TOP STORY

Apr

19

US Sanctions Law Comes With Unprecedented Tripwire for Foreign Banks

St. Petersburg, Russia’s second-largest city, is pictured in this photo by Shutterstock. U.S. sanctions targeting Russian oligarchs and other entities may have a more significant impact on foreign banks than previously thought, sources told ACAMS moneylaundering.com.

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ADDITIONAL STORIES

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HM Treasury modified its Consolidated List of Financial Sanctions Targets in the United Kingdom, which contains the names of designated individuals and entities subject to international asset freezing and domestic sanctions under the Terrorist Asset-Freezing etc. Act 2010.
The European Union issued Council Implementing Regulation (EU) 2017/1509 regarding the designation of four persons associated with North Korea's financing of its nuclear program.
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Enforcement Actions

The Office of the Comptroller of the Currency issued a consent order for a $500 million civil money penalty against the Sioux Falls, SD-based financial institution for failing to maintain a sufficient compliance risk management program, among other unsound practices.
The Office of the Comptroller of the Currency issued a consent order against the Sioux Falls, SD-based financial institution that requires the bank to appoint an active compliance committee, develop a compliance risk management plan and revise its enterprise-wide compliance risk management program.