Propose Allocation News Today : Breaking News, Live Updates & Top Stories | Vimarsana

1. Recent Enforcement: Even Companies That Invest in Compliance Pay Penalties Since our April enforcement roundup, the Office of Foreign Assets Control (OFAC) and the Bureau of Industry and Security (BIS) in the Department of Commerce have issued several important penalty announcements. These enforcement actions demonstrate that even multinational companies that invest in compliance can run into problems without a continued commitment to monitoring and updating their programs. Global software company SAP SE paid a total of $8 million in a combined global resolution with the Department of Just...

1. BIS Eliminates Reporting Requirements for Certain Encryption Items Effective March 29, 2021, BIS eliminated or reduced reporting requirements for certain encryption items. For encryption source code and beta test software that is made publicly available, companies will no longer have to notify BIS unless the cryptography used is “non-standard.” Only source code that implements proprietary or unpublished encryption must be reported to the U.S. government before release from control under the Export Administration regulations. Additionally, most “mass market” encryption products will...