Just a quick note: OFAC has a page that lists each enforcement action and civil penalties, broken out by year. It’s a useful page, so I’ve added the link to it to the Regulatory Links page.
Ellman International has agreed to a $191,000 civil penalty for non-egregious violations of the Iran Transaction Regulations that were not voluntarily self-disclosed. The transactions were for exports of medical equipment to Iran and the hiring of an Iranian physician. The base penalty amount was $426,000 for transactions totaling $317,211, so […]
There are always more matches than we want – and experience teaches us that the ratio is not close (1000 to 1, according to BNP Paribas’ NY branch, using an exact matching methodology). We’re searching through an awful lot of hay to find needles that may or may not be […]
AUSTRAC, the Australian FIU (Financial Intelligence Unit, which is the governmental agency which investigates financial crimes) and AML/CTF regulator, has just sent out the January 2013 edition of its e-news Newsletter (which you can subscribe to here) with a whole raft of interesting information about Aussie banking regulation and enforcement. […]
A lot of this seems daunting, doesn’t it? So many possible lists, system settings to consider… and so much work to process Day 1. Seems a little nuts to me… Well, even if you’re facing down the loaded end of a C&D (cease and desist), one doesn’t have to implement […]
May your 2013 be filled with greater subject matter expertise, more skilled, productive and knowledgable staff at all levels, and (especially) fewer regulatory inquiries. All the best from Mr. Watchlist – thanks for reading!
On Friday, the UN changed the listing for Badruddin Haqqani to note that he presumably died in August of this year. DFAT today updated their Consolidated List to note the change. Update: OSFI made the same change on New Year’s Eve. Note: Haqqani is not being removed from the list, […]
OFAC yesterday published its final rule regarding the amendments to the ITSR (Iranian Transactions and Sanctions Regulations) which were mandated by the passage of the TRA (Iran Threat Reduction and Syria Human Rights Act of 2012) and elements of Executive Orders 13622 and 13628. These changes are, in really concise […]
Identifying Politically Exposed Persons, or PEPs, are a mandatory part of typical anti-money laundering (AML) regulations issued by governments. PEPs pose a greater than normal risk of being involved in financial crimes, such as fraud and money laundering, because of their access to, and influence over, large amounts of capital. […]
So, companies match their static and transactional data… to what? What specific pieces of the watchlist listing should be matched? Well, what is there to match on? Well, there’s the name… what else? Listings often have addresses but you don’t really want to match on those alone. After all, street […]