A global manufacturing company based in Minnesota and a New York bank settled separate OFAC charges for violating the Iranian Transactions and Sanctions Regulations.
The Secretary of the Treasury tightened sanctions against Iran by designating financial institutions and persons determined to "operate" in the Iranian financial sector.
The U.S. government escalated sanctions against the Russian Federation for failing to comply with the Chemical and Biological Weapons Control and Warfare Elimination Act of 1991.
Under Secretary of the U.S. Treasury for Terrorism and Financial Intelligence Sigal Mandelker highlighted the Department's efforts to ensure that the Anti-Money Laundering/Combating the Financing of Terrorism ("AML/CFT") framework is aligned to match the constantly-evolving nature of financial crime. In remarks at the ABA/ABA Financial Crimes Enforcement Conference, Ms. Mandelker focused on three broad Treasury efforts: (i) working with key stakeholders to bolster its AML/CFT regime (including by fostering private sector innovation), (ii) alleviating vulnerabilities associated with advancing