US Department of the Treasury’s Office of Foreign Assets Control (OFAC), the US Department of Commerce’s (Commerce) Bureau of Industry and Security (BIS) and the US Department of Justice (DOJ), collectively issued guidance regarding the obligations of non-US based companies and persons to comply with US sanctions (Tri-Seal Compliance Note: Obligations of foreign-based persons to comply with US sanctions and export control laws) (Compliance Note).
Continue Reading OFAC, BIS and DOJ Issue Guidance for Foreign Companies to Comply with US Sanctions and Export Control Laws

As reported in a Hunton Client Alert, the US Department of Justice, the US Department of Commerce’s Bureau of Industry and Security, and the US Department of the Treasury’s Office of Foreign Assets Control recently issued guidance regarding the voluntary self-disclosure by US businesses of violations of US sanctions and export control laws to these agencies.
Continue Reading DOJ, BIS, and OFAC Issue Inter-Agency Guidance on Voluntary Self-Disclosures of Sanctions and Export Control Violations

On February 28, 2022, the US Department of Treasury’s Office of Foreign Assets Control issued further sanctions on Russia’s Central Bank, National Wealth Fund, and Ministry of Finance, and announced regulations to implement Executive Order 14024 under the Russia Harmful Foreign Activities Sanctions Program. On February 24, 2022, the Department of Commerce’s Bureau of Industry and Security issued an immediate final rule implementing sanctions under the Export Administration Regulations.
Continue Reading US Sanctions Tighten on Russia’s Financial Sector and Technology Imports

On September 21, 2021, the U.S. Department of the Treasury’s Office of Foreign Assets Control issued an Updated Advisory on Potential Sanctions Risks for Facilitating Ransomware Payments on the sanctions risks associated with facilitating ransomware payments. OFAC, with assistance from the FBI, also designated SUEX OTC, S.R.O., as a malicious cyber actor, the first such sanctions designation against a virtual currency exchange.
Continue Reading OFAC Designates Virtual Currency Exchange as Malicious Cyber Actor

On September 13, 2019, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced sanctions targeting three North Korean state-sponsored malicious cyber groups responsible for North Korea’s malicious cyber activity on critical infrastructure. As part of the sanctions, OFAC alleges that the entities conducted successful operations targeting more than 16 organizations across 11 countries, including the SWIFT messaging system, financial institutions and cryptocurrency exchanges.
Continue Reading OFAC Sanctions North Korean Crypto Hackers

On May 2, 2019 US Department of Treasury’s Office of Foreign Assets Control (OFAC) published “A Framework for OFAC Compliance Commitments” (the Framework), which provides a specific outline of what OFAC considers to be essential elements of an effective sanctions compliance program. Crypto businesses should consider the applicability of the Framework to their products.
Continue Reading OFAC Strongly Encourages Companies to Develop and Implement an Effective Sanctions Compliance Program