Search results for: ofac
OFAC’s Latest Warning on Distributors
A Texas company that sells video production technology has agreed to pay $190,000 to settle charges that it knowingly allowed its goods to be sold into Iran, in our latest example of sanctions compliance enforcement from the Office of Foreign Assets Control. OFAC announced the settlement last Thursday against NewTek, which sells live production and…
Read MoreOFAC Fines Manufacturer Over Iran Resellers
An Ohio business that manufactures pressure controls, switches, and sensors is our latest example of trade sanctions compliance gone wrong, and the steps a company should take to act on red flags before the business gets hauled in front of regulators. The business, Cleveland-based UniControl, agreed Monday to pay $216,000 in penalties to the U.S.…
Read MoreOFAC Hits Bitcoin Processor
The Treasury Department has slapped a $507,375 fine against a bitcoin payments processor for sanctions compliance failures that allowed transactions with parties in Cuba, North Korea, Iran, and elsewhere — only the second such enforcement action ever taken over digital currency transactions, but probably not the last. The firm in question is BitPay, headquartered in…
Read MoreOFAC Dings Bank $8.5M on Sanctions
We have our first enforcement action of 2021 to review: an $8.5 million fine that the Office of Foreign Assets Control slapped against a French bank for sanctions violations related to Syria, with a detailed list of compliance reforms the bank implemented to avoid harsher penalties. OFAC announced the enforcement action on Monday against Union…
Read MoreInteresting Action From OFAC
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…
Read MoreCompliance Jobs Report: Dec. 13
Lots of news in the Compliance Jobs Report this week. We have changings of the guard at Liberty Mutual and Toyota, a new CCO at Edward Jones, new hires at RTX, Medexus, and elsewhere; plus a slew of promotions at other companies. Job leads are in pharma, healthcare, and financial services; and Meme of the…
Read MoreCompliance Jobs Report: Nov. 8
The Compliance Jobs Report this week has new hires at Balfour Beatty, Anchorage Digital, Microsoft, Jefferson Health, and more; also promotions at McKinsey, Eaton, Standard Chartered, and a few other places. Job leads are in defense, healthcare, and cable television; and Meme of the Week goes out to policy manuals! Always remember that we need…
Read MoreItalian Firm Dinged on NK Sanctions
Don’t die of surprise here, but we have yet another foreign company with a weak sanctions compliance program, conducting business with North Korea through the U.S. banking system, and yet again ending up with a sanctions enforcement action from U.S. regulators. Rinse, repeat. The company in question is Mondo TV, an Italian animation company. It…
Read MoreCompliance Jobs Report: June 7
The Compliance Jobs Report this week delivers big news from FedEx, plus other personnel gossip at Heico Cos., Petrofac, Walmart, ONO Pharma, and lots more. We also note the passing of an antitrust compliance thinker; have job leads in biotech, auto manufacturing, and food service; and our Meme of the Week. Always remember that we…
Read MoreCompliance Jobs Report: May 24
This week the Compliance Jobs Report has a changing of the compliance guard at Wells Fargo, a new head of compliance at the NRA, and other new hires at Syneos Health, FARO Technologies, Invesco, and more. We also have a slew of promotions to note, and job leads in manufacturing, cars, and consulting. Always remember…
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