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Family International, a Florida real estate company, and its U.S. owner, Roman Sinyavsky, settled with OFAC for $1.07 million for 73 violations of the Russia Sanctions program. In a separate criminal case, Roman Sinyavsky pleaded guilty to circumventing U.S. sanctions and money laundering. Between 2018 and 2023,
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By: Daniela Melendez, Associate at The Volkov Law Group, and Alex Cotoia, Regulatory Compliance Manager. Daniela can be reached at dmelendez@volkovlaw.com and Alex can be reached out at acotoia@volkovlaw.com. North Korea Sanctions Violations In a recent enforcement action, the U.S. Department of the Treasury’s
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OFAC has been busy and not so busy -- what do I mean? OFAC is administering a complex set of coordinated sanctions against Russia, in close coordination with the EU and the UK. This is not a simple matter. In addition to this close coordinating responsibility, the United States and its
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Each quarter, we send many of our clients a quarterly trade compliance update, highlighting important developments over the last few months and summarizing key points for important sanctions programs. Click here to download the quarterly update for April. Below is a summary of events this past quarter: * OFAC continues to
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OFAC is getting ready for a big year. While managing a comprehensive set of sanctions against the Russian Federation in response to its Invasion of Ukraine, OFAC has demonstrated its ability to maintain aggressive enforcement of existing sanctions programs. The Justice Department and OFAC are forging a new enforcement partnership
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There are some things you learn best in calm, and some in storm. Willa Cather I know I sound like a broken record. The Justice Department's white collar criminal enforcement has been trending down over the last few years. The reasons for that are unclear -- is it resources,
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The cryptocurrency industry has a target on its back – and perhaps justifiably so. The SEC, CFTC and OFAC have been bringing a number of regulatory enforcement actions, including against Bittrex, Inc. ($24,280,829.20 in settlements with OFAC and FinCEN) and Payward, Inc. d/b/a Kraken ($362,158
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The Office of Foreign Assets Control ("OFAC") has demonstrated its ability to multi-task -- designing, implementing and enforcing a comprehensive sanctions regime against Russia after its invasion of Ukraine, and maintaining its "regular" enforcement program. In a recent two-fisted settlement, OFAC reached two separate settlements
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Even while the Treasury Department’s Office of Foreign Asset Control (“OFAC”) has been properly focused on implementing and enforcing the Russia sanctions scheme in response to Russia’s unprovoked invasion of Ukraine, OFAC had time to issue two enforcement actions involving violations of the Cuba Sanctions Program. The two
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In another indication of DOJ's aggressive approach to enforcement of sanctions against Russia, DOJ announced the indictment of a TV producer for violations of the Crimea-Related Russian sanctions program. As outlined in the indictment, Jack Hanick, a former Fox News executive, was indicted for a sanctions violations
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Matt Stankiewicz, Partner at The Volkov Law Group, joins us for an interesting post on ransomware and OFAC sanctions compliance. Matt can be reached at mstankiewicz@volkovlaw.com. Ransomware attacks are on the rise and companies everywhere should be taking action to strengthen their cybersecurity defenses and resiliency to ensure
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Jessica Sanderson, Partner at The Volkov Law Group, joins us for a blog posting on how to prepare for possible Russia sanctions in the event Russia invades the Ukraine. Jessica can be reached at jsanderson@volkovlaw.com. Compliance Professionals: As the Ukraine braces for a possible Russian incursion, are you