The US Department of Justice’s (“DOJ”) FIFA indictment may require certain banks to review any of their FIFA-related transactions, as well as test their compliance policies and procedures relating to compliance with know-your-customer and anti-money laundering laws. Background a detailed review of the 161-page FIFA indictment, unsealed on May 27, 2015, names 26 banks whose […]

The Department of Justice announced today that BSI SA, one of the 10 largest private banks in Switzerland, is the first bank to reach a resolution under the Department of Justice’s Swiss Bank Program. “Because of the department’s continuing efforts to root out offshore tax evasion, Swiss banks are operating much differently today than they […]

Schlumberger Oilfield Holdings (SOHL), a wholly owned subsidiary of Schlumberger Ltd (Schlumberger), the world’s largest oil-field services company, has entered into a plea agreement with the US Department of Justice (DOJ) to settle allegations of violating US sanctions in Iran and Sudan.Under the plea arrangement, which is subject to approval by the courts, SOHL will […]

The pivotal role BNP Paribas played in helping Sudan sell oil in violation of U.S. sanctions is the major reason U.S. authorities are pushing for harsh penalties against the French banking giant, two sources with first-hand knowledge of the matter said. ”BNP basically was the Sudanese economy. They were just huge in helping the government […]