Turkish Bank Charged in Billion Dollar Iranian Sanctions Scheme

Enforcement, Finance & Banking, IEEPA, Turkey, Violations & Fines

By: Danielle Hatch The Department of Justice announced that TÜRKİYE HALK BANKASI A.S. (“Halkbank”), a Turkish state-owned bank, was charged on October 15, 2019 in a six count indictment with fraud, money laundering, and sanctions offenses related to the bank’s...

US Treasury Proposes Regulations to Implement FIRRMA and Expand CFIUS Reviews of Foreign Investment in the US; Comments Due Mid-Late October 2019

CFIUS, Finance & Banking, FIRRMA

By: Timothy J. Keeler, Esq., tkeeler@mayerbrown.com, +1 202-263-3774; Duane W. Layton, Esq., dlayton@mayerbrown.com, +1 202-263-3811; and Timothy C. Lee, Esq., tlee@mayerbrown.com, +1 202-263-3055; all of Mayer Brown. On September 17, 2019, the US Treasury Department...

Bank in London will Pay $4 Million to Settle OFAC Violations

Enforcement, Finance & Banking, OFAC, Sanctions, Sudan

By: Danielle Hatch British Arab Commercial Bank plc (BACB), a commercial bank in London, has entered into a settlement agreement with the Office of Foreign Assets Control (OFAC) related to 72 violations of the Sudanese Sanctions Regulations. Between 2010 and 2014,...

Clearstream Banking Pays $151.9 Million for Transferring Funds to Iran through the U.S.

Embargoes, Finance & Banking, Iran, OFAC, Sanctions, USA Regulations, Violations & Fines

By: Brooke Driver On January 23, OFAC announced that Luxembourg-based Clearstream Banking, S.A. has agreed to pay $151.9 Million for alleged violations of the Iranian Transactions and Sanctions Regulations. OFAC points out that the case is an example of the particular...

North Carolina Man Jailed and Debarred for Violating ITAR Brokering Rules

BIS, Finance & Banking, Venezuela, Violations & Fines

By: Brooke Driver For Donald Bernardo of Matthews, North Carolina, the hits keep on coming. In November of 2011, Bernardo was tried and convicted in a Florida court for his violation of Section 38 of the Arms Export Control Act. Without first registering with the...

Illegal Stripping at Standard Chartered Bank Nets $327 Million for OFAC+ Violations

Finance & Banking, Iran, Libya, OFAC, Sudan, Treasury Dept

By: John Black (Editor’s Note: That is perhaps one of the most attention grabbing export control headlines ever.) On December 10, 2012 the Office of Foreign Assets Control (OFAC) in the US Treasury Department announced a $132 million settlement agreement with...