With the turmoil in the world and the ongoing activities of bad actors, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) has been busy in 2023. Along with nearly constant updates to sanction lists, OFAC has penalized nine companies and one individual for violations to date in 2023. It has issued ten penalties, … Recent OFAC Actions, Penalties and New Video Series
Screening suppliers against lists of sanctioned businesses, individuals and entities is a critical part of the vendor management process. Sanctions are typically imposed by governments and international bodies, such as the United Nations (UN), to achieve foreign policy objectives, combat terrorism, prevent money laundering or address human rights concerns. The Office of Foreign Assets Control … How to Automate Sanctions Screening
Cleaning your vendor master file is an ongoing and vital project to avoid errors, payment delays, regulatory violations and fraud. Part I and Part II of this series outlined the first five steps of a thorough plan. Here in Part III are the final recommended steps. Steps six through nine include sanction list reviews, bank … 9 Steps to Cleaning the Vendor Master File – Part III
Who would violate OFAC sanctions? Few intentionally. Perhaps a company already doing business with a foreign company before a sanction is put in place. Or just a company without an adequate program to review sanction lists regularly, whether against vendors or customers. (And maybe there are a very few too anxious to grow business in … A Cautionary Tale of OFAC Violations and Mitigations
OFAC Sanctions Russians and Others The Department of Treasury’s Office of Foreign Assets Control (OFAC) list of sanctioned persons and entities has grown since Russia invaded Ukraine. But along with Russian oligarchs and entities, OFAC has also designated others, most notably two key Hizballah financiers operating out of Guinea in West Africa, in compliance with … OFAC Is Busy with Russia and More – Are You Keeping Up?
COVID-19 has made it harder for organizations to focus on third-party risks. So says a new report on the effects of COVID-19 on risk and compliance. The pandemic has resulted in “more opportunities for criminals to defraud consumers and companies.” As the pandemic seized everyone’s attention, a consequence was relaxed pressure to sustain compliance and … Sanctions Screening in the Time of COVID-19
The Office of Foreign Assets Control (OFAC) of the U.S. Department of Treasury has been busy in 2021. Voice of America catalogs new targeted sanctions imposed on a host of individuals by the Biden Administration since January 2021. Targets include individuals in Russia for interference with the U.S. election, Myanmar generals involved in the overthrow … OFAC Update: A Busy 2021
It may be the season of giving, but we’re guessing a “gift” to the U.S. Department of Treasury is not on your list. Whatever the season, though, beware. OFAC happens! Most recently it has happened to Apple. On November 25th, the technology giant entered an agreement with the Treasury Department to pay a civil penalty … Giving Gifts to the Treasury Department?
New U.S. sanctions have come steadily this year. It can be hard to keep up. Persons and organizations from Venezuela to Iran, Russia to the Congo, and elsewhere, have been added to prohibition lists, which continue to change. Sanctions are complex. OFAC regularly enforces them, levying fines on companies it thinks has violated them. And, … OFAC Publishes Guidance for Sanctions Compliance Framework
Should You Care? In keeping with the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015 (sic), the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has increased the maximum fines for civil violations. The 2015 Act’s intent was “to improve the effectiveness of civil monetary penalties and to maintain their … OFAC Updates: 2018 Civil Monetary Fines Increase, and Recent Actions
If your accounts payable department wants a motto, it might go with Semper Vigilo — “always vigilant.” Threats to businesses abound and given that accounts payable issues payments, it is a prime target for criminal perpetrators of all kinds. In addition to prevention of myriad fraud schemes, AP must also ensure information protection as well … OFAC: Are You Compliant or Just Think You Are?
Vendor Information Collection and Validation As she crossed the company parking lot early one morning, the director of shared services saw them. Men in black. Two of them. As she neared the building entrance, they approached and addressed her by name. She was afraid this day would come, and it finally had. They flashed their … Avoiding the Men in Black
