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OFAC Issues Guidance on Sanctions Compliance Programs and Flags “Root Causes” Underlying Prior Enforcement Actions

USA - May 14 2019 On May 2, 2019, the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) issued guidance entitled “A Framework for OFAC Compliance...

Jessica S. Carey, Roberto J. Gonzalez, Karen R. King, Christopher D. Frey, Brad S. Karp, Michael E. Gertzman, Richard S. Elliott, H. Christopher Boehning.

New York DFS Creates New “Powerhouse” Division Combining the Enforcement Division and Financial Frauds and Consumer Protection Division

USA - May 3 2019 On April 29, 2019, Linda Lacewell, the Acting Superintendent of the New York State Department of Financial Services (“DFS”), announced the...

Jessica S. Carey, Roberto J. Gonzalez, Justin D. Lerer, Karen R. King, Christopher D. Frey, Shane D. Avidan, Brad S. Karp, Michael E. Gertzman, Richard S. Elliott, H. Christopher Boehning.

UniCredit Group Banks Agree to Pay a Combined $1.3 Billion Penalty for Iranian and Other Sanctions Violations; One Bank Pleads Guilty

USA - May 1 2019 On April 15, 2019, UniCredit Bank AG (“UCB AG”), headquartered in Munich, Germany, UniCredit Bank Austria AG (“Bank Austria”), headquartered in...

Jessica S. Carey, Roberto J. Gonzalez, Karen R. King, Christopher D. Frey, Hongru Xu, Joshua R. Thompson, Brad S. Karp, Michael E. Gertzman, Richard S. Elliott, H. Christopher Boehning.

OFAC Takes Enforcement Action Against U.S. Parent Company for its Recently Acquired Chinese Subsidiary’s Iran Sanctions Violations

USA, China, Iran - April 1 2019 On March 27, 2019, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) announced a $1,869,144 settlement agreement with...

Jessica S. Carey, Roberto J. Gonzalez, Karen R. King, Christopher D. Frey, Joshua R. Thompson, Brad S. Karp, Michael E. Gertzman, Richard S. Elliott, H. Christopher Boehning.

OFAC Breaks New Ground by Taking Enforcement Action Against U.S. Parent Company for Turkish Subsidiary’s Iran Sanctions Violations and Simultaneously Sanctioning the Subsidiary’s Ex-Managing Director

USA, Iran - February 11 2019 On February 7, 2019, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) announced a $13,381 settlement agreement with...

Jessica S. Carey, Roberto J. Gonzalez, Karen R. King, Joshua R. Thompson, Brad S. Karp, Michael E. Gertzman, Richard S. Elliott, H. Christopher Boehning.