As U.S. officials and bankers debate the merits and drawbacks of an expected $10 billion sanctions settlement with BNP Paribas, their French counterparts are offering a more unified response: outrage.
The West's financial ties to Russia have given countries pause in considering further sanctions, a Roman judge dropped a money laundering case against the former head of the Vatican Bank and more, in this week's news roundup.
In announcing sanctions against Russian politicians and one bank Thursday, U.S. officials made clear that American financial institutions should prepare for more, and soon.
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.
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.
Amid all of the political rhetoric and bombast that accompanied television coverage of the 16-day government shutdown last month, one question never seemed to get any airtime: what did it all mean for the financial compliance industry?
JPMorgan Chase launches AML SWAT team as the bank's legal costs mount, Turkey blacklists over 350 entities in an effort to comply with United Nations sanctions, and more, in this week's news roundup.
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.
The total assets frozen by the United States because of purported ties to terrorism fell five percent in 2009 from the previous year, the U.S. Treasury Department said Monday.
Banks that financed deals with subsidiaries of a blacklisted Beijing-based weapons manufacturer are likely to face increased scrutiny from the U.S. Treasury Department's sanctions enforcement arm, say analysts.
The U.S. Treasury Department finalized a decision Monday to discount voluntary self disclosures by sanctions violators in cases when third parties reveal the same information, despite financial institution concerns.
The U.S. Treasury Department is reorganizing its economic sanctions enforcement efforts to focus more on egregious violations that are subject to millions of dollars in penalties granted under a 2007 law.
Compliance officers at some of the world's largest financial institutions are concluding they need to create sanctions-specific programs to avoid regulatory penalties and tarnished reputations, according to a Deloitte survey released Monday.
U.S. sanctions regulators are planning to fine an Australian bank $20 million for allowing suspicious transactions in branches in New York and American Samoa, according to an Australian news report.
The incoming Obama administration is likely to scale back limits on remittances to Cuba imposed by President Bush, a move that would be welcomed by the U.S. financial community, according to bank regulatory specialists.
When Congress enacted a law last year that increased the potential penalties for violating economic sanctions by five-fold, financial institutions had one question: how would the new penalty powers be used? Sparingly, says OFAC Director Adam Szubin, in the second part of a two-part interview.
OFAC Director Adam Szubin spoke with reporter Matt Squire about the effect of targeted sanctions in the first of a two-part interview.
Online transactions tied to sanctioned countries could lead to monetary fines for individuals, businesses and banks, even when it's unclear that the Web sites involved are blacklisted, say former OFAC officials and consultants.
Betsy Sue Scott, former head of the civil penalties division, says a recent increase of the maximum fines for OFAC violations will better fit the punishment to the crime. Violators previously were only receiving a "slap on the wrist" for serious offenses, she says.
The law, enacted last week, increases civil penalty amounts fivefold but will be used chiefly in the enforcement of "major cases," an OFAC official said Monday.