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FinCEN issues CDD FAQs…

FIN-2020-G002 Issued: August 3, 2020 Subject: Frequently Asked Questions Regarding Customer Due Diligence (CDD) Requirements for Covered Financial Institutions. The Financial Crimes Enforcement Network (FinCEN), in consultation with the federal functional regulators, is issuing responses to three frequently asked questions (FAQs) regarding customer due diligence requirements for covered financial institutions. […]

OFAC adds 3 to Global Magnitsky program, plus a General License and FAQ

Today, OFAC added the following people: PENG, Jiarui (Chinese Simplified: 彭家瑞), Xinjiang, China; DOB Apr 1961; nationality China; Gender Male (individual) [GLOMAG] (Linked To: XINJIANG PRODUCTION AND CONSTRUCTION CORPS). SUN, Jinlong (Chinese Simplified: 孙金龙), Xinjiang, China; DOB Jan 1962; nationality China; Gender Male (individual) [GLOMAG] (Linked To: XINJIANG PRODUCTION AND […]

OFSI publishes its own maritime shipping advisory

Maritime guidance published OFSI has today published new guidance for the maritime sector. It provides financial sanctions guidance for entities and individuals which operate in, or with, the maritime shipping sector, especially those involved in areas that may be subject to UK financial sanctions restrictions. This should be considered supplementary […]

OFAC updates Venezuela GL 5, adds FAQ

Today, OFAC issued General License 5D, which authorizes transactions involving PdVSA’s (Petroleos de Venezuela, S.A.) 2020 8.5% bond, but only after October 20, 2020. The previous version authorized those payments from late July on. I wonder what will happen when the bond matures? 2020 is running out fast… And OFAC […]

And a blog post to go with it all…

OFSI publishes latest blog OFSI has posted a new blog on the subject of the UK’s Global Human Rights sanctions regime – the UK’s first autonomous sanctions regime under the Sanctions and Anti-Money Laundering Act 2018 (the Sanctions Act). This blog provides key information you may need when implementing financial sanctions for this […]

US issues Xinjiang Supply Chain Business Advisory

From OFAC: Publication of Xinjiang Supply Chain Business Advisory 7/1/2020 On July 1, the U.S. Departments of State, Commerce, Homeland Security, and Treasury issued an advisoryon the risks for businesses with potential exposure in their supply chain to entities engaged in human rights abuses in the Xinjiang Uyghur Autonomous Region (Xinjiang) . […]