The Federal Reserve Board and the Treasury Office of Foreign Assets Control fined a banking entity for apparent sanctions violations. The regulators charged that the bank provided software to a European bank engaged in transactions with sanctioned jurisdictions.
News & Insights
A virtual currency exchange settled simultaneous OFAC and FinCEN charges for violating multiple sanctions regulations and failing to implement a sufficient AML program.
OFAC urged persons subject to U.S. sanctions, including financial institutions and other businesses, to notify OFAC of any anticipated delays in meeting certain regulatory reporting deadlines due to COVID-19.
OFAC found two companies in violation of OFAC sanctions reporting rules for providing inaccurate or incomplete information.
An OFAC interim final rule updating the instructions for, and adding new requirements to, the Reporting, Procedures and Penalties Regulations went into effect June 21, 2019. Written comments concerning the rule must be submitted on or before July 22, 2019.