Tag: office_of_foreign_assets_control
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US Sanctions Panama-Greece Law Firm, Shipping Agents and Vessels Over Iran Shadow Fleet
Treasury's Operation Economic Outcast action targets Karnakis and Karnakis, two shipping agents and seven cargo vessels, and FinCEN has issued its first administrative subpoena in a probe of a Greek bank's potential Iran ties.
Politics and GovernmentBusinessConflictLaw EnforcementFederal GovernmentTradeMilitaryEnergyBankingLegal Operation Economic OutcastKarnakis and KarnakisIran sanctionsU.S. Department of the Treasuryshadow fleetFinCENScott BessentFinancial Crimes Enforcement NetworkOffice of Foreign Assets ControlRoxette Maritime Shipping and TradingUS Treasury
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Treasury Sanctions Iraqi Bank and Iranian Offshore Lenders, FinCEN Warns Banks on Charity Abuse
FinCEN's alert under Operation Economic Outcast asks financial institutions to report diversion of khums religious tithes through charity networks, while Treasury blocks an Iraqi bank, Iranian offshore banks, oil intermediaries and exchange houses.
Politics and GovernmentBusinessLaw EnforcementIranUSAFederal GovernmentBankingLegalMiddle EastMilitaryWorldIraqFinancial Markets FinCENOperation Economic Outcastreligious charity networkskhumsU.S. Department of the Treasuryfinancial institutionsFinancial Crimes Enforcement NetworkIran sanctionsInternational Development BankScott BessentOffice of Foreign Assets Controlshadow bankingUS TreasuryIranian regimereligious charitiesterrorism financing
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Bank of America Hit With Over $1.96 Billion in AML and Sanctions Penalties
FinCEN assessed $1.2 billion, the OCC $750 million and OFAC $11.6 million, with the bank admitting it willfully violated the Bank Secrecy Act.
BusinessLaw EnforcementUSABankingLegalFederal GovernmentFinancial MarketsPolitics and GovernmentEconomy Office of the Comptroller of the CurrencyBank of AmericaBank Secrecy Actcivil money penaltyanti-money launderingFinancial Crimes Enforcement NetworkJonathan V. GouldOffice of the Comptroller of the Currency (OCC)FinCENmoney launderingOffice of Foreign Assets ControlsanctionsU.S. Department of the TreasuryOFACUS Treasury
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Treasury Targets A7 Network Shadow Banking Ring Used by Iran to Evade Sanctions
FinCEN proposes rule barring fund transmittals tied to the A7 Network's Sub-Agents and issues an alert to help banks spot suspicious activity, as OFAC sanctions the Russia-linked network.
Politics and GovernmentBusinessLaw EnforcementUSAIranRussiaFederal GovernmentBankingFinancial MarketsLegalMilitary A7 NetworkFinCENIran sanctions evasionOffice of Foreign Assets ControlOperation Economic Outcastshadow bankingFinancial Crimes Enforcement Network
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FinCEN Issues Whistleblower Bulletin on Iran-Related Illicit Finance
FinCEN seeks tips on Bank Secrecy Act and sanctions violations tied to Iranian proxies and facilitators, offering possible awards as Treasury backs Operation Economic Outcast.
Politics and GovernmentBusinessLaw EnforcementWorldFederal GovernmentBankingFinancial MarketsLegalMiddle East FinCENOperation Economic OutcastBank Secrecy ActOffice of Foreign Assets ControlIranian proxieswhistleblower programU.S. sanctionsFinancial Crimes Enforcement Network