Tag Archives: Office of Foreign Assets Control (OFAC)

Iran Missile Test Leads to New Sanctions

On February 2nd the Office of Foreign Assets Control (“OFAC”) imposed new sanctions on 13 individuals and 12 entities that were believed to be “involved in procuring technology and/or materials to support Iran’s ballistic missile program, as well as for acting for or on behalf of, or providing support to, Iran’s Islamic Revolutionary Guard Corps-Qods … Continue Reading

Inadequate Screening Processes Result in $7.65 Million Settlement for Violations of Various U.S. Sanctions Programs

On March 25, 2015, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) and PayPal, Inc. (“PayPal”) agreed to a $7.65 million settlement to settle potential civil liability for 486 apparent violations of various financial sanctions. Between 2009 and 2013, PayPal, a digital payments processor, apparently processed hundreds of transactions in violation … Continue Reading

Foreign Subsidiaries of U.S. Companies Now Prohibited from Engaging in Transactions with Iran

In August of this year, President Obama signed the Iran Threat Reduction and Syria Human Rights Act of 2012. This law required presidential action to implement certain restrictions, and today, on October 9, 2012, President Obama issued a new Executive Order (EO): “AUTHORIZING THE IMPLEMENTATION OF CERTAIN SANCTIONS SET FORTH IN THE IRAN THREAT REDUCTION … Continue Reading

Dutch Bank’s Efforts to Avoid OFAC Sanctions Leads to $619 Million Penalty

The U.S. Office of Foreign Assets Control (“OFAC”) and Bureau of Industry & Security (“BIS”) announced today that it has reached a settlement with ING Bank N.V. (“ING”) relating to potential liability under various U.S. sanctions against Burma (Myanmar), Cuba, Iran, Libya, and Sudan. The apparent violations date back to conduct that begin in 1994 … Continue Reading
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