A new treasury Department whistleblower rewards law that took effect on January 1 is called the Anti-Money Laundering Act of 2020. It created a new whistleblower program to encourage insiders at banks to report finance institutions violations of the Bank Secrecy Act. Those subject to this new law include banks, credit unions, money service...
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Category: Sanctions Violations
Online eSports gambling platform Unikrn Inc., in Seattle to pay $6.1 SEC penalty for unregistered initial coin offering (ICO) of digital securities
Unikrn Inc., an operator of an online eSports gaming and gambling platform headquartered in Seattle, Washington, will pay the Securities & Exchange Commission $6.1 million for conducting an unregistered initial coin offering (ICO) of digital asset securities. Unikrn agreed to settle the charges by paying a $6.1 million penalty, substantially all of the company's...
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China’s telecom giant Huawei charged with racketeering conspiracy and conspiracy to steal U.S. trade secrets
Huawei, China's giant and the world's largest telecom company has been indicted on charges of racketeering conspiracy and conspiracy to steal U.S. trade secrets. In addition, charges have also been filed showing Huawei’s Business in North Korea...
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Cryptocurrency company owner targeting docs with proprietary alogorithm said to get extraordinary profits charged by SEC with fraud
The Securities and Exchange Commission filed charges against an Ohio-based businessman who allegedly orchestrated a digital asset scheme that defrauded approximately 150 investors, including many physicians.
The SEC alleges that Michael W. Ackerman, along with two business partners, raised at least $33 million by claiming to investors that...
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Canadian Securities Regulators crack down on exchange practices relating to crytocurrency assets
The Canadian Securities Administrators (CSA) have stated that merely providing users with a contractual right or claim to a crypto asset could subject the exchange to sanctions. The CSA stated that transactions without immediate delivery constitute derivatives sales. Even where the custodied asset is commonly considered as a commodity such as Bitcoin, it could...
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Cloudfare Inc, cloud based cybersecurity services reports in may have violated U.S. economic sanctions against designated terrorists
Cloudflare Inc., cloud-based networking and cybersecurity services, expected to go public next week, may have violated U.S. economic and trade sanctions regulations as its products may have been used by entities designated by the U.S. as terrorists and narcotics traffickers.
Cloudflare voluntarily disclosed potential economic and trade sanctions violations to the Treasury Department, the...
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Turkish businessman sentenced to prison here for 27 months for violations of U.S. sanctions for exporting marine equipment from US to Iran
Resit Tavan, a Turkish Businessman and owner of the Istanbul-based Turkish business Ramor Dis Ticaret Ltd. (also known as the “Ramor Group”) was sentenced on Thursday, Aug. 29, 2019, in Federal District Court in Milwaukee, Wisconsin, to 27 months imprisonment in connection with his conviction for conspiracy to violate U.S. sanctions by...
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US Treasury targets secret procurement networks supporting Iran’s missile proliferation programs involving U.S. technology and components
The U.S. Department of the Treasury Office of Foreign Assets Control (OFAC) targeted two Iranian regime-linked networks for engaging in covert procurement activities benefitting multiple Iranian military organizations. One network, led by Hamed Dehghan, has used a confidential Hong Kong-based front company to evade U.S. and...
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Treasury Department fines U.S. truck maker PACCAR $1.7 million for 63 violations of Iranian transactions and sanctions violations
The U.S. Treasury Department's Office of Foreign Assets Control (OFAC)has fined a U.S. truck maker PACCAR $1.7 million for 63 alleged violations of the Iranian Transactions and Sanctions Regulations. The settlement resolves potential civil liability for actions taken by a wholly-owned subsidiary of the company that allegedly sold or...
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Iranian citizen arrested in Australia pleads guilty to illegally export controlled technology from U.S. to Iran
Conspiracy to illegally export controlled technology from the United States to Iran
Iranian citizen Negar Ghodskani, 40, has pleaded guilty to conspiring to illegally export controlled technology from the United States to Iran. Ghodskani She had been indicted in and arrested in Australia in 2017. According to her guilty...
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