Newswire:
Organised Crime Research Unit established
|
World-Check CEO releases PEP discussion paper
|
More Newswires...
FROM A
DIFFERENT ANGLE by Kenneth Rijock
DIFFERENT ANGLE by Kenneth Rijock
Financial Crime Consultant, for World-Check
OFAC announces exceptions policy on new maximum Civil Penalty
29 November 2007
The Office of Foreign Assets Control, OFAC, has announced that the enhanced civil penalties for IEPPA violations, promulgated on 16 October by President Bush, will be applied to most pending cases where a Final Penalty Notice has not yet been issued. This is bad news for all financial institutions whose penalties are still in various stages of processing. If your institution has a pending case, it is critical that you review the policy statement to ascertain exactly what your status is.
The three categories of affected parties who appear to be the exceptions to the OFAC enhanced penalties:
The text of the document can be found at:
http://www.treas.gov/offices/enforcement/ofac/civpen/penalties/interim_pol_11272007.pdf
- PPN Notice - If a Pre-Penalty Notice was mailed to you before 16 October, you will only be hit with the stated penalty, and not the enhanced fees.
- Tentative Settlement Amount communicated in writing - you will apparently get the benefit of that amount.
- Statute of Limitations waivers - if the bank has signed an SOL waiver, the penalty before 16 October. the penalty will be calculated as of teh date of signing.
The text of the document can be found at:
http://www.treas.gov/offices/enforcement/ofac/civpen/penalties/interim_pol_11272007.pdf
The facts and opinions stated in this article are those of the author and not those of World-Check. World-Check does not warrant the accuracy of any facts and opinions stated in this article, does not endorse them, and accepts no responsibility for them.
Print Article
Email Article
SEND ARTICLE TO A FRIEND
More Articles
Subscribe to Newsletter
PRODUCT INFORMATION
COMPLIANCE OVERVIEW
NEWSWIRE
Specialist Research Unit dedicated to Organis...
World-Check is delighted to announce the establishment of the Organised Crime Research Unit (OCRU), a specialist research unit dedicated solely to researching organized crime and counterfeiting. To re...more
Confessions of a Money Launderer on summer br...
"Confessions of a Money Launderer" series written by Kenneth Rijock is currently on a summer break. The popular series will return to the website in September. If you are a new visitor...more
World-Check CEO releases PEP discussion paper
David Leppan, World-Check Founder and CEO, has today released a ground-breaking discussion paper entitled “PEPS: Moving Forward”. Delivered to the Egmont discussion group earlier this mont...more
Recent OFAC designations: World-Check ahead a...
World-Check, has once again alerted clients to high risk individuals years ahead of their names appearing on a sanctions list. Recent OFAC designations include terrorism-related individuals as well as...more
Alert: Replacing Keyword - IDAC to IIROC
World-Check would like to alert our users to the fact that we will be removing the IDAC (Investment Dealers Association of Canada) keyword from profiles and relacing this with a new keyword IIROC (Inv...more
ARTICLE ARCHIVE
Make this my homepage
Bookmark
