Fans of the movie “Office Space” are familiar with the dreaded TPS Report.  Recently, the U.S. Bureau of Industry and Security (BIS) finalized its plans to reduce reporting requirements for certain encryption items.

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.

There have been many changes over the last few months when it comes to China. When doing business with China, exporters and businesses must be diligent in knowing their customer, understanding what they do, who they are owned by, who they own, and what their products will be used in or with, as well as conducting robust Restricted Party Screening.

There is an unprecedented rise of ransomware attacks against companies. As a result, many companies are finding themselves victims to cyber-attackers demanding payments to avoid shutting down their business. OFAC concerns must be addressed before any company decides to facilitate payment to cyber-attackers.

China is reviewing their current export control regulations and issuing updates, including a new law which would enable the Chinese government to take reciprocal measures against countries that undermine their export control measures and threaten their national security and interests.