BSA, OFAC, KYC, and CIP – What do they mean to me? [More with McGlinchey, Ep. 29]
Polsinelli Podcast - An International Trade Issue That May Impact Your Business
In response to Russia’s invasion of Ukraine, the U.S. government has deployed a whole-of-government approach to impose sanctions and tighter export controls on Russia. This alert summarizes key economic sanctions imposed by...more
El 6/11/23, la Oficina de Industria y Seguridad (“BIS” o “Bureau of Industry and Security”) del Departamento de Comercio y FinCEN emitieron un Aviso Conjunto sobre la evasión del control de exportaciones destacando un nuevo...more
On 11/6/23, the Department of Commerce’s Bureau of Industry and Security (BIS) and FinCEN issued a joint notice regarding export control evasion highlighting a new Suspicious Activity Report key term (“FIN-2023-GLOBALEXPORT”)...more
On March 15, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions against three individuals in Bosnia and Herzegovina (BiH), pursuant to Executive Orders 14033 or 14059. ...more
On February 24, 2023—the first anniversary of the Russian Federation’s Ukraine incursion—the United States Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) and the Department of Commerce’s Bureau of...more
The Treasury Department’s Office of Foreign Asset Control (“OFAC”) is a busy enforcement agency. OFAC has implemented the comprehensive Russia Sanctions Program in response to Russia’s invasion of the Ukraine. The scope and...more
On March 11, 2022, a reform to the Mexican Banking Law (Ley de Instituciones de Crédito) was published in the Federal Official Gazette (Diario Oficial de la Federación) in order to provide a new procedure for the defense of...more
The United States and the European Union imposed additional sanctions this week in response to the Russian Federation’s invasion of Ukraine and the United States announced its intention to make sanctions enforcement a...more
In our previous alert, we discussed the U.S. implementation of significant sanctions and export controls on Russia which will severely impact business transactions with Russian entities. The U.S. and its allies continue to...more
On February 24, 25 and 28, the United States broadened its economic sanctions against Russia in response to its full-scale military invasion of Ukraine. As the Biden Administration had promised in recent weeks, in close...more
With Russia’s invasion of Ukraine last week, we saw a swift response by the U.S. beginning with President Biden’s Executive Order 14024 (“The EO”) and followed quickly by the Office of Foreign Assets Control’s (“OFAC”) severe...more
On February 25 and 28, 2022, the US Treasury Department, Office of Foreign Assets Control (OFAC) issued its fifth and sixth actions against Russia, blocking the assets of President Vladimir Putin and three other high-ranking...more
As the Russian invasion of Ukraine continues, the global pressure on the Putin regime intensifies with the EU issuing additional sanctions and export controls on Friday evening (February 25). The legislation implementing the...more
In response to Russia’s anticipated and then executed invasion of Ukraine, last week the U.S. Department of Treasury ("Treasury") announced two new rounds of economic sanctions against Russian-connected financial institutions...more
The United States, the European Union (EU), the United Kingdom (UK), and other allies and partners are implementing wide-ranging, novel sanctions and sweeping export controls against Russia in response to its invasion of...more
New rules significantly expand the scope of existing Ukraine- and Russia-related sanctions and impose stringent export controls on Russia. This Client Alert is published in the context of fast-moving developments....more
The situation in the Ukraine remains highly fluid and reactions from the United States and allies continue to evolve. This is the first of a series of advisory alerts from Venable in response to the ongoing situation....more
The Biden Administration and several allied countries announced on February 22 new economic sanctions on Russia and the separatist territories in Ukraine. In the United States, the sanctions target only certain Russian...more
HANOVER, Md. — After recent events in Kabul and the continued loss of life due to terrorism, many are left wondering what they can do and how they can help. Many have given money and other support to organizations helping the...more
The Bank Secrecy Act (BSA) and parts of the U.S. Patriot Act’s Office of Foreign Asset Control (OFAC) requirements have seemingly similar goals: to prevent money laundering and the funding of terrorist activities. Yet a...more
On April 15, 2021, the Biden Administration imposed new sanctions on Russia in response to: (1) its efforts to interfere in U.S. and other countries’ elections; (2) the Solar Winds hacks; and (3) Russia’s continued occupation...more
Hogan Lovells Publications | Lev Fin Spin | 07 October 2019 The English High Court has given effect to the terms of a loan agreement relieving a financial institution of the obligation to make interest payments, where to do...more
In the recent case of Lamesa Investments Ltd v Cynergy Bank Ltd [2019] EWHC 1877 (Comm), the High Court upheld the bank’s attempt to avoid a common banking dilemma: the ‘double jeopardy’ of being contractually liable to make...more
• In a further escalation of U.S. sanctions on Venezuela in support of its efforts to oust the regime of Nicolás Maduro, on August 5, 2019, the Trump administration imposed comprehensive sanctions on the Government of...more