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Is it hyperbolic to say that never before have we seen a quieter, yet more anticipated and welcome end to a year than in 2020? For some, 2020 is a year the sooner forgotten, the better. In data privacy and security law, a lot happened. Here are five musical references to remind what a tremendous year 2020 was.
California Dreamin’. In January 2020, the California Consumer Privacy Act (CCPA) become effective. Yes – that’s hard to believe, given that it feels like we’ve been talking about CCPA forever. Certainly CCPA lived up to the hype. The three sets of draft regulations released by the California Office of the Attorney General helped, as did the class action litigation. And now, we have the California Privacy Rights Act (CPRA) to close out 2020.
US economic sanctions on Syria could impact population 1 minute read
By Rania Zanoun
Damascus, Jan 11 (efe-epa).- Syria’s central bank has been targeted by the most recent round of sanctions imposed by the United States under the Caesar Act, which experts warn that would worsen the economic crisis in the Arab country.
Washington has imposed six rounds of sanctions on people, companies and entities with links to the government of Bashar al-Assad since the implementation of the act, named after a military police photographer who leaked photos of 11,000 people killed while in custody.
In the most recent of these sanctions, the Treasury Department added the central bank to the Specially Designated Nationals and Blocked Persons List (SDN List), which seizes properties in the US or in Washington’s hands, as well as the prohibiting business dealings with targets of the sanctions.
What Happened: OFAC settled with BitGo, Inc. for $98,830, resolving 183 apparent violations of multiple US sanctions programs for processing digital currency transactions on behalf of.
A NEW YEAR’S TALE OF CAUTION – OFAC Settlement Highlights Risks for Those Dealing in Digital Currencies Thursday, January 7, 2021
What Happened: OFAC settled with BitGo, Inc. for $98,830, resolving 183 apparent violations of multiple US sanctions programs for processing digital currency transactions on behalf of individuals located in sanctioned jurisdictions.
The Bottom Line: Companies providing digital currency services should be aware of sanctions risks and should implement compliance procedures sufficient to ensure that they do not deal with blocked persons or otherwise engage in transactions prohibited by sanctions. This action also cautions financial institutions subject to US jurisdiction of the sanctions risks associated with interacting with digital or crypto currency providers.
US Government Fines Bitgo for Allowing Users to Bypass Sanctions With Cryptocurrency
The U.S. Office of Foreign Assets Control has fined Bitgo for failing to prevent users in sanctioned countries from using its crypto wallet service. The agency says Bitgo processed 183 cryptocurrency transactions that were “apparent violations of multiple sanctions programs.”
US Treasury Alleges Bitgo Allows Users to Bypass Sanctions
The U.S. Department of the Treasury announced on Wednesday that the Office of Foreign Assets Control (OFAC) has entered into a $98,830 settlement with Bitgo “for 183 apparent violations of multiple sanctions programs.” Bitgo offers cryptocurrency wallet services. According to the announcement: