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Another Interesting Sanctions Case
Another week, another interesting sanctions enforcement action from the Office of Foreign Assets Control. This time we have a Hong Kong trading company fined $5.2 million for facilitating trade with a chemicals business in Iran — but also catching a break because the company had warned its employees repeatedly to steer clear of Iranian customers.…
Read MoreAirBnB Rapped on Cuba Issues
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…
Read MoreCompliance Jobs Report: Sept. 10
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…
Read MoreCompliance Jobs Report: June 4
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,…
Read MoreSAP, Part II: The Gritty Compliance Details
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,…
Read MoreSAP 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…
Read MoreSteel Firm’s Lessons on Sanctions Risk
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…
Read MoreDeutsche Bank Dinged on Two Sanctions Cases
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…
Read MoreCompliance Jobs Report: Jan. 3
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…
Read More7 Compliance Items to Watch for 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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