Zurich-based UBS AG agreed to pay just over $1.7 million to resolve civil allegations that it processed 222 transactions for a client that apparently violated U.S. anti-terrorism sanctions.
Entries in Sanctions Compliance (4)
Last week, the UK’s Fianncial Conduct Authority published thematic financial crime risk reviews into 21 small banks and ten commercial insurance intermediaries. It also commenced a consultation exercise on its proposed guidance on financial crime systems and controls.
Law-related employment for grads from American law schools isn't exactly robust. In 2013, the ABA Journal said, only 57 percent of the that year's JDs had full-time bar-passage-required jobs. At the same time, the world seems to have an insatiable appetite for compliance officers. That sounds like an opportunity.
In recent months, the U.S. Treasury Department's sanctions enforcement unit, the Office of Foreign Assets Control (OFAC), has made it clear that sanctions compliance will continue to be a global issue. Particular transactions will be scrutinized, making it important for financial institutions that do business internationally to manage their risks appropriately.