TRADE TIP OF THE MONTH: New Companies Have More Time To Report Ownership-
The Treasury Department’s Financial Crimes Enforcement Network issued a final rule in late November to delay the deadline for newly created...more
12/11/2023
/ Anti-Money Laundering ,
Beneficial Owner ,
Corporate Transparency Act ,
Cyber Crimes ,
Department of Justice (DOJ) ,
Directorate of Defense Trade Controls (DDTC) ,
Exports ,
False Claims Act (FCA) ,
Financial Crimes ,
FinCEN ,
National Security ,
Office of Foreign Assets Control (OFAC) ,
Ransomware ,
Reporting Requirements ,
U.S. Treasury ,
Virtual Currency
1. Seagate Technology Gets Largest-Ever BIS Penalty for Sales to Huawei- Seagate Technology LLC recently incurred a $300 million civil penalty from U.S. Department of Commerce’s Bureau of Industry and Security (BIS) due to...more
10/12/2023
/ Beneficial Owner ,
Bureau of Industry and Security (BIS) ,
Corporate Transparency Act ,
Dubai ,
Economic Sanctions ,
Exports ,
FinCEN ,
Foreign Direct Product Rule ,
Foreign Entities ,
Limited Liability Company (LLC) ,
Office of Foreign Assets Control (OFAC) ,
Popular ,
Section 301 ,
Smaller Reporting Companies ,
U.S. Commerce Department ,
USTR
1. OFAC Imposes Sanctions on Russian Elites Who Were Board Members of Alpha Group-
On Aug. 11, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated four Russian individuals, Petr...more
9/7/2023
/ Boycotts ,
Build America Investment Initiative ,
Bureau of Industry and Security (BIS) ,
Buy America ,
Department of Justice (DOJ) ,
Employment Discrimination ,
Export Administration Regulations (EAR) ,
Exports ,
Foreign Corporations ,
Internal Revenue Code (IRC) ,
Lawful Permanent Residents ,
National Security ,
Office of Foreign Assets Control (OFAC) ,
Ownership Interest ,
Parent Corporation ,
Popular ,
Russia ,
SDN List ,
SpaceX ,
Suppliers ,
Virtual Currency
1. FinCEN and BIS Target Financial Institutions for Export Compliance-
On June 28, the Financial Crimes Enforcement Network (FinCEN) and the Bureau of Industry and Security (BIS) issued their first joint alert urging...more
8/9/2022
/ Bureau of Industry and Security (BIS) ,
China ,
Compliance ,
Crypto Exchanges ,
Economic Sanctions ,
Exports ,
FinCEN ,
General Licenses ,
Office of Foreign Assets Control (OFAC) ,
Ransomware ,
Russia ,
Ukraine ,
USTR
1. BIS Announces Plans To End Categorizing Emerging and Foundational Tech-
On May 22, BIS announced in a proposed rule that it will end the effort to characterize specific technology as emerging or foundational for...more
6/14/2022
/ Biden Administration ,
Bureau of Industry and Security (BIS) ,
Cuba ,
Disclosure Requirements ,
EU ,
Export Control Reform Act (ECRA) ,
Export Controls ,
Exports ,
General Licenses ,
Office of Foreign Assets Control (OFAC) ,
Patent Protection Act ,
Russia ,
Securities and Exchange Commission (SEC) ,
UK
1. U.S. Emerging Tech Companies Can’t Work With These Chinese Entities
On November 26, the Commerce Department’s Bureau of Industry and Security added 27 foreign organizations and individuals, including eight technology...more
12/7/2021
/ China ,
Court of International Trade ,
Emerging Technologies ,
Emerging Technology Companies ,
Entity List ,
Export Administration Regulations (EAR) ,
Exports ,
FCC ,
MOFCOM ,
Office of Foreign Assets Control (OFAC) ,
SaaS ,
Sanctions ,
Technology Sector ,
U.S. Treasury ,
USTR ,
ZTE