Chinese financial institutions feature prominently among more than a hundred banks recently revealed to have knowingly or unknowingly processed billions of dollars-worth of illicit payments originating from Russia.
After a busy year for federal sanctions officials, large banks with international footprints are increasingly instituting deeper, standalone audits of their related policies and procedures, say compliance officers and consultants.
The disclosure that U.S. officials have solicited and directly received data from foreign banks on transactions tied to Iran is spurring talks among European lawmakers, according to Alexander Alvaro, an EU Parliament supervisor.
U.S. officials have secretly solicited and, at times, received data from foreign banks on accounts tied to Iranian entities, without notifying the accountholders of the requests, say sources.
Pending civil complaints and recently unsealed documents in a case against a Luxembourg-based financial institution show the difficulty in collecting a landmark monetary penalty assessed against Iran for sponsoring terror, say analysts.
The U.S. Treasury Department Tuesday disclosed an $111,359 fine against the New York branch of Société Générale for violating American sanctions against Iran in late 2006 and early 2007.
Caught between pressure from U.S. lawmakers to crack down harder on Iran and Syria and the desire to act in concert with America's allies, the White House is walking a fine line in its use of economic sanctions.
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.
Banks were the subject of praise and a warning at a press conference on Monday unveiling a 317 count indictment against 11 corporations and five individuals for their alleged participation in a conspiracy involving an Iranian shipping company.
The U.S. and Europe issue new sanctions against Iran and Libya, Transparency International calls on Kenya to implement anti-money laundering legislation pending since 2009, and more, in this week's roundup.
New European sanctions against Iran show how secrecy jurisdictions and trade concerns have compromised efforts to inhibit the Islamic Republic's financial reach, say analysts.
Congressional leaders struck a deal Thursday to reauthorize several controversial powers of the Patriot Act though June 1, 2015, including a provision that allows investigators to seize "tangible" records from financial institutions, the New York Times reported.
A congressional measure aimed at Iran could spell new compliance duties for U.S. financial institutions, including requiring banks to certify that their correspondent institutions don't maintain accounts for blacklisted Iranians.
The United States will sanction Turkish and Venezuelan banks as early as next week for knowingly processing transactions tied to designated Iranian entities, according to individuals familiar with the matter.
A rift between seven Republican lawmakers and the U.S. Treasury Department over financial regulations aimed at Iran is likely to delay the nomination of a new federal counterterrorism chief, say former congressional staffers.
The U.S. Treasury Department proposed rules Wednesday that would require banks to inform the government of whether their foreign counterparts hold accounts for blacklisted Iranian institutions and organizations.
The U.S. Treasury Department Thursday blacklisted an Iran-based bank for facilitating the purchase of millions of dollars worth of missiles and other weapons for the country's military.
The U.S. Treasury Department would have 90 days to issue regulations obligating banks to audit their correspondent relationships for possible ties to blacklisted Iranians, under a bipartisan bill reintroduced Wednesday.
Recent congressional disclosures and leaked diplomatic cables highlight the difficulties the United States faces in convincing even stalwart allies to enforce economic sanctions against Iran, say analysts.
Growing U.S. financial ties to the Chinese market will likely bring anti-money laundering compliance troubles along with profits, according to consultants and former government officials.