Category Archives: Financial Sanctions

Subscribe to Financial Sanctions RSS Feed

So You Violated Sanctions, Now What? OFAC Offers a Tutorial on Remediating Violations.

Two recent civil penalty actions by OFAC supply guidance for how entities should address sanctions violations after they are discovered. In the first case, Kollmorgen Corporation settled civil liability for violations of Iranian sanctions for a mere $13,381. For perspective, the maximum statutory civil monetary penalty available for the violations was $1,500,000. So why the … Continue Reading

Meltdown of the Iran Nuclear Deal—Sanctions Update

On May 8, 2018, President Donald Trump announced that the United States would no longer participate in the Joint Comprehensive Plan of Action (JCPOA), the international agreement regarding Iran’s nuclear activities and sanctions imposed on Iran that was entered into in July 2015. The Treasury Department’s Office of Foreign Asset Control quickly issued a frequently … Continue Reading

Relaxed Cuban Sanctions Change the Landscape of the Financial Services Industry

The Office of Foreign Assets Control (OFAC) published new federal regulations permitting certain types of previously prohibited transactions. Financial services organizations hoping to gain a foothold into the Cuban financial market of the future recently received a modest, but significant invitation from the United States Government. Transactions for Authorized Travelers Particularly significant are the amended … Continue Reading
LexBlog