On September 30, 2022, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) published “Sanctions Compliance Guidance for Instant Payment Systems” (the “Guidance”). The Guidance underscores the importance of a risk-based approach to managing sanctions risks related to payment technologies such as instant payment systems. The availability of funds in real time poses a challenge for financial institutions that seek to comply with US sanctions regulations. OFAC recommends that developers of instant…
Latest Posts
- OFAC Publishes Sanctions Compliance Guidance for Instant Payment Systems
- UK confirms further sanctions against Russia
- OFAC and BIS Designate Additional Russian Parties, Signal Readiness to Act Against Third-Country Entities Assisting Russia and Belarus
- Canada Introduces Additional Sanctions with respect to Russia and Ukraine
- OFAC Issues Updated Iran General License Related to Certain Services, Software, and Hardware for Communications over the Internet and New Related FAQs
- EU Commission proposes further sanctions against Russia
- Switzerland De-Lists Designated Individuals under Russia Sanctions
- UK designates 92 new Russian individuals and entities
The UK has announced its immediate plans to adopt further sanctions against Russia. See here for relevant press…
On September 30, 2022, the US Government imposed additional sanctions against Russia in response to Russia’s annexation of…
On September 30, 2022, Canada announced additional amendments to its sanctions measures with respect to Russia and Ukraine.…
On September 23, 2022, the US Department of the Treasury’s Office of Foreign Assets Controls (“OFAC”) issued Iran…
The EU Commission has today outlined its proposals for additional sanctions against Russia. See here for the full…
On 26 September 2022, the Swiss Department of Economic Affairs, Education and Research amended Annex 8 of the…