OFAC - ComplianceAid Website

U.S. Department of Treasury’s OFAC and U.S. Department of Commerce’s BIS amends Cuba Sanctions

January 17, 2015Michelle N. MartinNews

The U.S. Department of the Treasury’s Office of Foreign Asset Control (OFAC) and the U.S. Department of Commerce’s Bureau of Industry and Security (BIS) on January 16th, 2015 issued regulations regarding changes to Cuba policy. Travel service providers no longer need to obtain specific licenses from OFAC to provide services for travel to Cuba. A...

Thelist.pro Milestone – Over 15,000 Politically Exposed Persons

January 5, 2015Michelle N. MartinNews

theList.pro has achieve another milestone by adding over 15,000 Politically Exposed Persons

FinCEN fines personally $1M Compliance Officer

December 18, 2014Michelle N. MartinNews

In a decision that sent shock wave across the financial industry and other regulatory industries, the Financial Crimes Enforcement Network (FinCEN) has personally fined $1 million civil money penalty (CMP) against the ex-compliance officer of MoneyGram, Mr. Thomas E. Haider. Mr. Haider failed to ensure that his company abided by the Anti-Money Laundering (AML) provisions of...

Updated 2014 Bank Secrecy Act/Anti-Money Laundering Examination Manual

December 2, 2014Michelle N. MartinNews

The Federal Financial Institutions Examination Council (FFIEC) released an updated Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual. The update clarify supervisory expectations and incorporate regulatory changes since the 2010 manual update. To access the 2014 manual click here

News on FATCA (The Foreign Account Tax Compliance Act)

July 13, 2011Michelle N. MartinNews

As you all may know, on March18, 2010 FATCA was passed by the U.S. Congress with final implementation date of December 31, 2012. Per FATCA, all foreign financial institutions (FFIs) are asked to enter into an agreement with the United States Internal Revenue Service (IRS) to report assets of U.S. citizens and residents holding accounts...

Ms. Michelle Martin trains Eastern Caribbean Financial Holding (ECFH) in St. Lucia – June 2011

July 13, 2011Michelle N. MartinNews

Ms. Michelle Martin successfully conducted two weeks of training for a large bank and an insurance company in St. Lucia. While in the island, Ms. Martin had the opportunity to reach out to the Director of the Financial Intelligence Authority in St. Lucia (FIA) and discussed topics related to Money Laundering and Combating Terrorist Financing...

Daughter of the soil to launch consultancy firm

April 10, 2011Michelle N. MartinNews Clipping

Comprehensive Iran Sanctions, Accountability & Divestment Act of 2010 – CISADA

December 2, 2010Michelle N. MartinOFAC

In June 2010, Congress passed the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010. The sanctions are intended to persuade Iran to change its conduct as it relates to Weapons of Mass Destruction (WMD) /Nuclear proliferations. Under this Act, U.S. Persons are prohibited from engaging in any activity with persons that meet the following...

Is your Financial Institution OFAC Compliant?

May 17, 2009Michelle N. MartinOFAC

The Office of Foreign Assets Control (OFAC) administers a series of laws that impose economic sanctions against hostile targets to further U.S. foreign policy and national security objectives. US Sanctions are a collection of United States laws, which prohibit US Persons from conducting trade and financial transactions with certain countries, individuals and entities. There are...

Welcome to our AML/TF Blog

May 31, 2008Michelle N. MartinAML BSA

This blog aims to provide reliable updates within the AML/BSA field with a specific focus on information that can advance the professional knowledge, skills and experience of those dedicated to the detection and prevention of international money laundering. I intend to provide information related to: Regulatory updates in the field Best practices for the AML/BSA/CTF/OFAC...