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Web Site Identifying Foreign Banks as Iranian Correspondents Likely to Raise Compliance Questions
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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.
The OECD says Portugal needs to better enforce its anti-bribery laws, the U.S. Treasury Department voices concerns about Iranian investments in Georgia, and more, in this week's news roundup.
The U.S. Treasury Department's sanctions enforcement agency fined a Japanese bank nearly $8.6 million Wednesday for violating sanctions against Iran, Sudan, Myanmar, Cuba and weapons proliferators.
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.
Businesses and individuals seeking to evade sanctions that target Iran and other nations may be utilizing back-to-back letters of credit to disguise their roles in transactions, say trade analysts.
Lawmakers passed a tough new sanctions measure against Iran Thursday that would require U.S. banks to determine whether the foreign financial institutions they have correspondent relationships with bank certain Iranians.
The U.S. Treasury Department Wednesday added another Iranian bank to its list of 16 Iran-controlled financial institutions that U.S. companies are prohibited from doing business with.
Dubai's economic downturn has made the emirate more cooperative in enforcing international sanctions but has also given the emirate less incentive to crack down hard on regional money laundering, say analysts.
Additional banking and trade restrictions that target the finance and supply of Iran's nuclear and ballistic missile programs were passed by the U.N. Security Council Wednesday.
An influential financial crime watchdog group released Thursday a much-anticipated list of nearly 30 countries with anti-money laundering and counter terrorism financing deficiencies.
