Search results for: ofac
Compliance 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 MoreOur Latest Sanctions Case Study
U.S. authorities have fined a now-defunct Thai company $20 million for covering up its business dealings with an Iranian joint-venture partner in the 2010s, giving us yet another opportunity to consider how companies run afoul of U.S. sanctions laws and what compliance measures you should have in place to avoid that. The Office of Foreign…
Read MoreCompliance Jobs Report: Dec. 22
Our last Compliance Jobs Report of 2023! We have personnel moves to report at Walgreens, Dollar Tree, Arm, Microsoft, and many more! Also news of an internal auditor suing his employer for intimidation, and job leads in technology, airlines, and government service. Happy holidays to all! Always remember that we need your help to make…
Read More3M Nailed Again, on Sanctions
Manufacturing giant 3M Corp. is paying $9.6 million to settle charges that its overseas business units and resellers improperly sold goods into Iran in the 2010s, in a fascinating glimpse of how overseas employees might try to circumvent trade controls. The settlement was announced by the Office of Foreign Assets Control (OFAC) on Thursday. This…
Read MoreAnother Sanctions Case to Study
We have a fresh sanctions enforcement action to study this week, courtesy of a New Jersey construction company fined $660,000 for its Middle East subsidiary secretly shipping goods to Iran. The U.S. Office of Foreign Assets Control (OFAC) announced the enforcement action on Wednesday. The company in question, Construction Specialities Inc., will pay the fine…
Read MoreBAT’s Big Sanctions Settlement
Another week, another eye-popping enforcement action in sanctions compliance! This time around it’s British American Tobacco, paying $630 million to settle charges that the company engaged in a long-running scheme to evade U.S. sanctions and sell goods into North Korea. The Justice Department and the Office of Foreign Assets Control (OFAC) announced the settlement jointly…
Read MoreMicrosoft Fined $3.3M on Sanctions
Microsoft has agreed to pay more than $3.3 million to settle civil charges that its Russia subsidiary violated U.S. sanctions law in the 2010s by covering up sales of Microsoft products to people in Cuba, Iran, and elsewhere. The settlement was announced on Thursday by the Office of Foreign Assets Control (OFAC) and the Bureau…
Read MoreThe Bittrex Sanctions Settlement
Before we all rush into the weekend, compliance officers should take a look at that enforcement action against cryptocurrency platform Bittrex that was announced earlier this week. It offers some valuable lessons about building a sanctions compliance program on the fly and what regulators expect crypto firms to do for sanctions risk. The enforcement action…
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