A Bank CEO Obtained OFAC Authorization for a Transaction, Then Ran a Prohibited Side Deal Alongside It. He Was Just Sentenced to Over 9 Years. | Truth Technologies On September 21, 2026, Tomás Niembro Concha, the former CEO of Nodus International Bank, a Puerto Rican international bank, was sentenced to…
An Agricultural Trader Opened UK Accounts, Declared Personal Wealth as the Source of Funds, and Received £3.84 Million From Chinese Accounts Tied to Iranian Sanctions. The NCA Forfeited It. | Truth Technologies On 27 August 2026, the National Crime Agency announced that ENEX Premium Trading Limited had agreed to forfeit…
OFAC and OFSI Just Published a Roadmap. Here Is What It Means for Your Compliance Program. | Truth Technologies For the first time, OFAC and OFSI have jointly published a side-by-side comparison of their sanctions regimes. If your institution operates under both US and UK sanctions obligations, this document is…
The Bank Blocked the Payment. Sabre Found Another Route. OFSI Called It Circumvention and Issued the UK's Largest Russia Sanctions Fine Since 2022. | Truth Technologies Ural Airlines was designated by the UK under its Russia sanctions regime in May 2022. Sabre Global Technologies Limited was notified of that designation…
Deutsche Bank London Was Fined £165,000 for a Russia Sanctions Breach. The Regulator Blamed the Screening Gap. | Truth Technologies On 19 May 2026, the UK's Office of Financial Sanctions Implementation (OFSI) published its penalty notice against Deutsche Bank AG London Branch (DBLB), imposing a final settlement of £165,000 for…
Five AML Control Failures Behind the €6M UBS Monaco Fine | Truth Technologies On 7 May 2026, Monaco's Autorité Monégasque de Sécurité Financière (AMSF) published a 77-page sanction decision against UBS (Monaco) S.A., imposing a €6 million fine for failures covering a five-year supervisory review period. The decision is publicly…
On April 8, 2026, FinCEN and OFAC issued a joint NPRM implementing the GENIUS Act's directive to treat Permitted Payment Stablecoin Issuers (PPSIs) as financial institutions under the Bank Secrecy Act. The GENIUS Act (Pub. L. 119-27, enacted July 18, 2025) is explicit: PPSIs "shall be treated as a financial…
The evolving financial regulations spurred by globalization pose significant challenges, particularly for organizations involved in international transactions. The recent investigation by the Office of Foreign Assets Control (OFAC) into Russian accounts inherited by UBS from Credit Suisse highlights these complexities. Financial institutions must comply with Anti-Money Laundering (AML), Know Your…
New sanctions It was reported last week that the U.S. had considered new sanctions on Iran. Today, the U.S. has implemented new sanctions to disrupt the funding of the Palestinian militant group Hamas. The U.S. Deputy Treasury Secretary Wally Adeyemo announced these sanctions in his remarks at the Royal United…
Iran Sanctions On October 11th, Treasury Secretary Janet L. Yellen indicated that the U.S. may consider more Iran sanctions in response to the Hamas attack on Israel at a press conference in Marrakech, Morocco. This press conference was during the annual meetings of the International Monetary Fund and the World…