A virtual currency exchange settled simultaneous OFAC and FinCEN charges for violating multiple sanctions regulations and failing to implement a sufficient AML program.

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.

In separate advisories, FinCEN and OFAC warned financial institutions of the growing prevalence of ransomware attacks and the legal risks of making ransomware payments.

OFAC issued additional guidance on the Chinese Military-Industrial Complex Sanctions Regulations.

President Joseph R. Biden banned all U.S. imports of Russian oil, gas and energy and encouraged U.S. energy companies to continue to invest in U.S. oil production and reduce reliance on Russian energy imports.