Industry News

The Office of Foreign Assets Control (OFAC) Settles with Toll Holdings Limited for $6.1 M Related to Apparent Violations of Multiple Sanctions Programs

April 25th, 2022, “Toll Holdings Limited (“Toll”), an international freight forwarding and logistics company headquartered in Melbourne, Australia, has agreed to pay $6,131,855 to settle its potential civil liability for...
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FinCEN Announce $140M Civil Money Penalty against USAA Federal Savings Bank for Violations of the Bank Secrecy Act

On March 17th, 2022, The Financial Crimes Enforcement Network (FinCEN) announced it has assessed a $140 Million Civil Money Penalty against USAA Federal Savings Bank (USAA FSB) for willful violations...
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FinCEN Announces Actions to Support REPO Multilateral Task Force and Ongoing U.S. Government Efforts to Combat Foreign Government Corruption

On March 16th, 2022, Financial Crimes Enforcement Network (FinCEN) announced its efforts to support the multilateral Russian Elites, Proxies, and Oligarchs (REPO) Task Force, announced earlier March 16, 2022, by...
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The Financial Crimes Enforcement Network Provides Financial Institutions with Red Flags on Potential Russian Sanctions Evasion Attempts

March 7th, 2022, The Financial Crimes Enforcement Network (FinCEN), issued a FinCEN Alert, advising financial institutions to be vigilant against potential efforts to evade the expansive sanctions and other United...
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United Kingdom Financial Regulator (FCA) exploring using criminal powers in two additional AML Investigations

On January 16th, 2022, “The Financial Conduct Authority told the Financial Times there were two criminal probes in about 40 active cases where regulators were investigating financial services companies or...
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The Office of Foreign Assets Control (OFAC) fines Sojitz (Hong Kong) Limited $5,228,29 8 for Apparent Violations of the Iranian Transactions and Sanctions Regulations

On January 11th, 2022, The U.S. Treasury Department, The Office of Foreign Assets Control (OFAC), announced that Sojitz (Hong Kong) Limited (“Sojitz HK”), a Hong Kong, China-based company that engages...
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NatWest Bank Pleads Guilty to Failing to Prevent Alleged Money Laundering of Nearly £400m by aCustomer

October 7, 2021, The National Westminster (NatWest) Bank Plc entered guilty pleas to criminal charges filed by United Kingdom (UK)Financial Conduct Authority (FCA) under the Money Laundering Regulations 2007 (MLR...
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The Pandora Papers is the biggest Offshore Leak in History

On October 3rd, 2021, The International Consortium of Investigative Journalists released their latest investigation: The Pandora Papers. The Pandora Papers is a leak of close to Twelve (12) Million documents...
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The Office of Foreign Assets Control (OFAC) fines Bank of China (UK) Limited $2,329,991 for Violations of Sudan Sanctions Regulations

On August 26th, 2021, The U.S. Treasury Department, The Office of Foreign Assets Control (OFAC), announced that Bank of China (UK) Limited (“BOC UK”), located in London, the United Kingdom...
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