Weekly News Digest - August Week Two

• Treasury Announces Second Round of Sanctions Removals, Updates in Modernization Initiative

On July 27, this actionthis action removed 84 individuals and entities and improved identifying information for 22 list entries to facilitate compliance.

• FinCEN Assesses Historic $125 Million Penalty Against UBS Financial Services Inc. for Recidivist BSA Violations

August 3: The Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) assessed a $125,000,000 civil money penalty against UBS Financial Services Inc. for willful violations of the Bank Secrecy Act (BSA). This is the largest penalty ever imposed against a broker-dealer for BSA violations to date.

• Update to OFAC's list of Specially Designated Nationals (SDN) and Blocked Persons

August 5: OFAC introduces a new Counter Terrorism Designations Removals and Update 

• Issuance of Cuba-related Frequently Asked Questions

August 6: The Department of the Treasury's Office of Foreign Assets Control (OFAC) is issuing a new Cuba-related Frequently Asked Question, FAQ 1264. Additionally, OFAC has updated the Specially Designated Nationals and Blocked Persons List.

• State Department Revokes More Than 175,000 Visas

August 10: the United States Department of State has revoked more than 175,000 visas from foreign nationals who violated the terms of their visas, committed crimes, called for violence against U.S. citizens, defrauded Americans, abused our immigration system, or endangered national security.