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The Office of Foreign Assets Control’s (OFAC) settlements in the second half of 2023 serve as cautionary tales for organizations navigating the complex landscape of international...
In the past year, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC), the U.S. Department of Commerce's Bureau of Industry and Security (BIS)...
Government officials, practitioners, corporations noted government’s growing anti-corruption enforcement focus at D.C. sanctions conference, increased expectations of companies’ anti-money laundering, Foreign Corrupt Practices Act, ESG, sanctions compliance programs.
Extraordinary. whether it's a computer that triggers or their interest or whatever triggers their interest, once it triggers their reaction, they apparently go on google and look up information about michael cohen and linking up information about michael cohen and what he does and they start drawing conclusions that he actually has no expertise in the areas that -- for example the korean aerospace company wants to engage him, and they start writing up reports based on information they're gathering in a wider ranging investigation beyond just the bank's information. >> that's right. banks have ...
Beyond just the bank's information. >> that's right. banks have made a huge investment in monitoring for this kind of activity. and also in sanctions compliance. you know, i mean, really the suspicious activity reporting program, the sanctions compliance programs, they're really public/private partnerships where the government and the financial institutions work very closely together. a number of banks do have former treasury officials working there, people who were experts in intelligence, sanctions or money laundering. so they understand, you know, not only what money laundering or sanctions...