More Lessons on Sanctions Programs

sanctions

Anyone looking for systemic failures in sanctions compliance and how a company might rectify those issues, look no further than Toll Holdings and the settlement it reached with U.S. regulators on Monday. Toll, a freight forwarding and logistics business based in Australia, agreed to pay $6.1 million to the Office of Foreign Assets Control to…

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Another Interesting Sanctions Case

sanctions

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.…

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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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OFAC’s Latest Warning on Distributors

sanctions

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…

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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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OFAC Fines Manufacturer Over Iran Resellers

sanctions

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.…

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OFAC Hits Bitcoin Processor

bitcoin

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…

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OFAC Dings Bank $8.5M on Sanctions

UBAF

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…

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