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The House Committee on Foreign Affairs Thursday unanimously approved a measure that would penalize foreign banks that offer financial services to Hezbollah, an Iran-backed, Lebanon-based Shiite militant group.
U.S. officials Tuesday charged a blacklisted Chinese national with using shell companies to maintain accounts at American banks and offered five million dollars for information on his whereabouts.
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.
As early as Monday, banks will be able to do what has become seemingly unthinkable in the sanctions compliance field during recent years: ramp up their ties to Iran.
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.
Western financial institutions won't radically amend their sanctions controls in response to an agreement to limit Iran's nuclear program in exchange for a relaxation of banking restrictions, say former officials.
Despite tightened controls on interbank messaging, some bankers looking to hide the role of their blacklisted clients in international wires need only type a single key on their keyboard, according to experts.
Federal officials will weigh whether financial institutions can bank medical marijuana shops, New York's financial regulators asks two financial consultancies for data and more, in this week's news roundup.
Germany's BaFin is reportedly investigating potential AML violations by Deutsche Bank, a U.K. court could order the British government to pay millions to compensate a blacklisted Iranian bank, and more, in this midweek roundup.
The U.S. House of Representatives Wednesday approved legislation that would limit White House-granted waivers to nations that purchase oil from Iran under a 2011 sanctions law.
Growing economic and political ties between Argentina and Iran are prompting some bank compliance officers to look more closely at their clients in the South American nation, say industry professionals.
Foreign financial institutions and other non-U.S. companies newly tasked with disclosing when their affiliates deal with Iranian government officials are finding the requirements onerous, according to compliance officers and consultants.
U.S. financial institutions must freeze any account and block any payment linked to the Syria Islamic International Bank (SIIB), the U.S. Treasury Department announced Wednesday.
American sanctions enforcers will "primarily" focus in coming months on blacklisting Chinese firms that buy and resell defense industry or dual-use goods to Iran, a U.S. Justice Department official said Wednesday.
As international pressure against Syria's crackdown on protesters mounts, efforts by financial institutions to identify transactions related to Syrian arms deals will likely prove fruitless, say analysts.
The U.S. House of Representatives Wednesday overwhelmingly approved bills that would restrict loans and interbank transfers of credit involving entities that facilitate Iran's petroleum and weapons trade.
A U.S. official's threat last month of economic sanctions against four Chinese banks is likely to be toothless given economic and enforcement hurdles, say sanctions analysts.
American banks must block any transaction tied to Syria's largest bank and report the freeze to the U.S. Treasury Department's Office of Foreign Assets Control, under sanctions issued Wednesday.
U.S. officials Thursday blacklisted an Iranian financial institution and two other companies linked to the country's elite military arm as lawmakers separately questioned the efficacy of economic sanctions against the nation.
The U.S. Treasury Department will announce sanctions against Syrian President Bashar al-Assad and six of his senior officials in response to Syria's violent suppression of anti-government protests, the Associated Press reported Wednesday.
