FIMA Europe 2015 (past event)
10 - 11 November, 2015
10th – 11th November, 2015 | QEII Conference Centre, London
As OFAC scrutiny intensifies, importance of sanctions screening grows
Last month, BNP Paribas paid a $140 million fine and began a five year
probation for violating U.S. sanctions, bumping up its record penalty to nearly $9 billion for moving money through the U.S. financial system on behalf of sanctioned entities.
BNP Paribas pled guilty in the criminal case, which involved several years of illicit transactions to sanctioned Sudanese, Iranian, and Cuban entities. Since the 2014 case, U.S. authorities have stepped up investigations of banks and other institutions to find other transactions with links to those designated as known terrorists, international narcotics traffickers, and threats to national security. In 2014, the Office of Foreign Assets Control (OFAC), under the U.S. Department of the Treasury, collected more than $1.2 billion in penalties and settlements, up from $200 million in 2010. Violators also face bans from the U.S. banking system or from processing U.S. dollar transactions.....
Download the full report!
This article is produced by FactSet Research Systems Inc.2015.
probation for violating U.S. sanctions, bumping up its record penalty to nearly $9 billion for moving money through the U.S. financial system on behalf of sanctioned entities.
BNP Paribas pled guilty in the criminal case, which involved several years of illicit transactions to sanctioned Sudanese, Iranian, and Cuban entities. Since the 2014 case, U.S. authorities have stepped up investigations of banks and other institutions to find other transactions with links to those designated as known terrorists, international narcotics traffickers, and threats to national security. In 2014, the Office of Foreign Assets Control (OFAC), under the U.S. Department of the Treasury, collected more than $1.2 billion in penalties and settlements, up from $200 million in 2010. Violators also face bans from the U.S. banking system or from processing U.S. dollar transactions.....
Download the full report!
This article is produced by FactSet Research Systems Inc.2015.
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