ABA Banking Journal
No Result
View All Result
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive
SUBSCRIBE
ABA Banking Journal
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive
No Result
View All Result
No Result
View All Result
ADVERTISEMENT
Home Uncategorized

Recent news from Treasury’s Office of Foreign Assets Control: June 23

June 22, 2023
Reading Time: 2 mins read
AML Innovation and Whistleblower Provisions of the NDAA Mean Important Changes Ahead
  • OFAC Settles with Swedbank AS (Latvia) for Potential OFAC Violations: OFAC on June 20 announced a settlement with Swedbank AS (Latvia) (“Swedbank Latvia”), a subsidiary of Swedbank AB (publ), headquartered in Stockholm, Sweden. The settlement is related to the bank’s 386 apparent violations of OFAC’s Crimea sanctions. Swedbank Latvia has agreed to remit $3,430,900 to settle its potential civil liability for the apparent violations. Specifically, in 2015 and 2016, a customer of Swedbank Latvia used Swedbank Latvia’s e-banking platform from an internet protocol address in Crimea to send payments to persons in Crimea through U.S. correspondent banks. Swedbank Latvia was alerted to the potential connection to Crimea by a U.S. correspondent bank, which rejected the payments on that basis. However, Swedbank Latvia improperly relied on the customer’s representations that the transactions did not involve Crimea and re-routed them to a different U.S. correspondent bank, even though Swedbank Latvia’s KYC records indicted the customer had a physical presence in Crimea. The settlement amount reflects OFAC’s determination that Swedbank Latvia’s apparent violations were not voluntarily self-disclosed and were non-egregious. Read more.
  • OFAC took sanctions action over the last week in the Russia and Burma programs:

    Russia-related Sanctions

    • OFAC Sanctions Russian Intelligence Officers: OFAC on June 23 sanctioned two Russian Federal Security Service (FSB) officers—Yegor Sergeyevich Popov and Aleksei Borisovich Sukhodolov—pursuant to Executive Order 14024 for having acted for or on behalf of the Russian government. These FSB officers are alleged to have played a significant role in the Kremlin’s attempts to conduct global malign influence operations, including efforts to clandestinely fund and direct the political campaign of a candidate for local office in Florida. OFAC’s action follows the Department of Justice’s April 18, 2023 indictments of the same individuals, and is directly related to the July 29, 2022 designation of Aleksandr Viktorovich Ionov and Natalya Valeryevna Burlinova. Ionov and Burlinova were designated pursuant to E.O. 14024 for having acted or purported to act for or on behalf of, directly or indirectly, the Russian government. On July 29, 2022, DOJ concurrently indicted Ionov for working on behalf of the Russian government in conjunction with the FSB, and one focus of Ionov’s alleged influence operation was to create the appearance of American popular support for Russia’s annexation of territories in Ukraine. Read more.

    Burma-related Sanctions

    • OFAC Sanctions Burma’s Ministry of Defense and Financial Institutions: OFAC on June 21 designated Burma’s Ministry of Defense and two regime-controlled financial institutions that facilitate much of the foreign currency exchange within Burma and enable transactions between the military regime and foreign markets, including for the purchase and import of arms. Burma’s Ministry of Defense is responsible for decades of repressive military rule that was violently resumed following the coup in 2021. Since the coup, the Ministry of Defense has continued to import goods and materiel worth at least $1 billion, including from sanctioned entities in Russia. The designated entities are state-owned financial institutions Myanma Foreign Trade Bank and Myanma Investment and Commercial Bank. These financial institutions enable Burma’s Ministry of Defense and other sanctioned military entities to purchase arms and other materials from foreign sources. Read more.
ADVERTISEMENT
Tags: Anti-money launderingOFACSanctions
ShareTweetPin

Related Posts

Recent news from Treasury’s Office of Foreign Assets Control: April 5

Recent news from Treasury’s Office of Foreign Assets Control: July 14

Uncategorized
July 14, 2025

The Office of Foreign Assets Control announced the following sanctions action last week.

Terrorism and money laundering aggregates published: April through June 2024

Terrorism and money laundering aggregates published: April through June 2025

Uncategorized
July 7, 2025

The FinCEN 314(a) Updates section is published on a periodic basis to better capture the trend line for 314(a) usage. The following is an update from April through June 2025.

Recent news from Treasury’s Office of Foreign Assets Control: April 5

Recent news from Treasury’s Office of Foreign Assets Control: July 7

Uncategorized
July 7, 2025

The Office of Foreign Assets Control announced the following sanctions action last week.

ABA files coalition amicus brief urging Supreme Court to reject class certification for uninjured class members

U.S. Supreme Court declines to address class certification for uninjured members

Uncategorized
July 1, 2025

U.S. Supreme Court dismissed Labcorp’s appeal as “improvidently granted,” effectively letting stand the Ninth Circuit’s ruling that upheld class certification despite including uninjured members.

Capital One agrees to pay $425 million to resolve 360 Performance Savings Account allegations

Virginia federal court trims influencers lawsuit against Capital One

Uncategorized
July 1, 2025

A Virginia federal court partially granted a motion to dismiss filed by a class of social media influencers alleging Capital One’s coupon-search browser extension stole from content creators.

First Circuit rules federal law does not preempt Puerto Rico’s credit card surcharge law

First Circuit rules federal law does not preempt Puerto Rico’s credit card surcharge law

Uncategorized
July 1, 2025

In a unanimous decision, a First Circuit panel ruled that Puerto Rico’s Law 150 is not preempted by the Cash Discount Act or the Durbin Amendment.

NEWSBYTES

ABA offers fixes for small-business lending data collection rule

July 18, 2025

ABA DataBank: Retail sales rebounded in June

July 18, 2025

CFPB to keep notification procedures for state enforcement of consumer law

July 18, 2025

SPONSORED CONTENT

Navigating Disruption in Ag Lending – Why Tariffs Are Just the Tip of the Iceberg

Navigating Disruption in Ag Lending – Why Tariffs Are Just the Tip of the Iceberg

July 1, 2025
AI Compliance and Regulation: What Financial Institutions Need to Know

Unlocking Deposit Growth: How Financial Institutions Can Activate Data for Precision Cross-Sell

June 1, 2025
Choosing the Right Account Opening Platform: 10 Key Considerations for Long-Term Success

Choosing the Right Account Opening Platform: 10 Key Considerations for Long-Term Success

April 25, 2025
Outsourcing: Getting to Go/No-Go

Outsourcing: Getting to Go/No-Go

April 5, 2025

PODCASTS

The future of careers in risk and compliance

July 17, 2025

Breaking down the bank-related provisions in the big budget bill

July 10, 2025

Podcast: Inside ABA’s new Treasury Check Verification System API

June 25, 2025
ADVERTISEMENT

American Bankers Association
1333 New Hampshire Ave NW
Washington, DC 20036
1-800-BANKERS (800-226-5377)
www.aba.com
About ABA
Privacy Policy
Contact ABA

ABA Banking Journal
About ABA Banking Journal
Media Kit
Advertising
Subscribe

© 2025 American Bankers Association. All rights reserved.

No Result
View All Result
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive

© 2025 American Bankers Association. All rights reserved.