Tagged: Screening Errors

OFAC Closes Out Year with Two-Fisted Settlement with TD Bank

The Treasury Department’s Office of Foreign Asset Control had another consistent year – not a big year but continued adherence to its enforcement program. At the end of the year, OFAC announced a settlement with TD Bank for $115,000 for two separate sanctions violations. In the first, TD Bank illegally processed nearly 1,500 transactions that violated US sanctions against North Korea.  Interestingly, it does not...

Episode 156 — OFAC Sanctions Enforcement and Screening Errors

OFAC has brought several significant enforcement actions in last two years that are described as the result of “screening errors.” These screening errors are sometimes described as the fault of sanctions screening software or human error. In this Episode, Michael Volkov reviews several OFAC enforcement cases stemming from screening errors, including Apple, Amazon, American Express and Cobham Metelics.

Apple and Amazon Fall to OFAC Enforcement for “Screening Errors” (Part III of III)

It is hard to argue that Apple and Amazon do not have the resources to implement state-of-the-art OFAC compliance programs. After all, the two largest companies in the world should stand as beacons of compliance with the full support of senior management, robust compliance departments, and sophisticated automated systems to support their compliance efforts.  Apple Even the mighty can fall – Apple agreed to pay...