A virtual currency exchange settled simultaneous OFAC and FinCEN charges for violating multiple sanctions regulations and failing to implement a sufficient AML program.
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OFAC urged financial institutions to adopt a risk-based approach to designing sanctions compliance strategies for novel instant payment systems.
OFAC sanctioned 14 people considered crucial to Russia's military-industrial complex as well as 278 members of Russia's legislature for enabling an attempted annexation of sovereign Ukrainian territory.
Two affiliated Switzerland-based wealth management firms settled OFAC charges for operating U.S. dollar bank accounts on behalf of customers in sanctioned jurisdictions and engaging in U.S. dollar-denominated transactions on behalf of these customers through U.S.-based banks and broker-dealers.
OFAC amended and expanded a General License authorizing certain transactions that support widespread access to the internet and freedom of expression in Iran.