sanctions.io

🌐 Sanctions Tracker Weekly Update 📈 Here's a quick summary of what you need to know from the last 7 days: 🇺🇸 United States 🔷 On October 30, the US sanctioned nearly 400 entities and individuals for supporting Russia's military-industrial base, targeting third-country enablers across 17 jurisdictions, including China, India, Malaysia, Thailand, Turkey, and the UAE. 🔷 According to reports, the US government is investigating TSMC, the world's most valuable semiconductor company, for an alleged sanctions breach regarding the production of chips for the sanctioned company Huawei. 🇬🇧 United Kingdom 🔷 The UK's OFSI has reminded entities to report frozen assets belonging to designated persons by November 11, 2024. 🔷 On October 28, the UK sanctioned three of Putin's interference actors and their directors, who are attempting to undermine and destabilize Ukraine and its democracy. 🇩🇪 🇰🇷 Germany & South Korea 🔷 This week, German police arrested a man in Nuremberg for suspected sanctions violations, as he allegedly used his company to procure maritime goods for Russia. 🔷 South Korea has strengthened sanctions and export controls against North Korea by introducing a new surveillance target list for solid-propellant missiles, banning the export of 15 key items used in missile production. 📩 Need help with sanctions screening? Contact us to discover how our solutions can enhance your sanctions and AML compliance process. Test drive our brand-new portal with a 7-day free trial. #SanctionsNews #Sanctions #SanctionsCompliance #SanctionsTracker

🔺 Yesterday, the United States targeted nearly 400 entities and individuals for their roles in supporting Russia's war efforts. 📃 Such a large-scale action in a single day, exemplified by the OFAC SDN List update—which, if printed, would create a large stack of paper—highlights the critical importance of an effective sanctions screening process. 📈 But why so many? This large-scale action is targeting third-country enablers of Russia's war against Ukraine. 🌍 The sanctions target entities and individuals across several countries, including China, India, Malaysia, Thailand, Turkey, and the United Arab Emirates. OFAC also said the action spanned 17 jurisdictions. 🔽 More information about the action is in our infographic below. 📩 And remember, contact us to learn how our sanctions screening solutions can assist your compliance process. Test drive our brand-new portal with a 7-day free trial. #Sanctions #OFAC #SanctionsCompliance #SanctionsScreening

👜 Here is an eye-opening fact: Luxury handbags from brands like Hermes and Louis Vuitton can be considered valuable assets under financial sanctions. 💰 Why? Their high market values, often exceeding tens of thousands of dollars, make them significant economic resources. ⬇️ Here is an example of how the luxury goods market intersects with sanctions laws: 🇬🇧 The UK sanctions strategy, published in February 2024, clearly states that luxury goods are included alongside oil products and military materials in the context of sanctions evasion through third countries. 📗 There is a lot more information in our latest article on the blog, where we delve into the topic. Here is what you will learn: 🔸 What Makes Luxury Industry Sanctions Risks So High 🔸 Luxury Goods Supply Chain and Sanctions 🔸 Impact of Trade Sanctions on Luxury Goods 🔗 Read here or bookmark it for later: https://lnkd.in/dc_NQj89 📩 Need help with sanctions screening? Contact us to discover how our solutions can enhance your AML and sanctions compliance process. Test drive our brand-new portal with a 7-day free trial. #LuxuryGoods #Sanctions #AML #Compliance

👥 AML and sanctions violations increasingly involve companies without face-to-face contact with clients and customers. 📈 This is now becoming the norm rather than the exception. 📲 This shift is due to the rise of online and remote business operations, such as fintechs, cloud-based services, and e-commerce platforms. 💻 Also, especially since the COVID-19 pandemic, freelance workers and external contractors working for companies without any in-person interactions is on the rise. 🚩 In 2024, the UK government warned about sanctions compliance challenges associated with remote workers, particularly highlighting concerns regarding North Korean IT professionals. 📗 To learn more about managing non-face-to-face relationships and ensuring compliance with AML and sanctions regulations in 2024, check out this article on our blog: https://lnkd.in/d8SRdcCi 📩 Need help with AML screening? Contact us to discover how our solutions can enhance your compliance process. Test drive our brand-new portal with a 7-day free trial. #AML #Sanctions #AMLCompliance #Compliance

🌐 Sanctions Tracker Weekly Update 📈 From Canada's warning about sanctions evasion to Panama revoking vessel registrations, here are this week's key highlights: 🇺🇸🇨🇦 United States & Canada 🔷 OFAC has sanctioned Mirghani Idris Suleiman, the procurement chief of the Sudanese Armed Forces (SAF), placing him on the SDN list for facilitating arms purchases for the SAF. 🔷 Canada's FINTRAC has issued a bulletin warning that legal services may be used to evade sanctions and launder money, reminding businesses of their compliance obligations. 🇬🇧🇵🇦 United Kingdom & Panama 🔷 The Legal Services General Licence under the UK's sanctions regime expires on 28 October, with a frozen assets report deadline of 11 November. 🔷 Panama has issued a decree to revoke registration of vessels under sanctions, targeting ships involved in oil smuggling. The move, widely praised in the US, applies to ships flagged by jurisdictions including the US, UK, and EU. 🇪🇺 European Union 🔷 The EU has renewed its sanctions against Burundi for another year, now set to expire on 31 October 2025. This renewal reflects ongoing concerns regarding the situation in the country. 🔷 The EU Parliament has called for sanctions against Azerbaijani officials over human rights violations and urged an end to gas dependency on Azerbaijan, citing concerns over misbranded Russian gas. 📩 Need help with sanctions screening? Contact us to discover how our solutions can enhance your sanctions and AML compliance process. Test drive our brand-new portal with a 7-day free trial. #Sanctions #SanctionsNews #SanctionsTracker #Compliance

📊 Here's a striking statistic: recent research from Gartner reveals that 60% of organizations engage with over 1,000 third parties. ➔ This result likely reflects larger companies, but you get the point—it highlights the extensive scale of third-party engagement. 📈 And in 2024, third-party risk management (TPRM) continues to gain greater importance, especially in sanctions compliance. ⚖️ The risk of breaking sanctions laws through working with a third party, such as vendors, suppliers, or partners, can lead to severe financial penalties and reputational damage for organizations. 🚩 In fact, numerous penalties imposed by regulators, such as OFAC in the US, stem from engagement with non-compliant third parties. 🏛️ For example, an OFAC case from recent years involved a Texas-based company selling software systems. 🌍 According to the OFAC release, the company exported software products to foreign distributors located in France and the UAE, and the distributors then resold the products to a purchaser in Iran. 🔗 Want to learn how to minimize sanctions risk when engaging with third parties? Check out our latest blog post, where we reveal five effective strategies: https://lnkd.in/d3bppJGc 📩 Need help with sanctions screening? Contact us to discover how our solutions can enhance your sanctions and AML compliance process. Test drive our brand-new portal with a 7-day free trial. #ThirdPartyRiskManagement #Sanctions #SanctionsScreening

🌍 The Financial Action Task Force (FATF) third plenary of 2024 is in full swing this week in Paris. 🗓️ It's the first meeting under new FATF President Elisa de Anda Madrazo. And on Friday, the FATF will hold a press conference to announce the outcomes. 📢 However, a significant announcement was made just days before the plenary began. 🔄 Starting with the next round of assessments, important changes will be implemented in the FATF grey listing process. ⬇️ Our infographic below provides an overview, but in a nutshell, the new criteria aims to relieve pressure on emerging markets while holding FATF members that are World Bank high-income countries to a higher standard. 📉 The changes could halve the number of low-capacity countries on the FATF grey list. 📩 Need help with AML screening? Contact us to discover how our solutions can enhance your sanctions and AML compliance process. Test drive our brand-new portal with a 7-day free trial. #FATF #AML #MoneyLaundering #Sanctions #Compliance

🗓️ Is your crypto business ready? The EU's Markets in Crypto-Assets (MiCA) Regulation will become applicable to Crypto-Asset Service Providers in less than 10 weeks (December 30). ⚖️ MiCA establishes a groundbreaking framework for regulating crypto assets in the European Union. 🇪🇺 What does this mean? CASPs in the EU authorized under MiCA will be subject to anti-money laundering (AML) requirements. Services such as: 🔸 Cryptocurrency exchanges 🔸 Wallet providers 🔸 Payment service providers 🔸 Trading platforms 🔸 Initial Coin Offering (ICO) platforms 📗 To learn more about MiCA and its implications, check out this comprehensive article on our blog: https://lnkd.in/duHHzjRX 🧩 While MiCA is expected to bring much-needed clarity to the EU's crypto regulatory landscape, it also presents significant challenges, particularly for smaller entities with limited resources. 📩 Contact us to learn how our AML screening solutions can enhance your compliance process. We offer transparent, affordable pricing and a 7-day free trial. #Crypto #CryptoCompliance #MiCA #MiCACompliance

🌐 Sanctions Tracker Weekly Update 📈 From suspected university sanctions violations to designations targeting Russian drone production, here's a roundup of the key events from the past week: 🇺🇸 United States 🔷 OFAC has announced an $860,000 settlement with Vietnam Beverage Company Limited (VBCL) for 43 DPRK sanctions violations, involving $1.14m in processed payments. 🔷 OFAC has designated three entities and one individual on its SDN list for their involvement in Russian drone production. They are linked to the development of the Garpiya drone, reportedly used by Russia in Ukraine. 🇫🇮🇫🇷🇬🇧 Finland, France, and the United Kingdom 🔷 Finnish police are investigating the University of Tampere for suspected sanctions violations. The university requested the investigation, with reports indicating several individuals may have breached sanctions. 🔷 Judges have ordered the trial of French cement group Lafarge for terrorism financing and sanctions violations. The investigation began in 2018 over alleged payments to terrorist groups. 🔷 The UK has delisted Semyon Mkrtychovich Simonyan from its Russia sanctions list. He was designated in 2023 for his role at Aero-Engine Scientific and Technical Complex. 🇪🇺 European Union 🔷 The EU has renewed its sanctions regimes against Guinea and Niger, extending them for another year. Sanctions against Guinea will now expire on 27 October 2025. 📩 Need help with sanctions screening? Contact us to discover how our solutions can enhance your sanctions and AML compliance process. Test drive our brand-new portal with a 7-day free trial.

Our New Screening Portal is Here! ✨ We're excited to share some major updates to our innovative tools—all designed to enhance your AML and sanctions workflow. Compliance screening can be challenging, especially when you have multiple customers or business partners to check. That's why we've launched our brand-new screening portal with improved user experience and extended new features. Whether you're conducting single or batch screenings, we've got you covered! Here's what's landed: ✅ Single screening: Quickly search and review individuals or entities against sanctions and watchlists using our new, easy-to-use interface. ✅ Batch screening: Need to screen multiple names? No problem. Upload entire lists at once, saving valuable time as you check each entity against the latest data. Easily review matches directly in our new portal. To learn more about the new portal and its capabilities, check out our blog post, where we've provided all the details you need: https://lnkd.in/dDPPiSsQ And don't forget, if you haven't already, sign up today (we offer a 7-day free trial) to explore how these new features can enhance your compliance workflow! #ProductReveal #Sanctions #AML #Compliance