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In November, the largest cryptocurrency exchange in the world paid the largest settlement in OFAC history for alleged sanctions violations.  Together with other agencies, the settlement totaled over $4 billion!  On top of that, the CEO also pled guilty, has relinquished his role, and must pay a personal fine of $50 million.  What happened?

Discover how daVinci's reward process lacked due diligence, allowing recipients in sanctioned countries to access rewards, highlighting the need for geolocation controls.

Stop me if you’ve heard this one:  “We don’t make munitions or sell weapons, so we are good on all those export-law requirements.” Statements like this make most trade compliance managers cringe.  Why?  Because there’s so much more to import/export compliance than just “selling munitions.”  Take the enforcement case announced last month against 3M Company. 

Trade compliance audits can be scary, cumbersome and time-consuming.  Why would any company subject itself to this?  The importance of any import/export compliance audit is to avoid the dreaded “F&P” words.  These are two words that most companies don’t want to hear … or even say (unless it’s behind closed doors). Maybe this has never crossed your mind.  If it has, keep reading and we’ll help you unpack the details.

Deemed export laws are complicated.  They can be confusing for all people – even Elon Musk.  The serial entrepreneur and founder of SpaceX recently tweeted an (inaccurate) interpretation of U.S. export controls laws.  Let’s expand beyond 280 characters and take a closer look at this topic.