Deutsche Bank

Some red meat for all you sanctions compliance nerds: a Deutsche Bank subsidiary has agreed to pay $583,000 for two separate sanctions violations. One involved compliance employees improperly configuring a sanctions screening tool; the other, senior business and compliance managers rushing a transaction without appropriate due diligence.  The Office of Foreign Assets Control announced the…

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sanctions

Compliance officers have a new cooperation credit policy from the Justice Department to consider, this one addressing sanctions and export control issues. It differs just enough from other cooperation policies we’ve seen from the Trump Administration that compliance officers need to give this one more attention. The policy was announced last Friday by David Burns,…

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cybersecurity

Compliance professionals talk constantly these days about cybersecurity, third-party risk, and sanctions compliance. Now we have an example from the news that is one headache-inducing brew of all three — and also, I fear, a harbinger of compliance and risk challenges to come.  The company in question is Hikvision, a Chinese maker of security cameras.…

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sanctions

Compliance officers might want to take a close look at the wrist-slap that State Street Corp. received from the Office of Foreign Assets Control on Tuesday, for violations of sanctions against Iran. It’s a small but telling example of how a robust compliance program brings benefits, OFAC or otherwise. OFAC did cite State Street for…

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