A Reminder To Address Sanctions Compliance Shortfalls
Law360 (April 12, 2019, 2:30 PM EDT) -- On April 9, 2019, the U.S. Department of the Treasury’s Office of Foreign Assets Control, the U.S. Department of Justice, the New York Department of Financial Services, the New York County District Attorney’s Office, the Board of Governors of the Federal Reserve System, and the Financial Conduct Authority in the U.K. announced separate settlements with Standard Chartered Bank, a U.K. multinational bank, resulting in an aggregate of over $1 billion in fines to resolve potential liability arising from transactions that were processed to or through the United States in violation of Iran, Cuba, Sudan, Syria and Burma sanctions.
This global enforcement...
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