Treasury Announces Significant Sanctions against Russian Entities, Individuals
The Treasury Department today announced a number of sanctions against Russian entities and individuals, following an executive order from President Biden.
Browsing: Sanctions
How to Contend With a 21st Century Ransom Note
Ransomware attacks are becoming more numerous, sophisticated and costly, especially during the COVID-19 pandemic.
ABA Executive Committee Discusses Sanctions, Economy with Deputy Treasury Secretary
In a meeting with members of ABA’s executive committee today, Deputy Treasury Secretary Wally Adeyemo said that he is in the process of conducting a full review of the nation’s economic and financial sanctions programs, and “noted the important role financial institutions play in implementing these policies,” according to a readout of the meeting.
Treasury Sanctions 18 Iranian Banks
The Treasury Department’s Office of Foreign Assets Control today announced sanctions against 18 Iranian banks, including 16 banks for operating in Iran’s financial sector and one bank for being owned or controlled by a sanctioned Iranian bank.
Managing an AML Program During COVID-19
Effective anti-money laundering compliance processes during challenging times require team collaboration, committing to communication and paying attention to guidance.
FinCEN Recognizes Law Enforcement Successes Resulting from BSA Reporting
The Financial Crimes Enforcement Network today recognized several state and federal law enforcement agencies for their work using information reported by financial institutions under the Bank Secrecy Act in their criminal investigations.
OFAC Encourages Banks to Communicate Promptly About COVID-19 Reporting Delays
Recognizing the operational challenges facing many institutions during the pandemic, the Office of Foreign Assets Control also encouraged banks to contact the office as soon as possible if they are experiencing difficulties meeting any of the deadlines for filing required reports.
Podcast: Adding Value in AML with Tech, Talent
Two challenges for today’s anti-money laundering professionals: focusing on high-value functions and eliminating false positives that consume unnecessary resources. Nicholas Piccininni, who leads a 1,500-person financial crimes risk management team at Wells Fargo, explains how Wells puts technology to use to tackle these challenges.
FinCEN Designates Iran as ‘Primary Money Laundering Concern’
The Financial Crimes Enforcement Network today issued a final rule imposing a fifth special measure against Iran as a jurisdiction of primary money laundering concern under Section 311 of the USA Patriot Act.
Sanctions Compliance Pitfalls for Banks
Ten factors financial institutions should look out for in strengthening their OFAC compliance programs.