AirBnB Rapped on Cuba Issues

airbnb

AirBnB has started off 2022 with a telling little enforcement action, paying $91,200 to the Office of Foreign Assets Control for failing to monitor how people were using the lodging platform to book visits in Cuba. OFAC announced the settlement Monday. The fine is insignificant considering that AirBnB reported $2.2 billion in revenue for its…

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Compliance Jobs Report: Sept. 10

compliance jobs

The Compliance Jobs Report this week has new hires at Credit Suisse, Marsh McLennan, Cox Communications, Bank of America, and a trendy fintech firm named Dapp, among others. We also have promotions at Walmart, CEVA Logistics, and elsewhere; plus job openings in entertainment, education, and pharmaceuticals. Our Meme of the Week goes out, sadly, to…

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Compliance Jobs Report: June 4

compliance jobs

Another global Compliance Jobs Report this week. We have several personnel moves in the United States (including a bunch of folks leaving corporate roles for vendors and service providers), and many more moves around the world: in Brazil, Britain, France, India, Denmark, and elsewhere. Job leads this week in logistics, entertainment, and fashion. As always,…

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SAP, Part II: The Gritty Compliance Details

sanctions

Today we return to that enforcement action imposed on business software giant SAP, which last week settled charges that it had violated U.S. export control law in the 2010s by offering software patches, upgrades and cloud-based services to users in Iran. Our first post on the case was more a summary of the overall facts,…

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SAP Nailed on Sanctions Violations

Software firm SAP is paying $13.1 million to settle charges that the company and its business partners violated U.S. sanctions law in the 2010s by offering software patches and upgrades to users in Iran and allowing Iranian customers access to SAP’s cloud-based technology services.  The settlement was announced Thursday by the U.S. Justice Department, along…

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Steel Firm’s Lessons on Sanctions Risk

sanctions

Sometimes that third-party risk is a party mighty close to you. Such was the case with an Oklahoma steel manufacturer, which just paid $435,000 to settle charges that its chief engineer sub-contracted design work to an Iranian engineering company owned by the man’s brother. The company, Alliance Steel, agreed to pay the fine to the…

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Deutsche Bank Dinged on Two Sanctions Cases

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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Compliance Jobs Report: Jan. 3

Compliance jobs

Welcome to the first Compliance Jobs Report of the 2020s! We begin the year with news from Avis, Citizens Bank, Johnson & Johnson, Samsung, and elsewhere. We have three job openings from education to biotech to beer, and our Meme of the Week goes out to fans of the Mandalorian.  I gather these bits of…

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7 Compliance Items to Watch for 2020

2020

Welcome to 2020, everyone! This has been a long winter break, but before we return to the grind of emails to answer and staff meetings to avoid, let’s spare a few moments to ponder how the corporate compliance landscape might evolve in the coming year.  Without further delay, then: my annual list of compliance issues…

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Cooperation Policy for Sanctions Violations

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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