Crimea Sanctions Archives - Corruption, Crime & Compliance

20 Jun, 2023

Swedbank Latvia Settles with OFAC for $3.43 Million for Crimea Sanctions Violations

OFAC continues its enforcement push. At the same time, OFAC is managing a complex, global set of sanctions against Russia. DOJ has promised to increase prosecution of global banks for sanctions violations. Meanwhile, OFAC reached another settlement with Swedbank Latvia AS (“Swedbank Latvia”), which is a subsidiary of “Swedbank AB”, a global bank headquartered in Stockholm, Sweden. Swedbank Latvia agreed to pay $3.43 million to...

OFAC Settles with S&P Global for $78,750 for Violations of Ukraine-Russia Sanctions Program

General

6 Apr, 2022

OFAC Settles with S&P Global for $78,750 for Violations of Ukraine-Russia Sanctions Program

Prosecutors and regulators are scouring their files for enforcement actions – criminal and civil – for violations of the 2014 Ukraine-Russia Sanctions Program. The message being sent is clear – do not violate any sanctions against Russia, whether the initial round of restrictions in 2014 in response to Russia’s annexation of Crimea, or the broader sanctions recently implemented in response to Russia’s broader invasion of...

The Mighty Amazon Falls to the OFAC Sanctions Sword

Uncategorized

22 Jul, 2020

The Mighty Amazon Falls to the OFAC Sanctions Sword

How the Mighty Have Fallen – Old Testament (2 Samuel 1:19) The Harder They Come, the Harder they Fall – Jimmy Cliff (song) Amazon joins the exclusive club of high-tech OFAC violators. Last year, Apple settled with OFAC for sanctions violations. This year, we can add Amazon to the list of OFAC violators. On July 8, 2020, Amazon settled with OFAC for $134,523 for violations...