Search results for: ofac
Steel 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…
Read MoreCooperation Policy for Sanctions Violations
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,…
Read MoreCompliance Jobs Report: Aug. 30
Our last Compliance Jobs Report of the summer has news from Walmart (several personnel moves there), Deutsche Bank, Newmont Goldcorp and elsewhere, plus a few work anniversaries and a few job openings. Our Meme of the Week goes out to workers everywhere. I gather these bits of information from LinkedIn, news alerts, and friends emailing…
Read MoreRandom Compliance on My Mind…
Random thoughts about compliance, audit, and risk management to keep you entertained while I’m away on vacation this week… The OFAC framework for sanctions compliance is an outstanding document. I understand that implementing its recommendations may be a pain in the neck, but it packs a tremendous amount of information into 12 pages. Line for…
Read MoreInsights From Navex Benchmarking Report
Navex Global has published its latest annual ethics & compliance benchmarking report, a deep dive into all sorts of activities and priorities among corporate compliance programs. It’s a great document to help compliance officers place their own issues in larger context, so let’s take a look at what Navex had to say. Typically Navex publishes…
Read MoreCompliance Jobs Report: Dec. 21
The Compliance Jobs Report this week has personnel moves at AIG, Deutsche Bank, Schlumberger, and several other companies. The SEC is losing a great mid-level official, EFG Bank lost its head of investigations, and a fintech firm under scrutiny is (shocker) looking for regulatory counsel. Our Meme of the Week goes out to all you…
Read MoreCompliance Jobs Report: Sept. 21
The Compliance Jobs Report this week starts with new regulator appointments at Treasury; Walmart re-assigning a few ethics & compliance folks; Medtronic losing its ethics and compliance lead for Far East; a wave of GRC vendor news; and a CCO job opening with plenty of boom to it. Our meme of the week goes out…
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