OFAC Publishes Sanctions Compliance Guidance
As anticipated, the Office of Foreign Assets Control today issued compliance guidelines to help banks develop appropriate compliance sanctions programs.
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FinCEN, Banking Agencies Encourage Innovation in AML/BSA Compliance
The banking agencies, along with the Financial Crimes Enforcement Network, today issued a statement encouraging banks to consider, study and — where appropriate — implement innovative approaches to anti-money laundering and Bank Secrecy Act compliance.
FinCEN Issues Advisory on Corrupt Foreign Political Figures
The Financial Crimes Enforcement Network today issued an advisory to U.S. financial institutions highlighting the connection between corrupt senior foreign political figures, their enabling of human rights abuses and their illicit use of the U.S. financial system.
Treasury Sanctions North Korean Banks, Individuals
The Treasury Department’s Office of Foreign Assets Control today announced sanctions against eight North Korean banks, two banks identified as part of the North Korean government and 26 individuals linked to North Korean financial networks.
Treasury Sanctions Iranians Involved in 2011-12 Bank DDoS Attacks
The Treasury Department’s Office of Foreign Assets Control today announced sanctions against 11 entities and individuals for support of previously sanctioned Iranian actors and for malicious cyber-crime, including a series of distributed denial of service attacks against U.S. financial institutions.
Treasury Steps Up Pressure on North Korean-Linked Entities
The Financial Crimes Enforcement Network today announced steps to safeguard the U.S. financial system against illicit North Korean financial activity.
BAFT Publishes Guidance for Sanctions Compliance
BAFT, ABA’s global transaction banking subsidiary, and The Clearing House have published a guidance paper to help banks comply with sanctions requirements for transactions related to the shipment of goods.
DOJ: Overseas Banks Must Share AML Information with U.S. Branches
Foreign banking organizations with U.S. operations need to ensure that their foreign operations are in compliance with U.S. anti-money laundering laws, a senior Department of Justice official said today at the ABA/ABA Money Laundering Enforcement Conference in Washington, D.C.
AML ‘Special Measure’ Imposed on North Korea
The Financial Crimes Enforcement Network is issuing a final rule imposing a special measure against North Korea as a jurisdiction of primary money laundering concern under the USA Patriot Act.
Treasury Further Eases Financial Sanctions on Cuba
As part of the Obama administration’s continued opening toward Cuba, the Treasury Department today announced the easing of additional financial sanctions and limitations affecting interactions between the U.S. and Cuba.