Category: OFAC

SAP SE $8 million settlement Those of us with children know that some kids choose to learn “the hard way” while others take “the easy way.”  The same can be said for companies trying to comply with U.S. sanctions and export control regulations. Last month, German software behemoth SAP SE (“SAP”) agreed to pay more…

You’ve heard the legend of Wyatt Earp, right?  How he helped bring law and order to Tombstone?  How he defeated all the bad guys at the O.K. Corral?  Well, in today’s global economy, most people would agree that cryptocurrency is the Wild, Wild West – an untamed place of high risk, fierce competition and some…

As the whole world is seemingly swept-up in the “crypto craze,” the Treasury Department’s Office of Foreign Assets Control (OFAC) just issued a stark warning to those companies whose businesses involve digital currency.  This comes less than a year after slapping Amazon for similar violations. In a recent press release, OFAC announced that is has…

Unlicensed Exports Apply To All Foreign National Students It’s been several years since the imprisonment of John Reece Roth, a former University of Tennessee electrical engineering professor who was convicted of conspiracy, wire fraud and fifteen (15) violations of exporting ITAR controlled defense articles.  Professor Roth was involved in a U.S. Air Force contract for…

While not explicitly talking about the late 19th century nursery rhyme or Ella Fitzgerald’s 1938 recording, the idea certainly rolls into what export compliance professionals need to deal with to ensure their specific business units are complying with the ever-changing DDTC /EAR regulations. Effective December 14, 2020, after almost a year and half of failed…

Santa Claus may have already done his job for 2020, but the U.S. Government continues to make their lists and check them twice.  For those of us in the trade compliance community, it has been difficult to keep up with all the various additions to the Restricted Parties Lists.  The most recent actions have been…

There is an unprecedented rise of ransomware attacks against companies and financial institutions who are trying to cope with the global impact of COVID-19. As a result, many companies are finding themselves victims to cyber-attackers demanding monumental payments to avoid shutting down their business operations. OFAC (Office of Foreign Asset Control) concerns that must be…

While we can all certainly agree that we’re not as desirable as Richard Gere tooling down the Pacific Coast Highway in his Giorgio Armani behind the wheel of a Mercedes-Benz 450 SL, I think everyone can agree that one simple phone call to your favorite compliance team might easily be the best call you’ll make…

OFAC Sanctions And Your Business Overview The U.S. Department of Treasury, Office of Foreign Assets Control (OFAC) is a governmental agency responsible for administering sanctions against targeted foreign governments, individuals, entities, and practices. OFAC is tasked with using the economic force of the United States to help enact foreign policy, anti-proliferation, and other goals. The…

What Does OFAC Compliance Mean For Your Business? We frequently talk about BIS and DDTC when it comes to export compliance, but less often, do we discuss the importance of OFAC compliance. When it comes to OFAC compliance, there are three mistakes we often see companies make: Failing to Understand How Far-Reaching the OFAC Sanctions…