The United States has imposed sanctions on a vessel that Reuters revealed last year was delivering oil products from Russia to North Korea. The vessel, the Kum Un San, was one of eight vessels which Reuters found had left Russia with cargoes of fuel headed for North Korea despite declaring other destinations. U.S. officials say […]

Latvian banking regulators fined three lenders over involvement in attempts to dodge international sanctions on North Korea. Baltikums Bank and Privatbank each agreed to pay 35,575 euros ($40,000), while Regionala Investiciju Banka agreed to pay 570,364 euros, the Financial and Capital Market Commission said Tuesday in a statement. The breaches, between 2009 and 2015, relate […]

The key compliance challenge of the modern investment bank is to convince employees that their electronic communications are being monitored. The big bank fines and scandals of the post-crisis era are about stupid e-mails and electronic chats. The conduct was vague, ambiguous, hard to prove; the proof of nefarious intent came from all the dummies […]

Commerzbank will pay fines as part of a global settlement with a number of US authorities in relation to an investigation of alleged breaches of US sanctions regulations relating to Iran, Sudan, Burma and Cuba, Commerzbank will pay:  – US$258.7m to the US Treasury’s Department of the Office of Foreign Assets Control (OFAC) to settle […]

Commerzbank AG has agreed to pay a total of $1.45 billion in penalties to state and federal authorities to settle violations of sanctions imposed on countries such as Iran and Sudan by the United States. Commerzbank was accused of moving $263 million through the U.S. financial system on behalf of Iranian and Sudanese entities, and […]