To see how carefully the White House must craft its rollback of sanctions targeting the Castro regime, consider this week's amendments to the 56-year-old Cuba embargo.
American depository institutions' hesitancy to establish links with banks in Cuba is likely to impede newly authorized trade with the country, according to U.S. officials.
As U.S. officials and bankers debate the merits and drawbacks of an expected $10 billion sanctions settlement with BNP Paribas, their French counterparts are offering a more unified response: outrage.
The West's financial ties to Russia have given countries pause in considering further sanctions, a Roman judge dropped a money laundering case against the former head of the Vatican Bank and more, in this week's news roundup.
In announcing sanctions against Russian politicians and one bank Thursday, U.S. officials made clear that American financial institutions should prepare for more, and soon.
The financial clearing subsidiary of Deutsche Börse AG will pay the U.S. Treasury Department's sanctions enforcer $152 million for holding money in New York-based accounts on behalf of Iran's central bank.
The chairman of a Senate committee vowed Thursday to block additional sanctions against Iran in an effort to protect last month's multilateral accord to suspend portions of the country's nuclear program.
Amid all of the political rhetoric and bombast that accompanied television coverage of the 16-day government shutdown last month, one question never seemed to get any airtime: what did it all mean for the financial compliance industry?
The U.S. Treasury Department officially loosened restrictions on money sent to Cuba Thursday, lifting caps on dollar amounts remitted and expanding the number of individuals who can receive the funds.
Compliance officers at some of the world's largest financial institutions are concluding they need to create sanctions-specific programs to avoid regulatory penalties and tarnished reputations, according to a Deloitte survey released Monday.
A sweeping package of financial reform proposals unveiled Wednesday by President Obama would heighten oversight of banks, broker-dealers and non-bank financial companies, including potentially placing anti-money laundering requirements on hedge funds and private equity.
The U.S. Treasury Department will likely move quickly in drafting regulations that loosen most restrictions on money remitted from the United States to Cuba, say banking professionals.
The Obama administration said Monday that it would lift restrictions on how much money Cuban Americans can send to Cuba, easing financial constraints first established in the 1960s.
The U.S. Senate passed a bill Tuesday that would allow businesses to travel to Cuba for the sale of agricultural and medical products, the first rollback of economic sanctions against the country in over eight years.
The Obama administration is rethinking economic sanctions introduced under former President Bush and is likely to rollback some trade prohibitions as part of diplomatic negotiations, say former government officials.
New leadership at the U.S. Treasury Department and an expected regulatory overhaul will likely mean few changes for the federal administrator of anti-money laundering laws, say Washington observers.
OFAC Director Adam Szubin spoke with reporter Matt Squire about the effect of targeted sanctions in the first of a two-part interview.
The U.S. Treasury Department outlined Monday how it intends to enforce new penalty powers against U.S. financial institutions and other companies that violate economic sanctions.
Banco del Alba, launched Jan. 26 by Venezuela President Hugo Chavez and three of his allies as an alternative to the World Bank and a U.S.-backed free trade pact, includes among its members Bolivia, Nicaragua and Cuba, a country that has long been the subject of U.S. sanctions.
U.S. and European banks are dropping their direct and correspondent relationships "and any other ties" with Cuba in an effort to protect themselves from any possible fines or actions they anticipate could be levied by U.S. regulators.