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New US Sanctions Against Venezuela Challenge AML Compliance Officers

By Dan Bethencourt

More than two weeks after the U.S. Treasury Department targeted Venezuelan debt with sanctions, financial institutions are still struggling to identify which entities are subject to the restrictions and monitor them appropriately, sources told ACAMS moneylaundering.com. The sanctions, issued by the department's Office of Foreign Assets Control, or OFAC, late last month in response to recent, allegedly undemocratic actions and human rights abuses by the government of President Nicolas Maduro, forbid U.S. individuals and entities from trading in Venezuelan government debt that exceeds 30 days, and trading in debt connected to the state-owned oil company Petroleos de Venezuela, or PdVSA,...

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