Enforcement Action

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. This week Matt and Tom take a deep dive into SAP...more

The Volkov Law Group

SAP Reaches Broad Settlement and Agrees to Pay More Than $8 Million for Violations of Iran Sanctions Program (Part I of IV)

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In a precedent-setting agreement, the Justice Department, OFAC and the Bureau of Industry and Security announced a settlement with SAP SE for more than $8 million for numerous violations of the Iran Sanctions program....more

The Volkov Law Group

Nordgas Settles with OFAC As Part of UniControls Violations of Iran Sanctions Program

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The Treasury Department’s Office of Foreign Asset Control (OFAC)continues to pile up sanctions enforcement actions.  As the Biden Administration slowly takes over the reins of the Department of Treasury, OFAC enforcement is...more

American Conference Institute (ACI)

[Webinar] C5’s Virtual Berlin Forum on Global Economic Sanctions - September 14th - 16th, 1:00 pm - 5:30 pm CEST

C5's Virtual 14th Berlin Forum on Global Economic Sanctions is next week. Navigating the rapidly changing sanctions landscape and staying compliant is hard. Don’t miss this unique opportunity to hear from the most experienced...more

The Volkov Law Group

OFAC On A Roll: Whitford Worldwide Company Agrees to Pay $824k for Violations of Iran Sanctions

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When you are hot, you are hot.  (And when you are not, you are not; Thank you Jerry Reed, Country Singer).  OFAC is hot and resumed its enforcement streak, settling three enforcement actions in three weeks....more

American Conference Institute (ACI)

[Virtual Event] Flagship Conference on Economic Sanctions Enforcement and Compliance - July 29th - 30th, 8:00 am - 5:00 pm EDT

The ACI’s 13th Advanced Flagship Conference on Economic Sanctions Enforcement and Compliance is going virtual and will be held on July 29-30, 2020.  From the comfort of your home office, virtually attend the industry’s...more

American Conference Institute (ACI)

[Webinar] Latest Economic Sanctions Developments to Watch in 2020 and Beyond - May 14th, 1:00 pm - 2:00 pm EST

Join leading industry leaders who will discuss the latest developments in the economic sanctions regulatory landscape. They will share perspectives & insights on what’s going on, what’s ahead & what to watch out for....more

Akin Gump Strauss Hauer & Feld LLP

Red Notice Newsletter - December 2019

IN THIS ISSUE • Anticorruption Developments • Export Control Sanctions and Customs Enforcement • Export Control and Sanctions Developments • Global Investigations Resources • Writing and Speaking Engagements ...more

A&O Shearman

Sanctions Round Up - Fourth Quarter 2019

A&O Shearman on

FOURTH QUARTER 2019 - - Congress closes the year by passing new sanctions against China over human rights concerns, while OFAC clarifies the scope of recent actions against Chinese shipping companies. - In the wake of...more

Skadden, Arps, Slate, Meagher & Flom LLP

Cross-Border Investigations Update - September 2019

This issue of Skadden’s semiannual Cross-Border Investigations Update takes a close look at recent cases, regulatory activity and other key developments, including a review of the first year of GDPR enforcement, analysis of...more

The Volkov Law Group

OFAC Announces $1.7 Million Settlement with Truck Manufacturer for Violations of Iran Sanctions Program

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In yet another enforcement action, OFAC announced a $1.709 million settlement with PACCAR, Inc., for 63 apparent violations of the Iran Sanctions Program by DAF Trucks, a wholly-owned subsidiary based in Eindhoven,...more

The Volkov Law Group

OFAC Fines US Company for Iran Sanctions Violations

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There is no question that OFAC continues to dominate the enforcement landscape this year.  OFAC has provided plenty of warning and notice to global companies, especially those in the manufacturing and industrial sectors....more

The Volkov Law Group

OFAC Sanctions Compliance Insights from Standard Chartered Bank Enforcement Action (Part III of III)

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The Treasury Department’s Office of Foreign Asset Control (OFAC) has promised to issue guidance on effective sanctions compliance programs. This is a long-anticipated update to prior information OFAC has released on the same...more

The Volkov Law Group

Standard Chartered Bank’s Continuing Culture Challenges and Sanctions Compliance (Part II of III)

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Standard Chartered Bank certainly has its troubles. You know a company is in trouble, however, when it breathes a sigh of relief after paying nearly $1.1 billion in fines and penalties and compares itself to BNP Paribas, the...more

WilmerHale

OFAC Crystallizes Expectations for Sanctions Compliance

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On March 27, 2019, the Office of Foreign Assets Control (OFAC) announced a settlement agreement with US-based Stanley Black & Decker, Inc., (Stanley Black & Decker) and its foreign subsidiary, Jiangsu Guoqiang Tools Co., Ltd....more

White & Case LLP

Review of Anti-Money Laundering and Sanctions Policy and Enforcement

White & Case LLP on

TABLE OF CONTENTS: Executive Summary - Developments and Trends in Policy and Enforcement - US Department of the Treasury - The Office of Foreign Assets Control - Treasury's Financial Crimes Enforcement Network -...more

The Volkov Law Group

OFAC Enforcement: The Epsilon Case and Third Party Risks

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The Department of Treasury’s Office of Foreign Asset Control (“OFAC”) recently announced the settlement of the Epsilon enforcement action. This case requires a theme song and there is none better than Trucking from Grateful...more

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