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Top Story Security Related

03/18/2024

U.S. targets illicit shipments

On Friday, the Treasury Dapartment reported that OFAC had taken action against Marshall Islands-registered shipping company Vishnu Inc., whose vessel, the LADY SOFIA, is involved in illicit shipments to the People’s Republic of China in support of Iran’s Islamic Revolutionary Guard Corps-Qods Force and Houthi financial facilitator Sa’id al-Jamal, who is sanctioned under U.S. counterterrorism authorities.

For identification information on Vishnu Inc. and the LADY SOFIA, see Friday's BankersOnline OFAC Update.

03/15/2024

Swiss global banking group settles with OFAC

OFAC has announced a settlement with EFG International AG, a Switzerland-based global private banking group. EFG has agreed to pay $3,740,442 to settle its potential civil liability for processing 873 securities transactions in apparent violation of the Cuban Asset Control Regulations, the Kingpin Act, and Executive Order 14024. The settlement amount reflects OFAC’s determination that EFG’s apparent violations were voluntarily self-disclosed and were non-egregious. Further details are available in OFAC's enforcement release.

03/15/2024

Fed and OCC fine JPMorgan Chase $348.2M for inadequate monitoring

The Federal Reserve Board yesterday announced it has issued an enforcement action against JPMorgan Chase & Co., and fined the firm approximately $98.2 million for an inadequate program for monitoring firm and client trading activities for market misconduct. The Board's action requires JPMorgan Chase to review and take corrective action to address the firm's inadequate monitoring practices, which occurred between 2014 and 2023.

The Board's action was taken in coordination with the Office of the Comptroller of the Currency. The penalties announced by the Board and the Office of the Comptroller of the Currency total approximately $348.2 million.

The OCC's assessment of a $250 million civil money penalty against JPMorgan Chase Bank, N.A. was also announced yesterday. The OCC reported it found that the bank operated with gaps in trading venue coverage and without adequate data controls required to maintain an effective trade surveillance program.

Generally, trading venues are systems or electronic platforms, operated by investment firms or market operators, that bring together multiple third party buying or selling interests in financial instruments to perform a transaction. The OCC expects banks to perform trade surveillance to monitor the market conduct of its traders and clients as part of its market conduct risk control framework. The OCC found that the bank failed to surveil billions of instances of trading activity on at least 30 global trading venues. These gaps and deficiencies in the bank’s trade surveillance program constitute unsafe or unsound banking practices.

03/14/2024

U.S. targets Republika Srpska officials

Yesterday, the Treasury Department reported that OFAC had designated three individuals who have contributed to Specially Designated National (SDN) and Republika Srpska President Milorad Dodik’s efforts to undermine the peace and stability of Bosnia and Herzegovina (BiH) by organizing and executing the commemoration of “Republika Srpska Day” on January 9, 2024, an activity determined to be unconstitutional in BiH. These individuals facilitated Dodik’s efforts to undermine the Dayton Peace Agreement and the authority of the BiH Constitutional Court and the High Representative.

For the names and identification information of the designated individuals, see yesterday's BankersOnline OFAC Update.

03/13/2024

U.S. targets Al-Ashtar Brigades operatives

The Treasury Department yesterday reported that OFAC has acted in coordination with the Kingdom of Bahrain against key Iran-based operatives and a financial facilitator for designated terrorist group Al-Ashtar Brigades. The Department of State designated Al-Ashtar Brigades as a Foreign Terrorist Organization and a Specially Designated Global Terrorist in 2018.

For the names and identification information of the designated individuals, see yesterday's BankersOnline OFAC Update.

03/12/2024

Appeal filed in Corporate Transparency Act case

FinCEN has reported that the Government has filed a Notice of Appeal in National Small Business United v. Yellen. The appeal was filed with the U.S. Court of Appeals for the Eleventh Circuit.

03/12/2024

U.S. targets transnational al-Shabaab money laundering network

The Treasury Department has reported that OFAC has imposed sanctions on 16 entities and individuals who compose an expansive business network spanning the Horn of Africa, the United Arab Emirates (UAE), and Cyprus that raises and launders funds for al-Shabaab, a terrorist group affiliated with al-Qa’ida. Individuals within this network include influential businesspeople in the region that lend financial backing to al-Shabaab, a terrorist group responsible for some of the worst terrorist attacks in East Africa’s modern history. These attacks have claimed the lives of thousands of innocent civilians. These individuals and entities were designated pursuant to Executive Order 13224, as amended, which targets terrorist groups and their enablers.

For the names and identification information of the designated parties, see yesterday's BankersOnline OFAC Update.

03/07/2024

Foreign-based person must comply with U.S. sanctions and export controls

Yesterday, U.S. Department of Justice, the U.S. Department of Commerce, and the U.S. Department of the Treasury’s Office of Foreign Assets Control, issued a Tri-Seal Compliance Note: “Obligations of foreign-based persons to comply with U.S. sanctions and export control laws.”

03/07/2024

U.S. targets companies and vessels aiding Qods Force and Houthi shipments

The Treasury Department has reported that OFAC has taken additional action to target shipments of Iranian commodities undertaken by the network of Iran-based, Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF)-backed Houthi financial facilitator Sa’id al-Jamal. Yesterday’s action targets two Hong Kong- and Marshall Islands-based ship owners and two vessels for their role in shipping commodities on behalf of al-Jamal, and follows a February 27 action targeting a related vessel, the ARTURA.

For identification information on the companies and vessels, see BankersOnline's March 6, 2024, OFAC Update.

03/06/2024

U.S. targets Intellexa Consortium and others

The Department of the Treasury has reported that OFAC has designated two individuals and five entities associated with the Intellexa Consortium for their role in developing, operating, and distributing commercial spyware technology used to target Americans, including U.S. government officials, journalists, and policy experts.

For the names and identification information of the designated parties, see this BankersOnline OFAC Update.

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