US ‘List of Oligarchs’ Challenges European Banks: Sources

Chelsea soccer club owner Roman Abramovich visits the Kremlin on Dec. 19, 2016, roughly a year before his name appeared on a U.S. list of Russian oligarchs (Getty Images). The list has challenged European banks with clients whose names appear therein.



HM Treasury modified its Consolidated List of Financial Sanctions Targets in the United Kingdom, which contains the names of designated individuals and entities subject to international asset freezing and domestic sanctions under the Terrorist Asset-Freezing etc. Act 2010.
HM Treasury's Office of Financial Sanctions Implementation issued a notice concerning amendments made to the identifying information for two individuals following updates to Council Regulation (EC) 881/2002, which imposes sanctions related to the Islamic State of Iraq and the Levant and al-Qaida.

Enforcement Actions

The United Kingdom's Gambling Commission entered into a regulatory settlement with the Gibraltar-based online casino that requires the company to pay a £2 million penalty for money laundering failures and failure to protect a consumer from gambling-related harm.
The New York State Department of Financial Services entered into a consent order with the Frankfurt, Germany company and its New York, NY-based branch requiring it to pay a $205 million fine for its unsafe and unsound foreign exchange business practices.