New US sanctions target Russian banks, metals and mining sector, and third-country actors linked to sanctions evasion
In one of its most significant sanctions actions to date, the US treasury’s Office of Foreign Assets Control (OFAC) has designated over a dozen more Russian banks and financial institutions and announced a new determination targeting Russia’s metals and mining sector. It is also imposing…
Companies in several jurisdictions sanctioned by US for facilitating business with Iran
Companies in several jurisdictions have been sanctioned by the US for facilitating the sale of hundreds of millions of dollars’ worth of Iranian petrochemicals and petroleum products to buyers in East Asia. This latest tranche of sanctions underlines the determination of the US treasury department’s…
Whitepaper: Sanctions advisories for the maritime industry
Practical challenges and recommendations for financial institutions regarding the monitoring of AIS outages and suspicious vessel activity. Executive summary
Illicit cryptocurrency transaction activity reaches all-time high in value, all-time low in share of all cryptocurrency activity
Cryptocurrency-based crime hit a new all-time high in 2021, with illicit addresses receiving US$14 billion over the course of the year, up from US$7.8 billion in 2020 according to blockchain analysis firm Chainalysis. Evidence suggests that cryptocurrencies have been and will be used in trade-based…
Mashreqbank agrees US$100 million settlement for Sudanese sanctions violations
Dubai-based Mashreqbank’s agreement to pay US$100 million in penalties for its deliberate omission of payment transactions with ties to Sudan in violation of US sanctions against the African country may serve as a warning to banks with US operations to diligently monitor their correspondent networks….
Romanian bank and US parent settle with OFAC for trade finance sanctions violations
Romania’s First Bank and its parent company, US investment firm J C Flowers, have entered into a US$862,318 settlement with the US treasury department’s Office of Foreign Assets Control (OFAC) for apparent violations of the Iran and Syria sanctions programmes. The bank, which provides letters…
OFAC sanctions Paraguay-based individuals and entities in multi-million dollar global TBML network
The US treasury department’s Office of Foreign Assets Control (OFAC) has designated three Paraguayan individuals and five associated entities to the Specially Designated Nationals (SDNs) list. Their assets in US are blocked and US persons are generally prohibited from dealing with them. The sanctioned individuals…
Windward’s AI-powered solution to aid TBML screening, trade finance practices and compliance at Mauritius Commercial Bank
Mauritius Commercial Bank (MCB) has agreed a long-term, multi-year partnership with artificial intelligence- (AI-) focused regtech, Windward, that aims to enhance the bank’s due diligence and monitoring processes linked to its commodity trade finance business. The bank chose Windward as a supplier when it was…
UBAF settles for nearly US$8.6 million for “reckless disregard” of Syria sanctions in internal transfers and L/C transactions
Union des Banques Arabes et Francaises (UBAF) of France has reached a settlement with the US treasury department’s Office of Foreign Assets Control (OFAC) in which the bank has agreed to remit US$8,572,500 to settle its potential civil liability for 127 apparent violations of Syria-related…
US sanctions Lebanese bank with TBML associations
The US government has sanctioned Lebanon-based Jammal Trust Bank for aiding and transferring money to the Iran-backed Hezbollah group. Four people providing money for the group and the Palestinian militant organisation Hamas have also been sanctioned.
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Trade Based Financial Crime
Trade Based Financial Crime
This online training course provides you with the technical knowledge required to succeed within the trade finance compliance landscape.